Last summer, you *could* say I was caught off guard with extra expenses.
Family vacations… swimming and dance classes… day trips… summer camp… sporting activities… sacre bleu! If I had taken the time to clearly understand the costs of keeping kids entertained over summer, I probably wouldn’t have spent my “change jar” money on a pair of Stuart Weitzman sandals.
(Although, really, soo worth it.)
This year, however, I’m prepared. With summer vacation beginning in just a few weeks, I’m happy to share that I’ve budgeted and saved for the kids’ activities beforehand! But honestly, don’t feel bad if your saving game hasn’t been as stealth. I was right there with you last year! And according to a recent survey from TD, 71 per cent of Canadian parents with children under the age of 18 (who incur additional costs for their child during the summer) spend up to $999 per child. Put that in perspective, folks – an extra G just on summer activities!
It’s no surprise that half (51%) find budgeting for these additional summer costs stressful.
So, what are we spending our money on? It looks like my family represents a typical Canadian household, because we nailed ALL of the top activities! More than half (56%) of Canadian parents sign up their kids for additional activities or programs during the summer, and the most popular ones include:
Family vacations (55%)
Classes – e.g. swimming, dance (53%)
Day trips – e.g. zoo (51%)
Summer camp (49%)
Sporting activities (46%)
I’m sure it sounds like your household too. But just before we pass the tissues and have a group cry, remember – our summer investment means the kids are GONE. Away. Buh-bye. Poof! Yep, it’s worth every penny.
But is there anything we can do to avoid the summer (financial) heat? There certainly is! TD offers these top five tips to help parents avoid the financial heat that summer can bring:
1. Check your rewards balance. Redeem some of your loyalty rewards, such as points from your First Class Travel Credit Card, to help fund activities and travel.
2. The early bird gets the worm. Some organizations may provide a discount on early registration.
3. Budget and start saving early. Save a little money each month and put into your TFSA. Online budgeting tools can also help you determine how much to save each month.
4. Shop around. Municipally run activities through community centres or the parks and recreation departments often offer lower cost programming.
5. File your receipts. Some summer costs could be tax deductible as a child care expense or under the child fitness tax credit on your tax return.
Summer is such a fun, memorable time for kids. Make it the best summer ever without the financial heat by planning ahead, finding creative ways to save, and most importantly, spending some time outdoors with the kiddos!
Great tips! We have been doing a budget for years, that way we don’t have any surprises during the year.
Very good tips! We try to budget for the “extras” but it is not always easy.
These are great tips,I will be sharing with my daughter.
Some awesome tips! I totally agree with most of them…we try to plan early to make use of the early bird discounts too and it helps so much!
I can totally see how our budget would have to grow with summer activities.
Thanks for the tips. I find summer to hard the wallet!
yes, these are all great tips and idea Lena! Summer activities don’t have to be to heavy on our wallets.
being the first summer off from school, I have not prepped anything. We usually have a blast though
Tons of additional tips to consider as well like
-negotiate everything. bank fees, cable, internet, cell phones. if you’re a long time customer don’t hesitate to cancel and move elsewhere. work that company’s retention department to lower your costs
-use cash back shopping apps to lower your grocery bills. there’s no shame in price matching and clipping coupons either
-time your purchases. computers are cheapest during the back to school rush for example
-listen to shopping gurus (like me!) for their pearls of wisdom.
We definitely use our reward points for fun. A great way to save.
-Don’t forget to invest in an RESP in order to maximize the government’s contribution. It’s free money for the taking.
-don’t get tripped up with your TFSA. you don’t want to be charged unnecessary penalties
Man costs really add up. Thanks for the awesome tips Lena
Thanks for the tips!
This is a great list of tips but I never thought about keeping the receipts and claiming them, that’s awesome
I have been following many of your tips and their are bonuses