With heatwaves and holidays in store, summer can quickly become a very expensive time of year. TSB’s everyday banking expert shared some top tips to stay afloat this season, including a few easy ways to save some cash.

TSB’s Surina Somal told Express.co.uk: “With the summer heat already on us, we’ll all be dreaming of getaways; from family trips to fun days out. It’s equally important to budget and plan ahead to ensure your summer doesn’t put a hole in your pocket. From using foreign currency abroad, to keeping your money safe and avoiding holiday scams – here’s how to help have a money-confident summer.”

Set a seasonal budget – and stick to it

Create a separate “summer fund” within your normal budget and account for holidays, weekend trips, events and any planned summer treats.

Ms Somal said: “Bear in mind that your normal budget to cover your needs, wants, and any savings may not be realistic over the holiday period, so you could consider adjusting how much you save if you expect your spending to be higher. Setting a more realistic budget will help you to stick to it.”

Summer savings pot and Save the Pennies

Contributing to savings pots can be difficult over the summer, but some current accounts can help you put away some cash without realising. For example, TSB’s ‘Save The Pennies’ feature allows customers to round up transactions to the nearest pound and puts the pennies into a savings account.

Ms Somal said: “With some banks, you can also name your savings pot for added motivation.”

Using foreign currency 

For those planning to use foreign currency abroad, it can pay to arrange spending money in advance.

Ms Somal said: “Typically, it’s more expensive at an airport and you’ll have more options for competitive, commission-free exchange rates before you go. Depending on where you get these from, you can order the currency online and either pick it up or get it delivered.”

Using a card abroad

Before using a debit card abroad, it’s vital to check the terms to ensure there are no hidden transaction fees.

Additionally, Ms Somal urged people to choose the local currency when paying for anything. Ms Somal said: “If you pay in sterling, you could be charged higher exchange rates. You can also consider a prepaid card, which will help you stick to your budget.”

Beware of holiday scams

Sadly, summer holidays can be scuppered every year when holidaymakers pay for accommodation that doesn’t exist. Ms Somal warned: “It’s important to stick to official and trusted holiday booking sites – and be wary of offers on social media sites.

“It’s also typically more secure to pay by card and avoid a bank transfer.”

Look for interest-free options if you plan to use credit

If you do plan to rely on credit, consider whether options with longer interest-free periods might be right for you. Additionally, make a plan to pay down the balance before the introductory period ends.

Ms Somal said: “There are plenty of interest-free options available just now.”

For example, TSB’s Platinum Purchase Credit Card offers up to 25 months of 0% interest on purchases (24.9% representative APR after). M&S Bank and Barclaycard are also offering 0% interest on purchases for up to 24 months (24.9% representative APR after).

Holiday insurance

Shop around to find an insurance deal that best suits your needs – but make sure you don’t go abroad without it. Ms Somal said: “If the worst happens, you could be stuck with a huge health bill, losses through cancellation, or lost luggage. It gives you peace of mind and could save you thousands of pounds.”

Free attractions and offers

There are many great attractions across the UK that offer extra deals and offers during the school holidays, which can be great for “cost-effective” family days out. Ms Somal said: “Keep your eyes peeled for offers from museums, galleries, national parks and attractions.”

Review your memberships and subscriptions

Your normal routine can often change over the summer, and this may mean that you are not using your memberships or subscriptions as much as normal. Ms Somal said: “Consider whether you are still getting value from them over the summer, as many subscription services will let you pause for a period rather than cancelling them altogether.”

If you are worried about your finances, speak to your bank

Summer can be one of the most expensive times of the year, but help is available for anyone who is concerned about their finances.

Ms Somal said: “Your bank can offer solutions, such as payment holidays. At TSB, our partner Lightning Reach can also tell you if you’re eligible for any grants or benefits in just a few clicks.”