Spring Break: Financial Planning Tips for Parents 

^{By Bromwich+Smith Staff | 1028 words | Reading Time: 5 minutes and 8 seconds | Date: 2023/04/11}

Spring is time for a refresh and renewal on how we are organizing our life. This comes in many forms and could include the yearly tradition of spring cleaning common it could align with tax season and reorganizing your finances or it could be the reminder that summer is just around the corner and the financial challenges that come in the warmer months.

For those parents with school age children the any school breaks can come with mixed emotions. Summer break is fast approaching, and your children are likely starting to get excited for the school year to end, and are dreaming of warm weather and sleeping in. You may be stressed out trying to figure out how to entertain them for the entire summer without going into debt. Spring break can be a great reminder of what is in store this summer.

What to do with school age children?

some households might have the flexibility with work from home options that will allow them to be at home well their children are off this summer. employment will not allow for this, or your children are too young to be on their own throughout the day you may need to consider alternative childcare options. Each will come with their own set of costs and you may need to look into sooner than later.

Daycare. You may be able to find daycare options for the summer months and school holidays. Child care providers typically charge a Surplus fee for children who are not taking a full time permanent position. You may be able to find someday homes or childcare options in your area that cater to school breaks. You may already know of parents at your child school who offer home based childcare. Talk to other parents at school pick up and ask around. There may be an option for rotating childcare that allows you to still work well only taking one day a week off to watch children.

Family. you may have family in the area who are able to help during school creaks. This could be aunts uncles, cousins or grandparents who are able to spend time with your children during the day. While family members typically will not charge for child care services you may need to purchase passes to the local zoo or museums or may consider a thank you basket at the end of the week.

Daycamps. Every city will offer a multitude update camp options. Many churches, gym facilities, city facilities and more will offer specialized programming. You should be able to find options that cater to your Childs interests and explore ways to keep them creative and active this summer. Look into options that may not seem so obvious. You likely already know about summer camps offered through your local city centre, YMCA, for local universities. You may not think about the local ceramic store, dance studio, or local pet shelter that offers daytime programming. Keep in mind that many of these programs come with price tags up to $95 a day depending on your city. Some offer subsidies or discounted rates especially if you're looking early on Or are flexible on dates.

Family Vacation. we all dream about a summer off spending time with our loved ones and enjoying the warm weather. Many parents choose to take time off in the summer not only to enjoy the time off but to help with childcare expenses. Now is the time to start planning. Are you opting forest vacation? Exploring small towns in your province is a great way to travel without high costs. Day trips often costs a tank of gas and a cooler packed of snacks but little else. Maybe you are planning a camping extravaganza. As the weather warms up it's a great time to open up your old camping gear and ensure you still have all the pieces in good working order. As soon as the summer months hit camping gear prices will increase so if you need to stock up on anything now may be a good chance to do so. Maybe you're planning a family getaway over the summer months. Have you booked your flights, hotels, and excursions? How is your budget holding up? As the date draws near to your departure ensuring your budget is in align is an important part of guaranteeing you have a great trip.

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What about my teenager?

Parents of older teenaged children likely do not need to worry about childcare throughout the summer months however you still need to ensure your child is safe and entertained. Starting your pantry stock up now may be a great way to avoid those unnecessary there's nothing to eat text messages you're sure to get.

Keeping your teenager busy will ensure for a happy summer. Providing memo task list along with some deadlines will help. It could be a great opportunity for your teenager to help clear out old items from the garage or basement. They may be able to help you sell these items with the incentive of a kickback from items sold. It's important to make sure you and your teenager are on the same page of what items are able to be sold and a minimum sale price.

Maybe your teenager is looking for a summer job. Make sure to set out your expectations early on as to what you need them to do over the summer IE look after their little sibling. By setting out boundaries on appropriate work hours and having an understanding of how your teenager will be getting to and from their job we'll set everyone up for success.

Try not to overextend yourself while planning your upcoming summer plans. We understand at any added expense can be stressful which is why talking about it early and making a plan is a great first step. If you find yourself in a situation where you are unable to take an additional expenses let's get you on track before the summer even begins.

With Bromwich+Smith you are never alone and we ensure that our expertise will leave you feeling hopeful for your financial future. Call our Licensed Insolvency Trustees today for a free, no obligation, confidential consultation 1-855-884-9243. Let’s see you flourish!