Toronto, ON – Spring break is just days away. And as kids across the province gear up for a week without teachers and homework, parents are looking for ways to balance their kid’s expectations with what they can actually afford.
Consolidated Credit Counseling Services of Canada, Inc., understands that the pressure is on for parents to find fun and enriching activities during March Break. However, with the average household debt sitting at 163 per cent of income, it’s difficult for many families to have a memorable spring break vacation without letting their spending get out of control.
“If a family vacation just wasn’t an option this year, you may find it challenging to keep the kids busy over the coming week,” says Jeffrey Schwartz, executive director of Consolidated Credit. “But that shouldn’t translate into you opening your wallet for their every Spring Break desire. Give your kids a budget and let them plan their activities for the week.”
“Why not use March Break as a way to talk money with your kids? By giving them a realistic budget and allowing them to plan their activities for the week, you will not only take the planning pressure of yourself – but also give them a valuable lesson about money.”
If you are ready to bite the bullet and have the March Break Money Talk with your kids, Consolidated Credit offers these tips to get the conversation started:
- Have an open discussion with your kids, and together set a March Break budget.
- Assign a realistic dollar value to each day of the break.
- Have your kids research the activities that they would like to do, and estimate the cost of each activity.
- Encourage your children to research free family activities that may be taking place in your community.
- Be flexible. If one activity cost more than the budgeted daily amount, have them choose a less expensive or free activity on another day.
- Stay home. There is nothing wrong with taking a break from the planning and spending a day at home. Have a pajama day, host a movie marathon, or pull out the board games for a day of family fun.
Spring Break shouldn’t be a week of money madness. By setting a budget and letting your kids plan their own activities, you can create wonderful family memories without busting your household budget. Parents can also visit helpful websites, like Frugal Frieda, for wallet-friendly ideas and activities to keep the kids busy.
For more information or to request an interview with Jeffrey Schwartz, please contact:
Kylie-Anne Doerner, Communications & Public Relations Manager, Consolidated Credit Counseling Services of Canada, Inc. (B) 416.915.7283 ext. 1057 (C) 289.231.7900 or [email protected].