Summer is right around the corner, which means it's time to start thinking about summer camp for your kids. Planning for summer activities can be both exciting and a little overwhelming, especially when it comes to budgeting. The good news is that with these tips in mind you can help plan an invigorating summer for your child that won’t break the bank.
- Explore Your Camp Options
The first step is to research the various summer camp options available, especially if this is your child’s first time attending a camp. Understanding the different types of camps will help you narrow down your choices and find the best fit for your child's interests and your family's needs. Day camps are one of the most popular options. In a day camp, children attend during the day and return home around evening time. This can be a great option for working parents who prefer outdoor experiences for their children in the summer, instead of traditional day care. For a more immersive experience, overnight camps offer children the chance to build independence and forge new friendships. Both day camps and overnight camps cater to various interests. While a traditional camp experience typically involves activities such as boating, fishing, and swimming, there are countless specialty camps available as well. Specialty camps tend to focus on one particular activity such as STEM, acting, dance, sports, cooking, music, sailing, and more.
- Research the Full Expenses Involved
It’s important to understand the full cost involved with a summer camp program before committing to it. Of course, you need to consider the camp fees themselves which can vary significantly based on the camp. Be sure to confirm weekly rates and if there are any registration fees. Beyond the regular camp fee, it's important to identify any additional costs. These could include activity fees for things like field trips or optional activities. You may also need to budget for items such as art supplies or sports equipment. You should also understand if food is included in the cost of camp, or if you’ll need to provide your camper with lunch or purchase them a meal plan. You may also need to consider transportation costs to and from the camp. If your child is attending an overnight camp, be sure to review the packing list and factor in the cost of anything you’ll need to purchase, such as bedding, toiletries, and luggage. Assessing all camp-related expenses upfront will help you determine which camps you can afford and help you to more effectively budget for them.
- Create a Summer Camp Savings Plan
Summer camp can be a significant expense, but proactively saving for it can make it more manageable. Often, camp costs aren’t all due at the time of registration, so you will likely have some time to create a savings plan. Consider opening a dedicated savings account for summer camp. Keeping your camp savings in a separate account can prevent you from accidentally using the funds for other purposes. Once you’ve established your dedicated savings account, determine how much you need to save and what date you need to save it by. Then, divide your savings goal by the number of weeks you have to save, and put that amount into your savings account weekly. Saving ahead of time can help alleviate stress around paying for summer camp.
- Check for Discounts, Scholarships, and Payment Plan Options
You may be surprised how many camps offer various forms of financial assistance and flexible payment options. One common way to save is through early registration discounts. Many camps offer a reduced price if you register your camper by a certain date. Sibling discounts are also common and can reduce camp fees for any additional children you are registering. Many camps also offer payment plans that allow parents to spread camp payments out over time, instead of having to pay everything at once. You should also inquire about any financial aid or scholarship opportunities that may be available directly through the camp or from local community organizations. By actively seeking out discounts and financial assistance, you can make summer camp as affordable as possible.
Every parent wants to provide the best opportunities for their children, which is why planning ahead for summer camp can be extremely beneficial to your family. To get started with your summer camp savings plan, consider opening a Bank5 Connect savings account. Our accounts offer high interest rates to help your savings grow even faster. We also have handy savings calculators to help you budget and plan more effectively. With the right preparation, you can make your child’s summer camp dreams a reality without unncessary financial stress.