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Bank charges: Parents should look to cut costs over summer holidays

Parents who want to avoid bank charges may want to find ways to cut costs over the summer holidays.

Insurance firm LV= has reported that parents are set to spend £8.6 billion on childcare and entertainment over the summer, spending on average £110 per child per week.

Andrew Hagger, spokesman for, suggested ways parents can cut down on expenses over the six week period.

He said: "It may be things like, making sure you are on the best tariff for your energy, getting the best deal for your mortgage and trying to cut down on food shopping, things like that.

"At least with those things you do have an option of trying to reduce your costs."

Mr Hagger added that childcare is not an area where you can cut costs because anywhere you go will charge a certain rate.

The LV= research showed that 93 per cent of parents will spending more on entertainment for their children over the summer holidays.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.


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