The summer holidays are just around the corner and if you’re gathering a bunch of ideas to ensure the kids stay entertained during the six week break, you may be feeling the pressure to keep the event calendar bursting with activities, whilst holding on tight to the purse strings, and it seems you are right to do so.
Parenting on Female First
On average parents will spend almost £500 during the summer break which is a staggering 26% increase compared to last year, according to Post Office’s annual Parents’ Summer Spending Report.
Theme parks and museums are a popular attraction with 47% of parents funding the day out, while 42% of parents plan to spend a significant amount of money on eating out. A family holiday is another big spender as 29% of parents will be travelling abroad.
However, parents are worried about the costs of the summer holidays with 58% admitting to being anxious about how much they’ll spend. Worryingly, 46% also feel under pressure to keep up with other parents’ spending.
According to the survey, parents admit that they will expect to dip into savings to fund the days out. In an effort to keep costs down parents are willing to work overtime to boost the monthly budgets. While 18% will rely on their credit cards.
Many mums and dads would also consider making personal sacrifices such as giving up new clothes with 34% of parents revealing this. A further 34% will be resisting the urge to buy treats such as magazines or coffees this summer. Others would be forced to rely on more drastic methods as they watch their bank balance. Nearly 8% admitted that they would skip paying household bills.
Some parents have, however, become savvy to the holidays ahead with 41% of parents having saved in advance for their summer holiday expenses. This comes as 29% admitted to spending more than they expected last year on entertaining their children.
Nick Kennett, Director of Financial Services at Post Office comments: “The significant rise in parents’ spending this summer may be due to families feeling a renewed sense of confidence as the signs of economic recovery take hold. The summer holidays are an exciting time for all and while it’s important to keep your children entertained during the summer break, it’s a good idea to plan ahead and budget wisely.
"There are a number of ways to manage your finances, including options such as credit cards, savings and overdraft facilities, but it's important to work out which one best suits your needs. It’s encouraging to see such a significant rise in the number of people saving in advance to cover their costs this year.”
Top tips for enjoying your summer holiday on a budget
- Track down deals online, there are great discounts and 2 for 1 offers to be found to theme parks, the cinema, family days out and restaurants
- Look out for offers at local attractions and events organised by your local community, these are often free or inexpensive
- Travelling by train can also be cheaper if you book tickets in advance and avoid travelling at peak times
- Some museums have free entry throughout the year and the summer break is a great time to make the most of this
- Whether you’re heading to the park, a museum or simply a day in town, take a packed lunch as eating out can be expensive
- Look out for deals at supermarkets that could save you money on packed lunches or simply eating at home
- Organise a fun-filled day at home such as cake making, painting, crafts or start a reading club
- Filling up at a less expensive garage or driving in a way that’s fuel efficient could mean you save extra cash
- A day in the garden or helping with the gardening can be just as fun as a day out at an amusement park and may save you some time on gardening yourself!