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Holiday hacks: cheapest way to spend abroad, car hire, insurance, 18 days off for 9 days leave, passports, GHIC…

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January 30, 2025

TLDR: Martin shares holiday tips, including ways to save on foreign transactions and annual leave maximization. He also discusses how children misunderstand money concepts, explains credit rating fundamentals, suggests techniques for reducing water bills, and offers a method to reduce energy standing charges by £100.

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In the latest episode of The Martin Lewis Podcast, host Martin Lewis shares invaluable tips and tricks for planning your holidays effectively and economically. With summer holidays on the horizon, January proves to be a significant time for travelers. This blog summarizes Martin's best advice on saving money, navigating travel details, and improving financial literacy regarding spending abroad.

Key Takeaways from the Episode

1. Affordable Spending Abroad

  • Use travel-friendly cards: Martin recommends using debit cards designed for foreign spending, like the Chase account card, which offers near-perfect exchange rates and cashback deals.
  • Check transaction fees: Ensure you're paying in local currency when abroad to avoid unnecessary conversion fees.

2. Maximizing Annual Leave

  • 18 Days Off for Just 9 Days Leave: In 2023, the unique timing of holidays means you can take 18 consecutive days off by strategically booking just 9 days off work. Plan your leave around bank holidays to make the most of your vacation time.

3. Car Hire Tips

  • Avoid extra costs at the desk: Car hire companies often upsell additional insurance (excess insurance). To avoid paying inflated rates, purchase standalone excess insurance before your trip.
  • Use credit cards for refunds: Pay for your car hire with a credit card to secure better protection and eliminate unnecessary fees.

4. Passport and Health Insurance Checks

  • Ensure your passport has over six months of validity before departing. Remember, it must also be less than 10 years old.
  • Check that all family members have updated European Health Insurance Cards (EHIC) or Global Health Insurance Cards (GHIC) to receive necessary medical care while in the EU.

5. Credit Ratings and Handling Money

  • Understanding Different Cards: Martin breaks down the essential differences between prepaid cards, debit cards, and credit cards to help listeners konw which one to use where and when.
  • Importance of Credit: Use a credit card responsibly to build your credit history. Always pay off balances in full to avoid interest charges.

6. Kids and Money: Misunderstandings About Finance

  • Martin discusses common misconceptions children have regarding money, such as thinking debit cards are "free money" or believing that credit cards are not loans.
  • It's crucial to teach kids the difference between card types and financial responsibilities to prepare them for adult life.

7. Cutting Water Bills

  • Martin provides tips on how to manage and potentially lower your water bill by switching to metered billing in homes with fewer occupants than bedrooms.
  • Look into social tariffs or forms of assistance if you are on a low income to help cut costs significantly.

8. Energy Bills Savings

  • One quick method to save on energy standing charges is to switch to specific tariffs that lower daily charges significantly. For instance, the latest EDF tariff offers £100 less on standing charges, which is a substantial saving over the year.

Conclusion

With various practical applications shared throughout the episode, Martin Lewis empowers listeners to take actionable steps towards enjoying affordable and stress-free holidays. By adopting savvy spending habits, understanding different financial tools, and effectively managing leave days, you can enhance your traveling experience without overspending. Tune into The Martin Lewis Podcast for more insights and tips to manage your money smartly.

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