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Jordan Goodman is the author of Everyone's Money Book, available at 888-201-6300. This is the third edition of the book. You can also visit his Web site at www.moneyanswers.com. He talks with us on Thursday mornings.
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May 1, 2003
"Summer Camp Bargains"
The weak economy and fears of terrorism have many formerly
exclusive summer camps still looking to fill some of their bunks for this
coming summer -- even at this late date. The result is that you may be able to
bargain for discounts or get your kids into camps that were totally sold out
in recent summers.
Every year, Americans spend about $18 billion sending their kids to
summer camps, and until this year, enrollments have been growing at about 10%
a year. It used to be that you would have to sign your kid up for camp next
year when you picked him up the end of the summer. Otherwise, you would have
to hope your child would be picked off a long waiting list.
Now, due to the weak economy and plunging stock market, many parents are either
cutting back or keeping their kids out of camp altogether. Some people
are sending kids to day camp instead of overnight camp,
which means hundreds of dollars less per week. Or, they are sending kids for
less time, like two or three weeks instead of four to six weeks. Overseas
camps, like in Europe, are seeing a sharp drop in business as people keep
their kids home in American camps.
The other major concern that is hurting camps is terrorism. Many parents
are concerned that their kids would be the target of terrorists -- particularly
at Jewish camps. In response, many camps are increasing security
dramatically, installing cameras, gates and evacuation plans.
As a result of weak demand, many camps are offering discounts of 10% to 30%,
and other incentives, to fill their bunks. Some banks offer discounts if you
send two kids to a camp; others will cut your bill $500 or more for first-time
campers. Other camps are offering financial aid and scholarships to cover at
least some of the tuition cost.
So, if you’ve been wanting to send your kids to great summer camps but didn’t think you could afford it, or even get them in, now may be the time to give
it a try, save some money, and make a great experience for the kids.
For More Financial Tips From Jordan Goodman
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