A new study has revealed just how much money parents spend on the long summer holidays. If you’re a parent, you may be feeling drained at not only the pressures of the School Holidays, but also financially drained because of them. It’s no wonder many parents feel the holidays are a burden. A recent study by The Commonwealth Bank has revealed that in Australia, we spend $1.1 billion on our kids (aged 5-17) over the summer holidays. That is on top of the $8.9 billion we spent on Christmas gifts this year. Ouch. The “cost of the summer holidays” report revealed most kids receive around $509 each over the holidays in cash, money for chores as well as traditional pocket money. And the kids are spending their loot on lollies, the cinema, sports and books. Many parents are getting second jobs or working overtime to come up with the funds. Theme park visits, eating out, weekends away or even buying take-away is expensive and adds up. Want to spend less next holidays? Irene Rowlands from the bank says the key every holidays is educating kids about money, and focusing on free activities. These are her tips: Set a holidays budget […]
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