You might feel as though you have all the time in the world before you see your child off to summer camp, but the season will be here before you know it.
The summer can be challenging for many working parents. With school out for the season, you have to arrange (and pay for) childcare.
Summer camp can be expensive. Check out these tips to help along your budget during a pricey time of year.
Budget Early
When you’re a parent, there’s no such thing as saving too early for the summer. Planning for big spending far in advance is actually one of the best things you can do for your family’s finances. You give yourself time to come up with the money gradually rather than all at once.
Think of it this way: a 4-week summer camp program can cost as much as $1,000 per child, per week. Scrounging up $4,000 the day before camp starts can be challenging, even for well-off parents. Compare this to saving up for this expense over the entire year. You would only have to budget for roughly $334 per month to come up with $4,000 after 12 months.
If this lesson comes too late in the year, remember it for next year. Childcare belongs in your monthly budget, even if your kids don’t go to camp.
Tap into Savings with Discretion
If you have an emergency fund, you might think childcare is worthy of these savings. What qualifies as an emergency is personal, and you are well within your rights to withdraw from this cash to afford summer camp.
Be cautious of drawing from a general emergency fund if you just started saving. A general savings account might be the same account that covers car repairs, household maintenance, and out-of-pocket medical expenses.
If you drain them and an unexpected expense arrives, you have other safety nets. Plenty of people rely on lines of credit to supplement emergency savings. You can see if this is a realistic option for you, too, by visiting a website like Fora. You can see how Fora Credit compares to other lines of credit in emergency situations.
How much money you have in savings will reduce how much you have to draw against a line of credit. Given that, it’s up to you to decide whether living without these savings is worth summer camp.
Talk to the Summer Camp
Many summer camps offer payment plans that help spread out the cost of camp over several months. This way, you won’t have to worry about paying a large, lump-sum payment at the start of the season. Instead, you can break up the bill into more manageable payments.
Rethink Camp for Other Forms of Childcare
Summer camp might be too expensive, even with the help of savings, payment plans, and lines of credit. Don’t worry — there are other ways to keep your kids safe and entertained during the season.
- Check in with your family and stay-at-home friends (with their own children) who might be willing to look after your kids.
- Alternatively, you and your friends can split a babysitter to save costs.
- You may find even cheaper rates when you sign up with community daycares or subsidized services available in your area.
Bottom Line:
Preparation is key when affording childcare in the summer. A little work now can help you be ready for the season.
