Avoiding the summertime financial heat wave

At the end of this week, our kids will be done with school and ready for eight weeks of vacation. We’ve been stockpiling a list of activities to keep us busy.

One option that many parents turn to is the idea of summer camp. Kids stay busy, they meet new friends and camp can break up the summer nicely. As great as they sound though, they can pack a punch when it comes to your wallet and many parents find themselves scrambling to pay for these additional expenses.

A recent TD survey found that 55 per cent of Albertan parents, with children under the age of 18, sign their children up for activities or programs during the summer months, and nearly two-thirds (66 per cent) spend up to $999 per child.

Not surprisingly—51 per cent of parents find budgeting for these additional costs stressful. Additional stats include:

• 55% of Albertan parents with children under the age of 18 sign their children up for activities or programs during the summer months.
• Of Albertan parents with children under the age of 18 who incur additional costs for their child during the summer, two-thirds (66 per cent) spend up to $999 per child (42% say $1 – $499 and 24% say $500 – $999).
• Half (51%) of Albertan parents with children under the age of 18 who incur additional costs for their child during the summer find budgeting for the additional costs stressful.
• The top two ways Albertan parents with children under the age of 18 pay for summer activities for their children are:
  • Saving ahead of time to account for the extra costs incurred over the summer (32%)
  • Cutting back on other expenses to fit the cost in to their budget (30%)

Beyond typical day-to-day costs for their child during the summer months, these are the top five activities that Albertan parents with children under the age of 18 incur additional costs from:

• Family vacations (56%)
• Classes – e.g. swimming, dance (54%)
• Day trip – e.g. zoo (51%)
• Summer camp (50%)
• Sporting activities (30%) – lower than the national average of 46%
• Daycare (30%)

This all adds up and those eight weeks at home can become a huge financial stress.

How do you budget for all of the additional expenses over the summer holiday? Are you part of the 32% that saves ahead of time, or part of the 30% that cuts back elsewhere to find the money? There is also the option of taking on an extra job but many of us don’t have that extra hour (or four) in the day.

Do you have your own way of paying for summer camp that we all need to know about? If so, please share it in the comments.

Disclosure: This is a sponsored post. Opinions are not influenced.
Data for this post was provided by TD Bank.