Summer Spending Alternatives

Summer is just around the corner and most kids will be itching to engage in activities or go on vacation to places that can cost a small fortune. The increase in fuel prices may make it especially difficult to go by car or plane to almost any destination whether home or abroad. How much will next summer's activities cost you? Let's take a quick look.

Option 1: Let's assume you decide to take the car and go camping for a week. The gas price alone can reduce the week to three days, especially if you're using an SUV or some other type of gas-guzzler. And we haven't even yet mentioned buying the equipment (if this is your first time), clothes for the family, food and other necessities, etc.

Option 2: Every kid wants to go to Disney World. Now, you'll have to consider the plane fare, hotel room, tickets to the theme parks, food, souvenir money, side trips to other attractions, tips, taxes and so forth.

Option 3: Taking a trip to a Caribbean island, Hawaii or Europe can be the most expensive of all. Including the items stated in Option 2, you'll also have to get passports (if this is your first traveling abroad), vaccinations (if applicable), Euro Rail passes (if you plan to travel throughout Europe), tour costs, bus passes, taxis, tips and more.

For a family of four, the total cost can range from $2,000 to significantly more. Now, that's an expensive summer. Let's face it; even bus tours within your own city or state will wind up costing a pretty penny. So, what are the alternatives? Here are some suggestions:

Option 4: Plan outings to the beach or park where you can prepare your own lunch. Bring plenty of water (sodas are expensive; besides, water is much healthier).

Option 5: Spend a day at a museum. Again, bring lunch with you, and use public transportation if it's available.

Option 6: Check out local amusement- or water parks where you can spend the day having fun. And, don't forget to pack lunch.

Option 7: Plan a weekend away at a cozy inn or bed-and-breakfast that's within a couple of hours' drive from home. This way, you'll save a bit on gas, the lodging will be affordable, and if you choose an area that has plenty of free activities for the kids, you'll be even further ahead of the game. In fact, reserve a room with two beds and a pull-out sofa, in addition to a small kitchen. You can bring your own food and save on having to dine at expensive restaurants.

This summer will be a test for the family that's trying to stay within their budget. The kids will no doubt want to do many things, and the only scenario that will give you the opportunity to fulfill their wishes is to sit down with your spouse and decide how much you can afford. Good planning and a little ingenuity will go a long way, and you'll still be able to have great fun while you're getting there.

All Financial Planning Categories
Budgeting Planning Basics Saving
Sponsored Links