We're all tightening our belts but it seems we're still determined to soak up some sun, and why not? So instead of scrapping our family holidays altogether, it appears many of us are opting for cheaper, quick hops across to Europe.
Instead of exotic, long-haul trips to Thailand or New Zealand - which are usually extremely popular at this time of year - us Brits are heading to safe bets like Spain. Warm, beautiful and far cheaper to get to, it makes for an ideal quick getaway.
This trend is highlighted by the fact the number of currency orders for Euros from money expert ICE is up 40% year on year, while orders for the Thai Baht and Malaysian Ringgit are have seen lower-than-average sales.
But don't let your eagerness to hit the beach distract you from getting the best deals. ICE has found we're forking out 21% more in general for our Euros than this time last year.
What's the point in seeking out the best holiday package deal, saving big on flights and accommodation, when you then fall short in the currency exchange stakes?
When it comes to swapping your pounds, make sure you shop around. Tom Johnson, Head of ICE's Online Currency Services, says people "need to do their homework and shop around online as these are where the biggest rate differences will be found."
This guide will help you find the best deals on your holiday money.