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Parents to spend almost £500 entertaining kids this summer

Joanna Faith
Written By:
Joanna Faith
Posted:
Updated:
05/12/2014

Over half of parents are worried about the spiralling costs of keeping their children entertained this summer, research suggests.

British parents will splash out £492 keeping their children occupied during the holidays, a 26 per cent increase on last year, according to Post Office’s annual Parents’ Summer Spending Report. 

Parents also expect to see further damage done to their bank balance as they shell out £66 on other people’s children, £106 on childcare and £119 on petrol.

Nearly half of all mums and dads feel under pressure to keep up with other parents’ spending.

To cover costs, one in four parents expect to dip into savings, and a further 16 per cent would consider stopping saving altogether to make ends meet. 

Nearly one in five (18 per cent) will rely on their credit card, while 17 per cent are prepared to work overtime to boost the family’s monthly budgets.

In an effort to keep costs down, 12 per cent will rely on auction sites to pay for activities over the summer holiday.

The research found that the bulk of money will be spent on theme parks and museums and eating out.

A family holiday abroad is where nearly a third of all parents expect to spend the most of their money. This is nearly double the amount of parents who planned to head off last year, perhaps indicating that the average family is feeling more confident about their finances.

However, two out of five savvy parents have saved in advance for their summer holiday expenses. This represents a 12 per cent increase on the number of parents who planned ahead in 2013.

Nick Kennett, director of financial services at Post Office, said: “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!


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