Brits failing to make the most of summer savings

Much of the British population is failing to make the most of money saved on household bills and outgoings during the summer months as the increased sunshine makes them forget their budgets and spend more on having fun, according to the latest NS&I (National Savings and Investments) Quarterly Savings Survey.

More than two-fifths (42%) of Britons think they spend less on outgoings such as utilities and groceries during the summer months, with people expecting these summer savings to average more than £75 (£77.39) a month. However, rather than setting these extra pounds aside, it seems they're being spent on leisure actives when, with a little planning, they could still have a good time for less money. Nearly half (48%) of the population think they spend more on leisure activities in summer, this is more than likely to be impacted by children's' school holidays. During this season, outgoings on activities like socialising with friends, parties and holidays increase by a monthly average of more than £100 (£109.80).. The warmer weather carries much of the blame for this rise in spending as 43% of Britons say improvements in the weather made them feel more relaxed about their outgoings.

While 92% of people say they use less heating in summer, four-fifths (82%) hang washing outdoors rather than use the tumble drier, more than two-thirds (70%) save on transport by walking more, and a third (34%) save money by eating garden produce - there are other expenditures which outweigh these savings. Nearly two-thirds (60%) of the population confess to spending more on holidays and weekends away in summer than winter and almost two-fifths (39%) are more likely to spend money going out to bars and restaurants with friends.

Dax Harkins, NS&I's savings strategist commented: "Everyone loves to see the sunshine, but people should try not to be so dazzled that they forget their finances. It's great that many essential household costs are less during the warmer months, but Brits would be wise to try and make the most of these savings by putting some of this money away. Summer fun doesn't need to be expensive. It's always worth planning what you most want to do cost effectively and checking what free activities are on in your local area or perhaps consider packing up a picnic for an outdoor lunch rather than going to a restaurant."

Top summer savings tips from NS&I;

Get involved in your community - keep abreast of all summer activities organised by your local council and community groups, many of which will be free

Look out for 'days out' coupons - often available with your shopping or in newspapers

For a fun day-out take the kids to a local fruit picking farm; it's good exercise, you get delicious fresh food and have lots of fun all at the same time. And it's not too late to grow your own

Research the top 10 walks or bike rides in your area, and make them more interesting for children by reviving traditional activities like blackberry picking.

Clear out your wardrobe. When you find summer clothes that have fallen out of fashion or no longer fit, don't throw them out, throw a clothes swap party with your friends.

Cut down on transport - by walking and cycling more you can save energy and enjoy the warm weather. Plus the extra exercise will help you keep fit

Reduce your household energy consumption by drying clothes outdoors instead of using the tumble dryer

In fact, by taking a careful look at their finances, Britons could make even more seasonal savings. Over a quarter (26%) of the population feel there are more opportunities to set money aside during the summer of which they currently aren't taking advantage. Further, 23% believe that they could look more carefully at the amount they spend socialising to reduce their outgoings. 26% of the population are actively trying to budget during these months, but sometimes overspend.

Harkins continued: "Some people (7%) say that they're too busy to budget properly. I would urge everyone to try and set aside a small amount of time, even just half an hour each month, to review their incomings and outgoings and to assess how they can better plan their budget - and as a consequence make their longer-term finances healthier."