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Finance

School holidays 'to cost families £2,000 this summer'

24/07/2008

With school out for six weeks, parents are expected to spend thousands of pounds to entertain their children.

For many, it is beyond their means, said parenting club Bounty.

Food costs are estimated to be £129.46 each week, and activities like trips to swimming pools, theme parks, bowling alleys and having lunch out will set parents back an extra £95.66 a week.

According to Bounty, six in ten families have been saving specifically for the summer hoping they will not disappoint their children. But more than half of parents are worried about the financial burden in addition to not being able to meet their children's expectations.

''It's understandable that parents want to give their children happy memories, especially during the long summer holidays," financial expert Jasmine Birtles said.

"However, they shouldn't risk spending beyond their means just because they need to entertain the children."

In order to afford summer break with their kids, 60 per cent of mums and dads will be forced to cut back dramatically on their own. Other parents have taken out loans or are using credit cards to cover the costs.

''It's hard, but parents need to learn that they must not bow to pressure from their children or from what other families are up to." Ms Birtles said. "If they do, their spending could spiral out of control and that will cause more problems for the family.''

Bounty suggests making a daily budget to work out cutbacks, and finding more inexpensive ways to make sure children have fun like picnics and trips to the seaside rather than theme parks.