Fun on a budget
TSB’s money confidence experts can chat to you about the bigger things, from achieving your goals to helping with money challenges. You can have a video call from home, available seven days a week, or speak to someone at a local branch or Pod during opening hours.
Here, TSB money confidence expert George Mayson answers some common queries on how to get maximum enjoyment for minimum spend this summer.
Q
My children always ask for money for everything from tickets to ice creams. How do I tell them I can’t afford it all?
A
Focus on what you can afford, rather than what you can’t. So, you could tell them you’d love to buy them an ice cream once a week (rather than warning that you can’t buy one daily). If they want something more costly, such as new trainers, you could say yes, but add you’ll need to work together to save up – perhaps by having fewer ice creams! To help, look for an instant-access savings account that still gives a good rate of interest but allows you to get hold of your money whenever you need it. Many banks also offer a savings pot scheme, where they round up every purchase you make to the nearest pound, and put the change into your savings.
Q
We can’t afford a foreign holiday this year. What will help my family enjoy summer at home?
A
The internet is a good place to start - there are some great online discounts available for all kinds of activities. For example, TSB customers can access My TSB Rewards*, a scheme that offers discounts on Vue cinema tickets, theme parks, Stagecoach trips, and more – all of which can keep the family entertained for less. Check to see whether your bank offers something similar.
Q
Everyone else seems to spend more than us. How can I stop my kids feeling they’re missing out?
A
Explain that it’s more about how you spend your time, not how much money you spend doing it. While another family might visit a large water park, sitting in a car for hours, paying lots for tickets and queuing for hours, you could have just as much fun at a local outdoor pool or the beach for a few pounds, and with no waiting around! Time flies when you’re having fun, regardless of the cost.
Q
The rising cost of living means money is tight – how can I find a bit extra to spend on fun stuff this summer?
A
Take a good long look at your bank statement to work out where your money is going. You might be surprised. One of my customers shopped daily for food at a local store, and the costs really stacked up. Switching to a weekly supermarket shop and planning ahead for meals helped them save a lot more. Starting a savings account is also a good idea. If you can put a small amount away in the quieter periods, you can dip into it to buy fun things at busier times, such as Christmas or in the summer holidays.