Parents save for summer holidays

Two in five hard-pressed parents are already trying to cut back on spending as they prepare to entertain their children over the summer holidays, research suggests.

Some 39 per cent of mothers and fathers of schoolchildren rein in their spending in June to boost their budgets during costly months of July and August, putting aside an average of £220 during this month.

Nearly one in 10 (9 per cent) parents claim they start planning and saving for the summer holidays as far as six months in advance.

Meanwhile, 35 per cent of parents find themselves having to make cutbacks at the end of the summer holidays after blowing the budget.

Parents typically estimate they spend £251 on activities keeping their child or children occupied while they are off school during the summer.

They also spend an added £138 more than the usual household outgoings during term time, bringing while their children are off school, parents’ total extra spending over the summer break to an estimated £389 per family on average.

Some 61 per cent of parents try to plan activities before the summer holidays start, the survey by deals website Groupon found.