Have you sorted your family budget for summer 2012?

summer budgeting

summer budgetingWith both a long weekend for the Queen's Jubilee and also the Olympics and Paralympics to celebrate, UK families certainly have a lot to look forward to and budget for this summer.

But many of us will feel the pinch on our family budget of making the most of the British summer, as research suggests that families will spend more than £100 each on enjoying national events.

According to the Money Advice Service, around 25% of those questioned in a recent survey said they had plans to celebrate both the Olympics and the Diamond Jubilee, while roughly 50% said they would be marking either one or the other.

Families plan to spend but not budget

The survey found that the average spend from a family budget on the weekend marking the Queen's 60-year reign was estimated at £112. The average spend for the Olympics and Paralympics, meanwhile, could come close to £208.

As many as 40% of respondents predict that their expenditure on summer events will be higher than normal this year, and 15% said they intend to loosen their purse strings "a lot more".

However, many respondents (60%) were not sure exactly how much summer events would cost them, while 17% had no idea at all.

Budgeting for your summer

With an enjoyable yet potentially costly summer ahead, it is important for families to budget effectively for their expenditure.

This is because the more aware you are of your financial position, the more likely you are to keep your spending within your means.

Before spending any money, whether it be on holidays, trips to national events like London 2012, or even just on housing costs, it is worth drawing up a list of all your regular incomes and outgoings to work out just how much you have available to spend.

Although it's simple to do, setting up a simple family budget could help you to avoid overdoing it this summer.

Behaviour expert at the Money Advice Service, Sarah Smith, said: "2012 looks set to be an unforgettable summer, from the Jubilee and London 2012, to everything in between from day trips and holidays to exciting sporting events.

"It's troubling to hear so many people are unaware of their summer spending. Costs can rack up, so it's important to get a grip and avoid unexpected expense."