Affording Summer Activities For Your Kids
Summer is almost here and, for many families, that means figuring out ways to cover the potentially expensive costs of kids summer activities
. From summer sports leagues to special summer classes at your local art gallery, there are all kinds of activities to keep your kids busy this summer. The only problem is figuring out how to afford the extra costs of these activities in your budget.The first step you should take is to get an accurate picture of the basic costs associated with your kids chosen summer activities. Ask yourself the following questions:
Are there any up-front fees youll be expected to pay?
Are there any monthly dues associated with the activity?
Will you need to spend anything extra on equipment, including uniforms and/or gear used to do that activity?
Will there be any travel costs, such as going to sports fields away from home or taking overnight trips for competitions?
What additional money will you need so you and the rest of the family can attend any events?
Will you be expected to provide anything for the group or team, for instance if parents take turns providing snacks?
Once you have a total for all of the associated costs, you can assess your budget to find ways to reduce your normal expenses to cover these seasonal expenses. Look at any discretionary expenses (anything thats not a necessity but still counts as a regular part of your budget). You may be able to cut a discretionary expense or two to cover the additional summer costs. You may also be able to reduce your budget on flexible expenses, such as food. This may require cooking more meals at home or being more diligent about clipping coupons before you go to the grocery store.
The goal is to make any extra costs this summer fit into your budget so you can avoid using credit as much as possible. What you dont want to do is charge all of these extra expenses on credit or start paying for living expenses with credit because all of your income is used up on activities. Both of these scenarios can cause serious financial difficulty, because using credit to pay for things you cant afford means youre spending more money than youre bringing in. If this is the case, look for ways to put your budget back on track, such as consolidating your credit card bills into one payment with a debt management program.
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