Member Article

Savvy Summer Saving

Research from debt advice provider PayPlan shows that people in Newcastle owe an average of £16,744 in debt. Summer can often be the time of year when debts mount up even more with the pressure of family holidays and keeping children entertained.

With many schools now closed for the summer, Jane Clack, financial adviser at PayPlan, shares her top tips on how parents can keep costs down over the break.

1. Reach out to friends and relatives

If you’re struggling to balance work and the expense of childcare over the summer, try organising day care with friends or close family. There will be plenty of other parents in the same boat and, if you can sort out a care system between you, you might be able to avoid expensive day centres.

You’ll probably find that aunts, uncles and grandparents would be more than happy to spend time with your children. If they live close by, try to arrange a few days a week that your kids can stay over or be looked after while you’re at work. Never underestimate the generosity of those close to you and never be too afraid to ask!

2. Wise up to what’s on

Spend a little time researching thrifty things to do near you over the next few weeks rather than just heading to the top attractions. A lot of places will have special days for kids that offer something a bit different without breaking the bank.

Remember that you don’t need to overdo the entertainment either. One activity a week just for them is plenty. Remember the fun you had as a child just playing outside in the garden or with friends, even going to the supermarket can be exciting when it means there’s no homework or school!

3. Make meals count

With school meals over for a while, it’s time to get serious about cooking in bulk. Steer clear of the ready packed snacks that aren’t especially nutritious and will start to take a toll on your budget before too long. Think instead about making more than you need for dinners and freezing or saving some in the fridge for meals over the holidays – saving time and precious pennies.

If you can, make the most of the seasonal produce and try your hand at some simple soups. These make great, easy, low cost meals and older children will be able to give you a hand with the stirring and washing.

4. Money well-managed

Time to put a new lesson onto the plan once the schoolbooks have been hidden away: money management.

You needn’t worry about teaching the intricacies of personal finances but some basic good-practice habits can be easily taught. Make a chore chart and assign a value to each one, e.g. polishing the house for £1.50 or hovering for £2.75. This shows children that hard work translates into better money and helps you around the house at the same time!

If your kids are a bit older you could start the holidays by giving them a £5 note and challenging them to end the holidays by tripling it. If you have several children, this could make for a fun competition, teaching them to be enterprising as well as cementing good saving habits.

5. Remember, money counts on holiday too

Just because you’ve left your everyday life behind for a while doesn’t mean you get to ignore your finances.

It’s tempting to get into the holiday spirit and start spending more than you can really afford but it can be a very bad dream to wake up from once you’re back to reality. Be sensible and set yourself a realistic budget for each day. Factor in meals and create a rough plan of what you might do so you can avoid costly surprises and can really enjoy yourselves on your break.

If you’re travelling abroad, it’s a good idea to look at the local vouchers and coupons available since locals sometimes get better access to deals than tourists. Grab some leaflets and put your phrasebook to good use – who knows what you might save?

For more details, visit www.payplan.com

This was posted in Bdaily's Members' News section by Fiona Moore .