Summer holiday savings for your family

Raising a family leaves many parents struggling for cash - and the summer holidays are a particular pinch point. New research has shed light on exactly how much parents can expect to fork out for their little and not so little ones.

Parents of children under the age of 25 estimate that, on average, just over a fifth (21%) of their monthly household income is spent directly on items for their children, according to a study.

And the average parent expects to be supporting their child financially well into their adulthood - until the age of 29.

Mums typically think the cut-off point for financially supporting their child will be 30. Dads, rightly or wrongly, are a bit more optimistic - hoping their child will be fully fledged financially by the age of 27.

Parents of boys may find themselves getting off a bit more lightly - as the findings, put together by Sainsbury's Bank and website MoneyMagpie.com, also suggest that girls are more expensive to provide for.

From birth until the age of five, girls are around £300 a year more expensive a year than boys, according to the study.

The cost gap doubles during the teenage years, with parents of girls aged between 14 and 18 typically forking out nearly £600 a year more than parents of boys of the same age. The research suggests the gap may in part be due to girls' clothing being more expensive.

'Parents expect to spend a staggering £1,445 per child on activities over the summer holidays'

More than 2,000 people from across the UK took part in the survey and parents were asked to estimate the annual cost of raising their children.

Meanwhile, another report has found that the summer holidays leave parents even more out of pocket than Christmas.

A survey among parents of children aged between three and 13 years old found that, on average, parents expect to spend a staggering £1,445 per child on activities over the summer holidays - which is around £408 more per child than they would spend during the Christmas break.

Those taking part in the survey for Epson EcoTank printers were asked how much they plan to spend on activities such as trips to the cinema, going on play dates with friends, meals out, food shopping and summer clubs.

So how can you keep your day-to-day living costs down - particularly at this tricky time of year? Here are some suggestions from Sainsbury's Bank and MoneyMagpie.com...

1. Have a "use it up month". Start with the bathroom. How many unused and unfinished hair, cosmetic and skin products are in the cupboards? Don't buy any new shampoos, conditioners, make-up or lotions until you've used them all up this month. Do the same with your cleaning products.

2. Write a menu plan. A shopping list will prevent you buying items you don't need.

3. Find free family entertainment locally. Look at your local council's website as well as My Kent Family to see what entertainment they're offering during the school holidays. Also check out libraries and museums as they often have free or cheap events in the holidays.

4. Throw a swap party. Have your friends and neighbours round for a swap party - where you all bring items you no longer want and swap them with each other. It can be a great way to get some new clothes or used baby items.

5. Don't be shy - haggle. Even high street shops have great deals - perhaps start by asking what kind of discount you can get if you pay in cash or if you buy two items rather than one.

6. Consider buying big ticket items at auctions. There are hundreds of auctions happening around the country selling everything from cutlery to armchairs, beds and cars. Many home items - particularly furniture - can be cheaper if you buy second hand.