Parents to spend £624 entertaining their kids this summer
These costs have increased by 25 per cent since 2014, according to a study by Post Office Money.
Parents plan to get out and about to keep their children amused, the survey revealed.
When asked what will top their list of expenses, 42 per cent said entrance to attractions such as theme parks, 34 per cent said eating out, and 24 per cent said holidays abroad.
In addition to these costs, the average parent will spend £137 on fuel, £108 on childcare and £73 treating their children’s’ friends – potentially pushing the total summer spend to £942.
According to the survey, parents are planning ahead to cover the extra costs with half saving for more than one month and 13 per cent putting money away over the last six months.
Other parents expect to dip into their savings, use a credit card or work overtime.
One in 10 will reply on a loan from family, friends or the bank.
Chrysanthy Pispinis, director at Post Office Money, said: “It’s no surprise parents feel the pressure mounting as the school holidays get nearer, particularly as our research shows that parents have only saved 40 per cent of the costs they can expect to incur entertaining their children.
“The cost of summer has continued to rise over the last couple of years, with a growing number of parents (68 per cent) concerned about where they’ll find the money to cover these costs.”
How to prepare for the costs of summer
- Plan ahead – outlining your intended weekly spend during the summer months can help you stick to your outlined budget and avoid any unanticipated overspend.
- Track down deals online in advance, e.g. two-for-one offers can be found for theme parks, the cinema, family days out and restaurants.
- Make the most of the great outdoors – take a picnic to the park, organise a treasure hunt or set up a paddling pool if the weather is nice.
- If travelling by train you can keep the costs down if you book tickets in advance and avoid travelling at peak times. Also, family travel cards can help cut down costs and even offer additional discounts on attractions.
- Find free or low-cost events that are fun for all the family, whether it’s an exhibition or a mini festival, keep an eye out for events in your area.