AS THE COST OF CHILDCARE CONTINUES TO INCREASE, FINANCIAL EXPERTS REVEAL TOP TIPS ON HOW TO GET BY WITHOUT SACRIFICING YOUR SAVINGS
With the school holidays right around the corner and childcare costs sky high, financial experts have revealed how you can ease the financial burden with savvy saving and cheaper days out.
Latest reports from Statista reveal parents are forking out over £200 a week per child during the summer holidays, meaning by the time the six weeks are up children are costing their guardians around £1,200.
The heavy costs that don’t occur during term time means parents often have to dip into their savings to account for full time childcare, as well as the cost of keeping children occupied over the summer months.
Savings experts at money.co.uk/savings-accounts have revealed top tips on how to make the most of the summer holidays whilst keeping expenditure low.
Lucinda O’Brien, expert at money.co.uk savings accounts, said: “The summer holidays can be a tough time financially for parents and guardians. However, lots of brands know this and there are loads of freebies for parents to take advantage of.
“Whether it’s things to do or eating out, research the latest deals to ensure you’re making the most of a wide range of offers throughout the holiday period.
“To account for the additional spend needed over summer, an instant access savings account can be the perfect solution. Easy to withdraw savings whenever you want, Clearbank and Ford are currently offering savings rates of 4.26% (Clearbank – Chip Instant Access account) and 4.25% (Ford Money Flexible Saver account) – almost double the current average – and both can be opened with just £1.
“However, it’s important to only dip into your savings when necessary. It’s likely you’ve put money away for a specific reason, whether it be saving for a house deposit or a holiday with the family. You should only sacrifice your savings when unavoidable.
“British weather permitting, making the most of free outdoor activities is a great way to keep the kids entertained over the summer holidays. Whether it’s trail activities or a trip to the local park, exploring the great outdoors with a picnic in hand makes for the ultimate no-expense day out.
“It can also be a good idea to chat to other parents over the six-week period. Partnering up to share childcare responsibilities can help cut the cost of a childminder or out of school clubs instead.
“Using public transport can also make a huge difference this summer. With petrol prices high and parking costs to consider, leaving your car at home and making the most of buses and trains can get you far. Plus, always check to see if there are family tickets if you are travelling with your children, as this will often work out cheaper.
“The summer can also be the perfect time to review your finances. Setting financial goals and creating a financial plan can help you keep track of your money and highlight potential saving opportunities throughout the school holidays.
“One of the most popular ways to budget is the 50/30/20 rule which involves 50% of your salary going towards essential expenses, 20% goes into a savings pot and 30% is for fun.”
For more information and guidance, visit: at money.co.uk/savings-accounts
