Financial services company, Hargreaves Lansdown, have found that 60 per cent of children have working parents, and 1 in 20 families will spend over £500 on childcare during the summer holidays, way above the average cost of £250.70.

Sarah Coles, a personal finance analyst from Hargreaves Lansdown, said:  “What do you get when you subtract two weeks off work from six weeks of school holidays? Four weeks of stress and on average, a £250 childcare bill.”

Some families are hit with bills much higher, with a reported 5% of parents surveyed by Hargreaves Lansdown expected to fork out over £500.

“There are things you can do to cut the cost of the break – including shaving the tax off the cost of your childcare bill; taking advantage of flexible working options; or hunting down hidden bargains,” she adds.

The Grimsby Independent highlights different ways to save on childcare costs over the summer months.

  • Booking holidays and childcare early enough can save you some money.
  • Parents can take advantage of the Government’s tax-free childcare where they can get tax relief on their costs; and if the setting is Ofsted-registered, they can get a fifth off the bill as well.
  • Find out if your employers offer a flexible-working policy.
  • Parents can also speak to their families and friends and try to share childcare; for one day of annual leave, they might get two or three days of childcare.
  • A lot of schools provide holiday clubs, some might be a cheaper option than private childcare.
  • Some childcare settings can also do sibling discounts as well as other discounts.
  • If parents have several children, getting an au pair might be the most cost-effective way. There are many au pairs looking for a summer placement, and it might cost as little as £75 per week, plus a room and board.

Story by: Grimsby Independent

 

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