Many of us have already kicked off the summer spending, but over half of us are worried about covering the cost of entertaining our little ones during the holidays
According to the Post Office Money‘s annual report, London parents are set to spend an extra £870 over the summer, almost double the UK average of £468 per family. Two in five believe most of their money will be spent visiting attractions, while 37% say meals out are the biggest cost. Just over a quarter (28%) expect to spend the most money on treats for their children, while 22% state that a holiday abroad will be their biggest expense.
Despite our spending habits, over half of parents are worried about covering these costs, with a third of us spending more than we had budgeted for last summer. And that’s not taking in the additional costs of fuel, childcare and the average spend of £43 on other people’s children.
“There are many hidden costs over the summer months, and while two in five parents we spoke to have the cash to cover these costs, many do not,” says Owen Woodley, managing director at Post Office Money. “Thirteen per cent of parents told us they are planning on dipping into their savings, while 9% will draw on their credit card and some families are even saying they’re likely to miss bill payments to manage this overspend.”
Don’t get caught out
- Plan ahead. Outlining your intended weekly spend during the summer months can help you stick to your budget and avoid any unanticipated overspend.
- Where you spot a shortfall and are likely to need to rely on credit, make sure you have the right credit product for your needs. Don’t risk going into an unapproved overdraft.
- Track down deals online in advance. Two-for-one offers can be found for theme parks, cinema screenings, family days out and restaurants.
- If travelling by train, keep the costs down by booking tickets in advance and avoid travelling at peak times.