Students
across Canada, including those who attend accredited online colleges are getting a week off from school during the month of March or
April for Spring Break. While it’s a great time for your kids to get a little
rest and relaxation before they start their final exams, it’s also a time when
you as a parent may build up more debt than your budget can handle. From taking
family vacations to simply keeping the kids fed and entertained around your
house, Spring Break can bring a lot of debt you didn’t expect to cover in your
budget. As a result, your credit card payments go up and you end up struggling
just to make ends meet.
Instead
of coming home from Spring Break with extra baggage of too much credit card
debt, why not make a Spring Break plan that will help keep you on track with
your finances. Here are some helpful ideas to ensure you don’t end Spring Break in serious credit card debt:
·
Avoid expensive vacations.
Everything
from airfare to hotel accommodation is often expensive during peak travel times
of the year, including Spring Break. This is especially true if you’re hitting
a beach or a ski resort, since this time is usually the start and end of the
peak seasons respectively. If you want to travel, book as early as possible and
try to find a package that offers a better price. Bundle your hotel and airfare
together. Also, try to avoid major Spring Break hotspots, as the rates will
typically be higher. If you want to travel for less, consider taking a road
trip with your family somewhere closer to home or travel by car to visit
family.
·
Give your kids a spending
budget. Determine
the maximum you want to spend to keep the kids fed and entertained during the
week—whether you’re staying at home or traveling. Divide this between your kids
and divide by seven to give each child a daily spending budget. They can use
that money on food, daily entertainment, or to buy something special, but make
it clear that this is the only money they will get. This also helps teach your
kids how to budget and how to pick and choose between wants and stay within
their spending limits.
·
Plan spring break lunches
in advance. Remember during the week you will have one extra meal to feed your kids
since they’ll be home for lunch. Plan lunch meals in advance. Shop at the
grocery store ahead of time to avoid the extra cost of going to restaurants or
getting fast food each day of the break.
·
Find inexpensive things to
do closer to home. Check local resources to see if there’s anything fun or
special happening in the area either for kids or for the whole family. Your
community may have festivals, events, or even daily activities for the kids.
You should take advantage of these fun local activities at little to no cost.
If
you do end up spending more than you wanted to for Spring Break, don’t wait
until the bills come in. But start finding a solution to put your finances back
on track. Particularly, if you’re spending money on credit, giving debt more
time to build with interest is only going to make problems bigger. Taking care
of financial difficulties sooner rather than later ensures that you have as
many options as possible available to address your financial troubles. Contact a
credit counseling agency and speak with a trained credit counselor. They can
review your budget and provide options to help you reduce your debt.
Author Bio:
Connie
Solidad is an expert in the field of financial planning. While working for Consolidated Credit she learned the field of
finance. She assists her clients with credit counseling and debt management
services. When Connie is not working, she loves playing with her two dogs in
Tampa, Florida.
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