With the school holidays in full swing, parents are starting to feel the pinch. The summer holidays are eagerly awaited by children and parents, but it now seems to bring an unexpected financial burden. The pressure then is on the parents to afford the usual holidays and excursions, but with the cost-of-living crisis and the height of inflation, it’s getting harder for parents to keep up with their children’s expectations.
Holidays
The school holidays are an opportunity to take time off and relax by going on the family summer holiday. However, booking a holiday is one of the bigger expenses to expect during the summer break. Booking a holiday, due to the cost of living and inflation has become less common in recent years with costs of flights, accommodation, meals, and activities all contributing to a hefty bill.
Since the pandemic, people have looked closer to home for their holiday breaks to save the additional costs. However, the rising cost of UK holidays is making any type of holiday harder to budget for. Families find themselves grappling with the realities of higher expenses during the summer break meaning many are realising, a holiday isn’t on their list of priorities in their budget.
Childcare
For working parents, the school holidays often pose a dilemma. Parents all of a sudden have to budget for extra expenses. Making sure their funds can cover the cost of a fully stocked fridge every day as well as entertainment for their children. Alongside the essentials, working parents must then make the difficult decision of managing childcare costs.
Working parents’ decision then comes to whether they are able to book some time off work or add costs in the form of a childminder or holiday clubs to their budgets. These expenses can come with a steep price tag just so parents are able to balance their work life with their children’s welfare.
Back-to-School Expenses
One thing that no one likes to think about during their holidays is going back to work or school. But one expense that parents can expect to sneak up on them is the back-to-school costs. From stationery restocks to new uniforms and everything else their children may need for the new school year, back-to-school necessities can grow into a huge expense.
Before the cost-of-living crisis and the rise of inflation, parents may have seen certain things as essentials to purchase for the new school year. Now, parents are trying to make more cost-conscious decisions. Parents could look for sales or try reusing old items, so the back-to-school expenses don’t become unmanageable.
Earned Wage Access
In a world where every penny counts, being able to access your money at the end of every shift could be extremely helpful during the summer holidays. Earned Wage Access from Income Group is a regulated system which allows you to draw down your money as you earn it. Imagine how much easier life would be if employees could get home from their shift and be able to access the money they had just earned to put towards something during the school holidays. Find out more about how Income Group could help workers with our Earned Wage Access solution.
