Fun in the Sun Shouldn’t Cost a Fortune

The summer is a hard time of year for working parents. Although your kids have the entire summer off, you can’t be home with them.

That leaves expensive camps and other child-minding services to look after your kids when you can’t. If you’re wondering how you’ll afford it, check in with this quick guide to summertime childcare.

Start budgeting early

If you don’t already have some cash saved up for summer babysitting, then your budget needs an overhaul. This financial document should help you prepare for future expenses.

To create a budget, most experts recommend tracking every expense over a three-month period. This will give you insights into your long-term spending habits.

With three months of purchases in front of you, you can see patterns in the way you spend your money.

While some of these will be fixed expenses you can’t change easily (think rent and car insurance premiums), most will be variable costs.

Variable costs don’t have a fixed price you pay every month like rent. They fluctuate depending on how often you buy them. That means you have total control over how much you spend on them.

Common variable costs include things like:

• Takeout
• Streaming services
• Groceries
• Clothes shopping
• Movie tickets

By eliminating how much you spend on these items, you can put more savings into your summer camp fund.

How much should you have saved?

There are a lot of different summer services out there, and they all have different price points. To help you find out what you need, check in with this quick list.

• Day camps: The average weekly rate costs $314, though they may range between $100 and $500. You can find cheaper options by contacting your city and local non-profit organizations.
• Sleep-away camps: Since your kids will need round-the-clock supervision, these cost more. Although the average weekly rate is $768, these services can vary from under $200 to more than $1,500.
• Specialty camps: If your kid loves art, theater, or the sciences, a specialty camp that focuses on a particular hobby may be a great idea. They range between $500 and $1,000 a week.

Use benefits to your advantage

What’s your work culture like? If it’s anything like Google, Facebook, or Apple, your employer probably offers free or subsidized on-site childcare.

Even if your office doesn’t have these services, you’ll want to talk to HR about any resources they offer for families. Plenty of employers offer Flexible Spending Accounts (FSAs) to help you afford childcare expenses.

An FSA is a type of deduction that withholds a portion of your income from every paycheck, putting it towards childcare. FSA deductions are tax-free for the first $5,000.

Know how to bounce back

Plan all you want — sometimes, life has other ideas. Your car can breakdown and need expensive repairs you weren’t expecting. The same goes for your air conditioner.

Between these extra bills and summertime childcare costs, your budget may fall a little short. If it does, you should know where to look for help.

Online installment loans direct lenders offer personal loans that work quickly in an emergency. Often, you can get the money you need by the next business day.

As one of the quickest ways to get a cash advance, online installment loans are ideal for urgent, non-recurring emergencies.

Auto and appliance repairs are just two of many situations when you need a personal loan, but they have one thing in common: they’re last-minute additions to your budget.

Although it’s tricky finding extra cash, there is money available to help you pay for childcare expenses. You just need to look in the right places.

Start with a budget built for the summer and check in with benefits and other services for an extra boost. Together, these tips can help you take on summertime expenses.