The Eurozone crisis is causing jitters across the continentHolidaymakers
One of the rare upsides of the turmoil is that it has had a positive effect for holidaymakers due to visit Europe this summer because the pound is stronger against the euro. Foreign exchange markets have reacted to ongoing sovereign debt problems in Europe with the strength of the pound almost at a four-year high. This means your travel money will go further.
Some exchange bureaux offer customers around €1.22 for £1. So £500 could get you €609, compared with €557 this time last year. However, buying now may be a gamble, because exchange rates could get even better if the situation on the continent continues to worsen over the next few months. It's still better than the rates we've been used to over the last few summers.
Some other high street services are commission-free and offer competitive rates. Other places advertise no commission, but their exchange rates are often poor.
Among the many deals on holiday money, some allow you to have the cash sent to your home, or you can collect it at the airport up to 60 days after purchase, if you wanted to secure today's rate.
For example, Saga's travel money service offers 0% commission on more than 60 currencies, cash and traveller's cheques in all major currencies, plus free traveller's cheques assistance and a refund service.
If your holiday is in Greece you may be slightly concerned. But experts maintain that even if Greece does exit the euro, it won't necessarily happen overnight, and the currency will almost certainly be accepted for some time, so if you've already bought euros there is no reason to panic. But some are warning it may be difficult to get cash out when you're over there, so it might be worth taking a bit extra.
If you're moving money from bank accounts abroad back to the UK and vice versa, you'll need to use an international payment service.
While the exchange rate is so good, it's tempting to cash in and get a good deal on euros. But if you're concerned about the Eurozone crisis and how that might affect the countries you're visiting, take a mixture of euros, traveller's cheques and cards.
Borrowers
Banks and building societies have been increasing the cost of new mortgages and tightening lending criteria in recent months because the economic problems in the eurozone has resulted in tighter conditions in wholesale markets.
One expert said the turmoil in the financial markets has increased the funding of mortgages by 40 per cent since February.
Experts are urging people coming to the end of their current deals to secure a rate as soon as possible to avoid being stung by higher rates in months to come. Most lenders allow you to secure a rate three months in advance.
Pensions
Markets stabilised after last week's sharp falls but the FTSE has suffered severe losses as a result of the Eurozone troubles wiping billions off the value of Britain's biggest firms. Retirement savings will be affected as pension funds invest in stock markets. If you are nearing retirement then your exposure to the stock market should be reduced anyway to avoid losing serious money when you need to cash it in. Those with years to go until they need to touch their retirement savings have time for their fund to recover.
Investors
Although the markets have fallen, weathered investors will know this creates a buying opportunity. When the market falls, stocks and shares become cheaper so those with a long-term view can cash in on cheaper investing.
Savings
Such unrest in Europe is an important reminder why it's important to have your money saved with a company which is covered by the UK's Financial Services Compensation Scheme (FSCS). This provides protection for your money as it pays compensation if any firm regulated by the Financial Services Authority (FSA) becomes insolvent and stops trading. Each person is covered for up to £85,000 each - or £170,000 for a joint account. The FSCS promises your money back within two weeks of a collapse.
* Holly Thomas's views are her own and for general information only. Always seek independent financial advice.