Sterling has plunged in value by about 25% against the Euro and Dollar and this isn't the only bad news for British holiday makers. The recent collapse of the country's third largest tour operator, XL, and the failure of airlines such as Silverjet has raised concerns about what happens if your holiday firm or airline goes bust before or while you're away.
So we've come up with 10 tips to help ensure your winter break is a good one.
Bag a bargain
If you are thinking of going away but haven't booked anything yet, there are some great last minute deals to be had. Check out our Top Deals section on travelsupermarket.com.
Make sure you're covered
The collapse of XL and Silverjet underlines the importance, not only of having travel insurance, but of ensuring that it gives you the cover you need. Not all policies for example, include the failure of a scheduled airline but this is important as standard cancellation cover won't be enough in the event of carrier going bust.
The other critical thing if the purpose of your holiday is to ski or snowboard, is winter sports cover. This won't add much to the cost of your policy but it could prove invaluable - if you have an accident half way down a mountain it could cost thousands to get you down and to hospital, particularly if you have to be airlifted off.
Use our travel insurance comparison tool to find the best policy for your needs.
Check your baggage allowance
Baggage weight limits vary depending on the airline, so check before you leave home as you could be severely stung if your luggage is over the limit. Ryanair, for example, allows customers to check in a maximum of three bags with a weight of no more than 15kg combined - anything over that will be charged at £12 a kilo.
It's especially important to check the baggage allowances if you'll be taking bulky ski gear with you.
Get the best deal on holiday money
With the value of the pound having fallen so much recently it's more important than ever to ensure you get the best exchange rate possible. This means not buying your currency at the airport or ferry port because you will almost certainly get a better deal if you buy ahead.
The easiest way to get your currency is to order it online - you can then have it delivered to home, work or pick it up from a store or bureau de change. Firms that offer such services include ICE, Online FX, Marks & Spencer and the Post Office. Check out our travel money section for more information. Also, watch our latest video blog where we talk to James Yerkess, the travel money manager at M&S Money.
Be clever with your plastic
Credit and debit cards are really convenient but they can be costly - most providers levy charges each time you use a card abroad. There are a few exceptions however. The leading debit card is Nationwide's, so it may be worth opening a Flex Account if you travel regularly.
The best credit cards for overseas usage include the Post Office Platinum card, Nationwide's Gold card and the Thomas Cook Credit Card.
If you do not have time to apply for a credit card before your holiday, pick up a prepaid card. The Payzone Money Card, for example, has no foreign purchase or currency fees and can be picked up for a £6.99 application fee. The FairFX Euro Currency Card is free if you load more than £500 on to the card (£9.95 otherwise) and also has no foreign currency or purchase charges.
Always pay in local currency
Watch out for a process called 'dynamic currency conversion' when you use a card abroad. This is when a retailer offers to charge you in sterling rather than local currency. It can seem like a convenient option but the rates of exchange are usually poor. Check the currency you are being charged before entering your PIN.
Pay using a credit card
If you've yet to book your holiday, pay for it with a credit card. Under section 75 of the Consumer Credit Act card providers share liability with the company you buy from. Consequently, if the holiday firm goes bust before you travel and you've paid with a credit card, you should be able to claim your money back.
You can also claim through your credit card provider if you buy something that is faulty or damaged and you can't get a refund from the retailer - this applies to goods bought abroad as well as here in the UK, which could be handy if you're going abroad on a Christmas shopping trip.
Watch out for the taxman
Be careful if you're going to hit the shops while you're away. The United States, and New York in particular, is always popular for those seeking some retail therapy, but if you spend more than £290 on purchases outside the EU you'll be liable to pay VAT at 17.5% and possibly import duties.
Book airport parking in advance
Long stay gate prices can be as high as £200 a week at the major airports. However, if you book before you go, you can cut the cost of parking significantly. For example, you can get a week's parking at Gatwick for £34.80 with gosimply.com or FHR.
Write a holiday checklist
Make a list of a few holiday essentials so you aren't worrying about whether you've forgotten something during that last minute rush. Also remember to check that the house is properly secured before you leave.
Disclaimer: Please note that any rates or deals mentioned in this article were available at the time of writing.
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