How much spending money to take on holiday?

[EllieRosesMammy]

Hi all!

So we are going on our first family holiday to Tenerife in May and I was wondering how much money people would recommend we take?

We are a family of 4 (children aged 4 and a baby). We are going self catering so will have to sort all our own meals but I'm planning on going to the local super Market and getting breakfast and snacks in.

We will probably want to do one or two excursions while we are there. Is £1000 a realistic spending amount? Or is that far too much/too little?

Haven't been to tenerife since I was 11! Last holiday was to Turkey where everything is exceptionally cheap 😁

Xx

Exciting!

How long are you going for?

I would recommend that you take money in several ways, as if you have only currency and it is lost/stolen you are stuffed. Currency, and cards. You can get pre-loaded cash cards which you use as debit cards, but they are not linked to your bank accounts. You can also get credit/debit cards such as Halifax Clarity or Santander Zero (I’ve got a Zero, as I have a Santander 123 account, which is separate from my bank account.) DH has the clarity card. You can also get cash from machines with these while on holiday. Even if you use the cards to pay for the excursions and have them as back-up for any emergency expenses it’s worth it for the peace of mind.

The last time I went abroad was in 2020, so unfortunately I can’t comment on how much money you would need, hence the other suggestions.

I haven’t taken cash abroad for years! Get a credit card that doesn’t charge for overseas use and put it on that. Even withdrawing cash on your debit card usually carries a relatively small fee and you often get better rates than changing currency at home.

I never take cash abroad - just use monzo/starling to withdraw some if it’s needed.

Do you mean how much to budget or are you actually getting physical cash?

2 credit cards, (the ones above, Zero and Clarity) and a couple of hundred in cash.

We don’t take spending money… just our bank cards. Are you asking how much to budget for the holiday, or how much physical cash to take?

When we self cater we normally budget 100 euro a day as a guide. Works pretty well for us.

It's only a rough guide but it helps

Take cash and pre-loaded cards. Try not to use credit and debit cards, as you won't factor in the exchange rate accurately.

£1000 sounds ample. Have a backup credit card just in case

Sunbeds are expensive not sure how much but I remember at the beach thinking It. The kids laid on there lilos after that. I'm sure it was like 30 euro a day. I know you didn't ask about them but it's an added expense!

*their

I wouldn't take that much in cash - too risky.
Organised excursions & major shops will take card payments.
We use Halifax Clarity card as exchange rates are good.
I always take some local currency with me; getting to your holiday home will probably involve a fare and/or tip

@emmathedilemma

I haven’t taken cash abroad for years! Get a credit card that doesn’t charge for overseas use and put it on that. Even withdrawing cash on your debit card usually carries a relatively small fee and you often get better rates than changing currency at home.

I do this. Take maybe 20-30 Euro just case for any small bits if you go out for a day and need to use a small shop

Thank you for all your replies!

I should of mentioned we are going for a week. And I wasn't even aware of the cash cards or Halifax clarity cards, I always thought you got charged interest on purchases made on cards abroad so that's why I was planning on taking cash 😁

Yes, I think that's it. Not been abroad for a while but the last time I only spent cash, but XP only used his credit card and he said it worked out expensive

You may need a small amount of local currency, credit or debit cards are accepted most places in tourist areas, it’s so much easier certainly in Tenerife.

I’m another one who hasn’t taken any spending money abroad in probably 30 years. I pay by card when I can and withdraw cash from ATMs as and when I need it, just like I would at home in the UK.

However, I have debit (Starling) and credit (Halifax) cards that don’t charge me extra for paying or withdrawing abroad. I would advise taking a small amount of the local currency with you too. It is surprising how often ATMs are out of service at airports.

I have a Halifax Clarity card for use on holiday - have used it in Europe and the US without any difficulty. I always take some cash, as it's been useful for tips/a drink from a vending machine, but I inevitably end up either 'using up' cash in the last couple of days, or saving it for the next time I visit (changing currency back isn't worth it - the rates tend to be terrible). Having a 'back up' credit card is a good idea anyway if you can get one, in case there are any unexpected costs.

I would just add - if you use a card like the Halifax one (I think Barclays do one too?), and it gives you the option to pay in the local currency (Euros in this case, obviously) or in GBP, always choose the local currency - you'll get a better rate through the credit card company as a general rule.

Enjoy your holiday!

We often have some Euros at home (travelling to family once a year and normally once a year somewhere in Europe) and if really necessary we get some at a cash machine.

Otherwise we use our credit /debit cards. Credit cards are paid off in full each month.

Getting cash normally means you get a worse rate than paying with card. Not sure what kind of rate pre-paid cards are using, you should compare it if you look out for the cheapest deal. It also depends on the charges the cards have.

But definitely have several back ups.