THE pound is at an eight year high against the euro which means millions of British travellers should be able to treat themselves to quite a few more cocktails on the beach these summer holidays.

But new research conducted by Skrill shows that by not budgeting on holiday, taking money out and using our credit cards abroad can all add up to wipe out any gains we stand to make.

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Personal finance expert Jasmine Birtles gives her advice on how to get the most bang for your buck this summer Millions of Brits could be set to miss out on advantages of the strong pound against the euro this summer, because of bad budgeting and charges for taking money out from cash machines while also paying using our credit and debit cards abroad.

That's according to new research by Skrill which shows that more than one in three adults say they have ended up going over budget on holiday, with almost a third saying they have overspent by more than £150.

And it's not just going over our budgets that leave us out of pocket, with many getting stung by big charges when they revert to their credit and debit cards when they run out of cash.

The study also saw one in two say they pay with credit cards while on holiday, and as a result of this, spend on average an extra £50 per holiday due to credit and debit charges racked up abroad - which could have meant around an extra ? 70 to spend on holiday.

On the flipside, many of us return to the UK with unwanted foreign currency to the tune of almost £30 on average.

And the research also shows that nearly 1 in 3 have kept hold of the spare change but never used it again.