(WPRI) — If your kids haven’t reminded you already, there’s less than a month left of school before summer vacation, so the clock is ticking to get your budget in order.
A new survey by the American Institute of CPAs showed that summer vacation can actually present more money tension than the holiday season. The study found that about 60 percent of parents said financial stress during the summer either matches or exceeds what they’re feeling during the holidays.
One of the top summertime expenses is day camps and other activities for your children.
“You want to be sure you check out camps in person and check out the best camp for your child,” said Paula Fleming from the Better Business Bureau. “Read the contract to make sure and review with the director all of the information that’s put in front of you.”
Tutoring can be another financial burden on parents during the summer. Six in ten parents plan to spend an average of $1,400 this summer, so looking at how you’re going to pay for summer activities is a must.
Another thing impacting summer budgets is vacations. Of those who plan to get away in the near future, 41 percent said it’ll cost them an average of $3,000. If that number seems high, there are some ways to cut back.
First off, be sure to avoid weekend travel, especially holiday travel, if possible since room rates and flights will be at their highest. Also, look for travel options with freebies, such as free breakfast and free airport shuttles at hotels.
Fleming reminded us that family budgeting shouldn’t be just a seasonal priority.
“If we can teach people to handle their budgets, you can enjoy your summer, you can enjoy your holidays, and you can enjoy your relationships without having the stress of finances.”
If you’re considering a summer camp for your children, don’t wait much longer since many are already booked.