Summer holidays notoriously cost parents more than term-time, what with the additional food, activities and petrol money they have to splash out on. But new research suggests it could be as much as £1,500 for the average family.
Having children home during school holidays will set parents back an extra £126.27 per child per week, according to research by MoneySuperMarket – leaving more than half of parents (58%) worried about their finances.
With the average family having 1.9 children, the summer break is costing them up to £239.91 per week – or £1,439.48 across the whole holiday – for these extra costs.
The survey of 2,000 parents to children between 5-16 found some families are finding alternative ways to pay for the added costs. More than half (58%) save throughout the year, and a third (35%) dip into their savings.
Some families borrow money from the bank, too, with over a quarter using a credit card, and 8% taking out a loan to fund the cost.
Parents in London spend the most each week, with each child costing £172.74, followed by West Midlands (£140.59). Children in East Anglia rack up the lowest cost, with each child costing their parents £82.73 a week.
“Our research reveals that a lot of parents feel the financial pinch of the summer holidays, with over a third (35%) dipping into their savings,” said Rachel Wait, consumer affairs spokesperson at MoneySuperMarket. “However, there are ways to plan ahead and help you feel on top of your finances.
“One of the best ways is to set aside money in advance each month, so you have a separate pot of savings to use during the summer. Alternatively, you could consider taking out a 0% credit card so that you can spread out any costs over a certain period of time.”
If you’re planning ahead for things to do with your kids this summer, bookmark these guides to saving money this summer while keeping your kids entertained, or alternative ways to stop your kids getting bored if the weather is bad.
Or, have a browse through our cheap or low-cost family days out suggestions, with everything from outdoor adventure playgrounds to free museums with added fun for kids.