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Saving for Summer Activities while the Kids are out of School

May 29, 2011 | Author: | Posted in Finance

With the summer school vacation fast approaching, for those on a tight budget, it can be stressful coming with activities for them that they can afford. Many activities are quite expensive, however when you so some research on cheap but fun activities and plan ahead, you and your kids can have a great summer and you will not go into debt.

Below is a list of tips on saving for summer activities while the kids are out of school:

Create a Summer Budget: In general, the goal of saving is to determine if the amount of money you have remaining after paying your expenses will allow you to meet your savings goal. When creating a budget, you may have to make adjustments such as cutting expenses in order to have money to set aside for your particular savings goal. When it comes to budgeting for the summer, if you determine how much you can spend monthly on summer activities, it will help you determine what type of activities you can afford. Assess your current income and expenses to determine if you can reduce or even eliminate the costs of non-essential expenses such as dining out, reducing fuel expenses by carpooling a few days a week with a coworker…etc. You can then take the savings and apply it to the summer activity budget.

Bring Outstanding Bills Up-To-Date: If you have outstanding bills such as multiple credit card bills, you are likely spending a lot on interest which could be going towards your summer activity budget. Consider a debt consolidation plan where you can combine all bills into one loan repayment. You will not only have one loan payment, but pay one with reduced interest . A credit counselling agency can help you with debt consolidation.

Plan Cheap but Fun Vacation Activities: Do your research before the kids finish school so you can find fun and cheap activities. For instance, such cheap or free summer activities can include: spending time at a provincial park, taking the kids on a day hike along local trails, spending the day at the beach, invest in a community pool pass, attend various library activities…etc.

Save on Food Expenses: When you have come up with a list of inexpensive or free summer activities, you can save even more money if you pack lunches and beverages instead of buying food at the location. The savings will really add up as many places tend to be quite expensive. As well, when shopping, look for sales, discounts, and coupons.

For the kids, summer is a time of fun and making long lasting memories. As well, it is a time to get outside to enjoy some fresh air and sun. Although many summer activities can be expensive, when you plan and budget, you can make sure your kids stay busy and entertained all summer long and you will stay out of debt making your summer even more enjoyable.

Credit counselling is crucial for those continuing to struggle with debt management and financial obligations. Find out how credit and debt counselling can improve your financial situation from the experts at Consolidated Credit.

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