School’s out! 5 tips to survive the school holidays 

Duncan Fortune, Head of Commercial at Tesco Bank, comments: “The end of the school term marks the start of summer fun for children. For parents and caregivers though, it can often mean a more hectic and expensive time as they try to keep them occupied during the break. Days out, holidays and activities don’t just take time and organisation, they can also put a strain on your finances if you haven’t planned and budgeted for them in advance.”

Duncan shares his top tips on keeping expenses low over the school holidays.

1. Take advantage of offers 

Look out for discounts and special offers on activities and days out for children during break. Local “What’s On” listings, community websites, and local Facebook groups can be great sources of free or low-cost activities. Where possible, book tickets in advance, as many attractions offer early-bird discounts. It is also worth exploring free activities through local libraries, museums, parks and community centres, which often run holiday programmes for families. Finally, check whether loyalty schemes or reward points from your bank, supermarket or favourite retailers can help reduce the cost of family days out.

2. Plan ahead where you can

Creating a rough plan for the holidays can help you spread out your spending and identify opportunities to mix free activities with more expensive days out. Planning ahead can also reduce the temptation to make costly last-minute decisions.

Making the most of the outdoors is a great way to keep costs down. Parks, beaches, nature trails and local green spaces can provide hours of entertainment at little or no cost. Packing snacks, lunches and refillable water bottles can also help keep expenses down while enjoying a day away from home. There’s also plenty of ways to keep children entertained without leaving the house. Activities such as arts and crafts, baking, gardening, movie afternoons and DIY sports days can provide creative and affordable fun without the added cost of travel or admission fees.

3. Build a savings pot 

According to Tesco Bank research, 16% of Brits use separate savings pots for specific goals. Having a dedicated ‘school holiday’ pot can be a useful way to cover any extra costs that crop up during the break. You could choose to put aside a small amount of money each week or month, or use in-app tools like round-ups which automatically save spare change from everyday purchases. While it may be too late to build up a significant fund for this year’s school holiday, it’s a valuable habit to get into going forward. Even small contributions can add up over time, helping you to grow your savings pot and giving  you a little extra spending money for future school holidays. 

4. Set up a summer savings challenge

With children off school for at least six weeks over the summer, keeping them entertained can be a challenge. It can also be a good opportunity to encourage them to develop positive savings habits. Whether it’s giving them the chance to earn extra pocket money by helping out around the house, such as unloading the dishwasher or washing the car, or creating a friendly competition between siblings to see who can save the most over the summer break, setting a savings challenge can make managing money fun. It will also help them learn valuable money skills while working towards a goal.

5. Find opportunities for money lessons

Your everyday spending is a great starting point when teaching children about money. Planning, saving, and finding the best deals are essential skills to learn, and routine tasks like the weekly food shop are a great way to put these into practice. Hand them control of the shopping list and set them a budget to buy a few items – this builds confidence in dealing with money and also turns an everyday task into a fun and engaging activity for the kids!