With the school summer holidays fast approaching, parents may need to start thinking about how to budget sooner rather than later.
Research from life insurance broker Reassured indicates that parents can spend over £1,000 extra per week during the school holidays. The additional costs can include food, entertainment and childcare.
While £1,000 a week may seem high, the costs can accumulate, so parents should prepare for the extra expense.
“The school holidays are a particular challenge when surrounded by bored and fractious children who need to be entertained and fed during the week as well as at the weekend,” says finance expert Jasmine Birtles, founder of the financial advice site MoneyMagpie.
“But with a bit of knowledge and some creativity you can give the kids a fun time without going into debt.”
And Louise Hill, founder and CEO of the children’s money app GoHenry, points out that careful budgeting over the summer holidays can also be a great opportunity for children to learn about money and how to spend wisely.
She says: “As we approach the end of the summer term, it’s the perfect time to start having open, honest chats with your kids about budgeting and saving for those summer holiday treats.”
Here’s their expert tips on how to keep spending to a minimum over the summer holidays…
1. Get kids saving before the holidays begin
Hill says parents should help their children set clear savings goals before the holidays start. “If they have their heart set on a trip to a theme park with friends, encourage them to start putting aside pocket money now,” she advises. “It keeps them motivated and, more importantly, teaches them valuable budgeting skills they’ll use for life.”
2. Make the most of ‘kids eat free’
Birtles says there are several offers at supermarket cafes and high street eateries where children can either eat free or cheaply if their parent eats at full price. Brands like Pizza Hut, Yo! Sushi, TGI Fridays and ASDA are just a few of the names that are offering special deals for parents, she says. Constantly-updated details of current offers are available on MoneyMagpie.
3. Encourage kids to earn their own money
To avoid being asked for pocket money top-ups every other day, Hill advises parents to get kids thinking creatively about how they can earn their own money to use over the holidays.
“Taking on a few extra chores around the house, helping the neighbours with gardening, or selling old clothes on second-hand apps are all great ways to boost their savings before – and during – the break, she says. “These good money habits might stick around once the new school year starts too.”
4. Spread the cost of holiday essentials
If you’re heading off on a family holiday, Hill advises making a checklist of holiday essentials such as sunglasses, toiletries and beach games as soon as possible.
“Sitting down as a family and making a checklist together to slowly tick off the holiday essentials will help spread out the costs over a few weeks,” she says. “Getting ahead of the game will also help avoid any last-minute buys at the airport, which are often more expensive.”
5. Check out local attractions
Make the most of what’s on your doorstep by investigating local family-friendly events during the holidays. Hill suggests checking out school noticeboards, local social media forums and newsletters towards the end of term to make sure you don’t miss any budget-friendly activities or offers.
She says: “Six weeks can feel like a long stretch to fill at first, but there are loads of fun and budget-friendly ways to keep the kids entertained.”
And Birtles adds: “Many local museums offer free entry and holiday activities. It’s educational, engaging, and can spark all kinds of new interests without costing a penny.”
6. Go on a nature treasure hunt
Forget paid-for attractions and keep it simple with young kids by taking them on a nature treasure hunt. Birtles suggests: “Create a simple checklist of things to find, like a pine cone, feather, or funny-shaped stone, and head to your local park or woodland. It’s free, fun, and gets the kids active outdoors.”
7. Teach kids the difference between needs and wants
If the kids want to go the cinema, for example, explain that staying at home to watch a movie can be just as good and will save money for the holidays.
“Swapping a meal out or a cinema trip for a cosy movie night at home or a fun picnic in the park is a lovely way to save a bit of extra cash in the run-up to the holidays,” says Hill.
“It’s also a great chance to help kids understand that saving now could mean a few extra treats later, like an extra ice cream or a bonus activity. It’s all about showing them the difference between needs and wants, in a way that still feels fun and rewarding.”
