Parents 'should be prepared for summer holidays'

By Sarah Engle, Thu 17 Jul 2008 - Published in Banking

Recent research by Alliance and Leicester shows making sure children are occupied during the summer holidays costs parents in the UK more than Ł370 million.

According to the study, five per cent of parents put money aside for their children during the summer break.

But those who cannot rely on grandparents for childcare, holiday clubs and summer camps could be a new expense, so saving may be an idea for next year.

Hetal Parmar, manager for savings at Alliance & Leicester, said: "Even saving little and often can easily build up a nice sum, helping to eliminate stress and absorb extra costs. Let's face it, that savings pot will help keep a smile on your little angel's face during the summer, come rain or shine."

In addition, parents could start using their credit card and loans to fund entertainment such as cinema visits, theme park trips, video games, new DVDs or swimming pools and toys for the garden.

Meanwhile American Express Travellers Cheques is urging holidaymakers to think wisely about their cash and cheque content for the break as more people opt for two-week trips to save money.

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