The summer holidays are upon us, and in many households, parents are faced with the task of scheduling a full itinerary for children at home. In a lot of instances summer schools are proving expensive, and parents must decide how to actively engage them for the duration of the summer. Some weeks will be accounted for in cases where persons will send children to Vacation Bible School (VBS), summer youth camp, etc. However, there is the ever-increasing demand on the food bill, utilities, and constant access to the refrigerator. Keeping track of all the expenses involved in taking care of children can be a challenging exercise. Looking at your family’s expenses over the summer and figuring out what to prioritise can help you spend less on recurring purchases and save more for times of financial uncertainty. Whether your family finances are affected by inflationary changes, or you’re simply looking for new ways to save, here are some useful strategies to save money when the children are home during the summer.
- Use what you already have, and only buy what you use
Whether it’s food, clothes, or other items your family needs, try to take inventory of what you have so you’re not wasting money buying multiples of things. Declutter your home and get rid of anything that your family doesn’t actually use.
- Meal preparation to save money on groceries
Food costs are usually a big portion of a family budget. Preparing meals in advance can help you save money and trips to the supermarket. First check what food items you have at home before going to the supermarket and plan the upcoming week’s menu around finishing what they already have.
Additionally, buy groceries in bulk whenever possible. Buying items in bulk at a supermarket or wholesale is a great way to stretch your dollar and to save money on items that you purchase more frequently.
- Embrace nature and the outdoors
Nature provides a great opportunity for free or low-cost entertainment. This summer, take advantage of local parks and beaches. Plan family picnics or nature walks where you can enjoy quality time together without spending a great deal. Pack your own snacks or meals to avoid costly food expenses. Exploring nature not only keeps the children active and engaged but also provides a budget-friendly alternative to expensive indoor entertainment.
- Cut back on unnecessary daily expenses
Small, everyday expenses might seem harmless in the moment, but they add up and make a big impact on your wallet. Think about the supermarket: all those little sweets at the checkout line, cable subscriptions, and fast food, to name a few. All these costs add up on a monthly basis and can leave a serious hole in our budget.
- Budget for occasions such as birthdays, travel, and holiday shopping to avoid overspending.
Planning for occasions and events that you need to spend on will keep you from spending too much last minute. It is suggested that you allocate funds early for any family trips coming up and the holidays so you aren’t “scrambling to save at the eleventh hour.”
- Playdates rotation by parents
Coordinate playdates with other friends who are parents. Sharing childcare responsibilities can give you a break while also saving money. Arrange a rotating schedule where parents take turns hosting playdates or babysitting. This way, everyone gets some free time while ensuring the children have a fun and interactive summer.
- Involve your children in family finances
Get your children involved in the household finances. Depending on how old your children are, it is suggested that you engage them in age-appropriate financial chores such as writing a grocery list based on your family’s budget, or showing them how you pay bills. The sooner you get your entire family involved, the better they’ll understand how you spend and save as a family. This will help your children build good money habits and will keep your family on the same page when it comes to saving money.
