Budgeting For Your Kids’ Summer Camp

Summer camp is a great experience for kids - one that offers many benefits that will last them through to adulthood. The investment you are making in your child’s development is important but it can take a bite of your household budget. But don’t worry. Luckily, there are ways you can fit it in without doing too much damage to your bank account.

Here are some tips on how you can budget for your kids’ summer camp experience:

1. Let your kids chip in - If your child has been bugging you about letting them to go away to camp, let them help out with the expenses. Whether it’s by having them donate a portion of their allowance to a ‘summer camp fund’ or by babysitting for neighbors, not only will it help you out financially, but it will teach them the value of money and hard-work.

2. Cut out other luxury expenses - If your family goes to the movies or eats out regularly, refrain from doing these activities for a couple of months until you’ve saved enough to afford summer camp. Switch to home movie night by renting videos or by cooking a big family meal with all members chipping in. Not only will you be able to save but you’ll bring the family closer together as well.

3. Focus on the goal – As summer camp may not fall under the “necessities” category of your household budget, it would be best to set-up a separate account for it. Most summer camps release their schedules and rates several seasons ahead, so you can better prepare for it by setting the target financial goal and the timeline for reaching it.

4. Be early - A great incentive for doing your research well before summer camp season starts is that most camps offer a 5 to 10 percent discount for early registration. This could mean potentially hundreds of dollars in savings. Take note that early registration means signing up early, but not necessarily paying for it yet.

5. Find out about discounts – Some summer camps like Camp Tamarack appreciate camper loyalty. Some discounts may apply to your child if he has been a camper in the past. This is also true for families that have more than one child enrolled in camp. Check out sibling discounts or alumni discounts (for parents who also joined the camp in their younger years).

6. Refer other campers – If you already know that you are enrolling your child in a good summer camp, it literally pays to spread the word. Some camps have referral programs that can take off a few hundred off your rate.

7. Pay by cheque or cash instead of credit card – Check out if your chosen camp offers discounts if you pay by cash instead of swiping the cost on your card. Most merchants who use credit card facilities are charged by the card company between 2% to 3.5% in transaction costs. As such, some of them prefer cash or cheque payments and pass the savings on to their customers.

8. Understand the cost of camp extensions and enrollment in specialized programs – If your chosen summer camp allows extension of stay or offers a specialized program, find out if there is an additional cost for it before signing up your kid for such activities.