Affordability has been a priority concern for families and households in the UK for years but has attained renewed importance in the wake of the cost-of-living crisis. The costs attributed to everything from energy to simple household goods have skyrocketed, with the rate of inflation set to breach 10% by the end of the year.

As people pull ever-tighter on their purse-strings, questions are starting to be asked about the length of the crisis – and when the light at the end of the tunnel may appear. As the country settles in for a difficult year, long-term budgets and spending plans become a wise prospect.

But there are some times of the year that are much more costly than others, even at the best of times. When are they, and how do they result in additional expense?

Christmas

Perhaps unsurprisingly to most, Christmas is often cited as the single most expensive time of year. The holiday season is a time for families to get together and express their love and gratitude to one another, in the form of food, drink, gifts and shared experiences. Naturally, all of these things cost – and the average household spends heavily to afford it.

Weathering Christmas in the wake of energy price hikes and increased costs for simple Christmas dinner staples may seem an insurmountable task. Christmas can already leave a dent in future finances, and often causes difficulties for those trying to budget carefully.

Christmas can also be planned for well in advance, though; by creating a savings account and adding to it incrementally throughout the year, you can offset the cost of gifts and reduce any credit burdens created by bigger purchases.

Summer

The summer months, or more specifically the six weeks of summer term holiday, are also uniquely draining when it comes to financial expenditure. A number of different factors align, making for an expensive run of weeks that can severely impact savings plans almost by accident.

For one, if your household has children, you may be spending money to ensure they are looked-after out of school while you work – or losing money by not working in order to take care of them. Secondarily, the summer months are peak holiday season in Europe, with increased costs incurred from making the most of the weather. Holiday bookers will also inflate prices during peak season, meaning a holiday costs that little bit more overall.

Easter

Lastly, the Easter holidays are another money sink, and for similar reasons. The weather has begun to shift, and holidays become more popular – especially where they align with the Easter half term. Couple this with the cost of expensive easter eggs for every child in your extended family, and you have a recipe for financial disaster. Easter is also the easiest-forgotten of expensive times, making it harder to save for.

We’re very proud to bring you this feature in association with Leeds Building Society. For more features, please pay a visit to our lifestyle page.