How much do you think you spent on your kids during the school holidays?

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:

1. Set a  holidays budget for each child and for family activities.
2. Choose low cost family activities such as a BBQ at the park or trip to the beach
3.  Shop at the sales with the kids
4.  Teach your kids about the importance of money.
5. Reconcile and update the household budget daily together.
6.  Spend time locally, playing cricket with the neighbours, or bake a cake.
7. Let the kids get bored – it is good for them.
8. Have a garage sale
9. Introduce them to yoga, meditation and other you tube activity that are free and the family can do together.
10.  Open your children their own bank account to entice them to save
    Download the Comm Bank Youth App (5-13) to learn real money skills.

Above all communicate with your kids. Talking about money is not a bad subject. It is important they understand things cost a lot and