Spring has sprung and with school bells across the North-east ringing out, last-minute plans to keep children entertained over the holiday period are in full swing.
Spring marks the start of a new financial year and although financial plans may be in place for the year, many parents forget to set aside budgets for school holiday periods.
Over time, children can add layers of financial strain to parents so it is important to pre-empt unnecessary costs and plan and budget accordingly.
Simple financial planning can be hugely beneficial in the long run.
Phil Anderson, managing director of Phil Anderson Financial Services, said: “It is important for families to budget strategically around holidays. Picnics and trips to the park are extremely cost effective, however, parents should lay aside a set amount of money for days out to fun parks, the cinema and long distance journeys to ensure there is no danger of overspending.”
It is important to educate children about the value of money and holiday budgeting is a great opportunity for parents to teach their children about the cost of things.
Top tips for parents this Easter:
Look out for customer offers
Many companies offer loyal customer offers, and some may even offer customers incentives in order to reap rewards. Tesco offers up to 75% off theme parks and attractions with Tesco Clubcards and some sports clubs offer discounted sporting activities for families too. Establishments like the cinema and the amusement park also offer family passes for holiday periods.
Free activities
By keeping an eye on local papers, news boards and the council websites, parents can find out about free summer camps and activities which are taking place over the holiday period.
Cheap travel tickets
Planning ahead is essential to reap the benefits of cheap travel tickets. Family and friends railcards can be purchased and bus companies will usually have family passes available also. Most airlines allow children under the age of two to fly for free or for a small fee and children under five a discounted rate, however this varies by airline.
Kids eat/go free
Many restaurants and tourist attractions will allow children to eat/enter into the premises for free. This saves money for parents and increases holiday business.
Check out local tourist sites – some are free and offer family rates
Many local museums, historical buildings and castles are free to visit and explore, as well as local forests and woods which can be an extremely fun-filled day out for all.
Hide the credit card
Locking credit cards away can also help reduce impulsive spending. Out of sight out of mind. This is great if you are on a tight budget as you don’t readily have access to excess funds.
Whatever the activity, ensure there is a solid financial plan in place. This will limit impulse purchases and help keep finances in check throughout holiday periods.
Phil Anderson Financial Services, which was launched in 2011, offers independent financial advice to clients over its three offices throughout Scotland. For more information on Phil Anderson Financial Services visit www.philandersonfinanial.co.uk, or call the office on 01224 900879.