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. …
On the other hand, there’s the not-so-small matter of the costs. And trust me, they can add up quickly. In fact, a recent TD survey found that almost 40 per cent of Millennial and Gen X Canadians who have been in a wedding party say they felt pressured to spend more than they could afford, and the amounts can be significant: half (50 per cent) of those surveyed said on average they spent (or plan to spend) between $200 and $599 to be in a wedding party; yet a quarter (25 per cent) said they actually spent $600 or more for the average wedding.