By Josh Moore, District Manager – Northwest, Marine Credit Union
When kids are out of school for the summer, there are additional expenses that will add up such as summer athletics, additional daycare, learning activities, etc. Budget monthly to stay ahead of the game so that your kids don’t miss out!
- Identify your current monthly debt to income ratio. Take your net income minus your currently monthly debts. This is the dollar amount you have to work with so you are not accruing additional debt over the summer. For example, if your take home income is $3,000 monthly and your bills equal $2,100, you would have $900 to use for these opportunities.
- Look at multiple venues that host events for children such as your local park and recreation department or YMCA. Many times a community organization will be less expensive than a private program. Stop in and speak with the director about their summer programs.
- If daycare is needed, look for events your child can attend that are less expensive than daycare.
- Re-budget your funds. How often are you eating out during the school season? Can you decrease this during the summer?
- Challenge your children to earn $25 per week this summer by cutting their neighbors yard, washing windows, etc. to use for extra activities that you did not plan for.
No matter what you do, plan for a fun summer with your children!