Life as a parent is expensive, even more so when the school holidays come around and there are suddenly extra costs for food, events and childcare.

Debt charity StepChange has revealed that almost one in three parents expect their household spending to increase over the next few months, with many saying costs will rise with the school holidays. In fact, four in five parents said they expect to spend more on essential costs such as rent, food and bills, prompting affordability fears given the current cost of living crisis.

A third of parents are currently borrowing more money than they were this time last year