01/08/2019

How the summer months can affect your finances

01/08/2019

How the summer months can affect your finances

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Summer in Scotland is much like the lottery, you never know what’s going to happen; is the current heatwave we’ve been hit with here to stay? Or will it, in typical Scottish fashion, pour down and leave us no choice but to stay inside?

Sure, this year the weather seems to be on our side, but for parents and families the summer holidays can be a financial nightmare.

Figures recently released by TSB also revealed that parents across the UK can expect to spend an average of £243 in order to entertain their kids throughout the summer holidays.

The research also revealed that 35% of people will turn to their credit card to cover their summer splurges and 38% will dip into their savings.

Costly childcare

According to a survey conducted by the Coram Family and Childcare children’s charity, working parents can face bills up to £800 for childcare over the summer months and face a severe shortage in availability.

This is made worse by the fact that the price has risen by 3% within the last year. Scottish parents will now spend a whopping £123 per week for childcare during the summer months, which is double the cost of after-school clubs during term time.

Top tips for savvy summer savings

No one wants to miss out on making memories, but that doesn’t mean it has to come at the cost of your finances. Here are a few ways you can have a great time, without breaking the bank.

1. Staycation, Staycation, Staycation

Everyone loves a good holiday, but it’s also well known that going abroad is expensive. Why not have a staycation this year instead?

There are hundreds of activities out there that are fun for everyone and won’t break your budget (some are even free!) such as going camping or to the beach.

2. Go outside

This one may be more difficult if the weather goes against us. However, being outside and cooking outside is a great way to save on your energy bills as you won’t be running as much electricity.

If you can, have a summer BBQ or a picnic outside. We have an abundance of parks and outdoor spaces here in Scotland, so you won’t run out of choices. Some even have free outdoor activities you can take part in.

3. Prepare for spontaneity

Being prepared is one of the best tactics to take when it comes to your finances. Setting aside some funds into your budget each month will allow you to splash out on spontaneous trips and even prepare you for rainy day boredom.

4. Thrifty Childcare

Getting care for your child shouldn’t have break the bank.

There are multiple ways you can save yourself money on childcare, such as summer or day camps. Yes, you will still have to pay for these, but the costs are more likely to come in cheaper than paying for out of school care.

It’s also an option to ask a family member to help you out. This way you aren’t leaving your kids with strangers and, whilst it’s still proper to offer them payment, save yourself hundreds of pounds.

5. Adventure is out there; just keep it frugal

If you do end up going abroad, it’s always good to plan your holiday down to the finest details. Working out all costs from the price of the holiday itself to your spending money to your holiday essentials and budgeting for them helps to ensure that you won’t be caught short.

Make sure you shop around for the best holiday deals, you may even be able to find deals on activities to do whilst you’re there, and always set aside emergency funds in case your holiday goes awry.

Don’t let summertime turn up the heat on your finances, contact us today on 0808 2085 195 for free and confidential advice on how to deal with your debts.

You could write off up to 75% of unsecured debt with our debt assistant.

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