Budget for Summer with a Cool Head: MMI Offers Ways to Avoid Financial Burn This Summer.

HOUSTON -- School may be out for the summer, but for many parents, the work has just begun. In addition to the time management adjustment parents have to make, summer vacation also means facing the greater challenge of managing a new budget.

Most parents expect and have prepared for big summertime expenses such as vacations, summer camps and childcare. However, summer can get expensive when finding day-to-day activities to keep children occupied. Trips to the movies, dollars for the arcade, swim toys and meals-on-the-run can turn into budget breakers if they aren't prepared for. In fact, a recent survey by Money Management International (MMI) revealed that more than a third of parents plan some type of summer activity for their children, and entertainment tops their lists. Fortunately, the counselors at MMI have some great ideas for enjoying a fun and frugal summer.

Spend time in the great outdoors. Many state parks offer such activities as hiking, biking and canoeing. Also, many neighborhoods have a free or low cost pool that children can visit during the day. These activities can be a healthy form of exercise and offer a great low cost alternative to movies and video games.

Share responsibilities. After spending day after day with their schoolmates, children are used to constant companionship. Consider starting or joining a babysitting co-op or setting up play dates to share parental responsibilities. Coordinating with other parents can help relieve time and financial strain.

Check community resources. Some organizations, such as churches, the YMCA, and the Boys & Girls Clubs, provide programs that include regular activities for kids of all ages. In addition to being inexpensive, they benefit children by involving them in sports, swimming, crafts and reading.

Explore your own backyard. Summer travel can be a huge expense. According to MMI's survey, nearly 50 percent of families plan to spend between $500 and $1500 on summer travel. However, with a little imagination, fun can be found nearby. Sprinklers can turn into water parks and wagons into amusement rides. Something as simple as planting seeds and watching them grow can be fun and educational.

Teach the value of giving back. There are many volunteer opportunities for children of all ages. Contact local hospitals, churches or other non-profits to see about volunteer opportunities. This will develop character and give back to the community.

"Feel free to enlist your children's help. Invite your child to help fund some of their desired activities by providing income-earning opportunities," said Cate Williams, vice president of financial literacy for Money Management International. "This is a great way to get your children involved in extra family chores. This will also help them learn that money is something you earn, not something you are entitled to."

About Money Management International

Money Management International (MMI) is a non-profit, full-service credit-counseling agency, providing confidential financial guidance, financial education, counseling and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan and repay debts. Counseling is available by appointment in branch offices and 24/7 by telephone and Internet. Services are available in English or Spanish. To learn more, call 800-762-2271 or visit www.moneymanagement.org.