School summer holidays set to cost families £640
Schools across the country are breaking up for the summer holidays, but new research has found the average family with two children expects to spend £640 on activities and treats.
The research by American Express found days out were the most expensive summer holiday expenditure, with parents spending an average of £232 to entertain their two children.
This was followed by treats and gifts at £134, general pocket money of £100 and summer camps at an average cost of £88.
There was also the day to day costs of keeping children entertained over the next couple of months.
Nearly a third of parents are planning to take a holiday abroad during the school summer holidays, with slightly more planning a ‘staycation’ this year.
With the falling cost of the British Pound following the referendum result, we suspect that the staycation option will be more appealing to many families this year, but only if the weather improves!
The average family has budgeted £462 for overseas holidays and £358 for UK based holidays to pay for two children on their trip.
Over a quarter of parents admit that summer holiday costs are the most stressful part of the school holiday break.
How are parents funding these summer holiday expenses?
The majority (63%) of parents will use their monthly salaries to pay for the summer fun, with 34% also dipping into their cash savings.
One in five plan on using their credit card to fund some summer holiday expenditure, which is a reasonable strategy if there is a clear plan to repay the debt quickly.
Remember that debt is a drag on your ability to achieve long-term financial goals in life.
Rather than funding summer holiday costs on a credit card, consider finding lower cost or free activities which the children will enjoy just as much.
Where the ambition is for an expensive summer holiday, whether that is in the UK or overseas, plan ahead and save regularly so you can afford to do this without getting into expensive debt.
What are your plans for the school summer holidays?
