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Vacations:
Nobody enjoys a vacation like a kid. But they don't have to go to Maui to have a good time and the last thing a kid wants is to a spend a summer touring museums in London and Paris and talking to people that can't even understand English or talk funny. So get your European fix before you have kids. But even closer to home, they've done away with free or discounted airline seats for kids and an additional hotel room comes at a price. Not to mention the huge dining bills that can easily double the price of a vacation.
But vacations with children don't have to cost an arm and a leg. That minivan that you bought to haul them around to school can double as a camper. Fork over a few hundred dollars for a decent tent and some quality camping gear and introduce your kids to one of the great blessings of America - the great outdoors. It's worth investing in some comfortable bedding - not for the kids - for the wife.
Alternate between camping and the ocassional visit to a resort. Find one where the kids eat free and get a larger room with two Queen beds. Trust me, when you're married, the only thing you do in a hotel room is sleep. And if your kids don't snore, you'll do just fine under one roof.
If you insist on going upmarket and want to spend some time in Cape Cod, Cannon Beach on the Oregon Coast, Laguna Beach or some other pricey destination, the key to planning an affordable trip is to rent a home away from home - a condo or a house. You might even be able to arrange for a house swap. Once you learn how to work the ropes, you'll end up paying less than a hotel room after you factor in the cost savings that come with cooking a few quick meals in the kitchen. To get great value and sample a little luxury, arrange to share an upscale vacation rental house with other family members and friends that have kids the same age as yours. Invite them to share some luxury digs close to the beach. Kids love to share their vacations in the company of a few cousins or good friends. That's the stuff memories are made of.
Day Care:
It's true that day care can cost you a bundle especially if you have a number of children. It's common for some places to charge $1,200 a month or more for the privilege of taking care of your little ones. Of course, you can pay for a good portion of this using pre-tax dollars and you may qualify for a childcare tax credit to offset the expense. But as we discussed in The Terrible Economics of Dual Income, continuing to work after having kids is what makes having kids really expensive. If one of you stays at home, you won't have to pay a dime in day care and you'll have the added benefit of seeing your kids grow. What's even more important, is that you get to raise them yourself instead of outsourcing the task to an eighteen year old minimum wage day care worker. The most generous thing you can give your kids is the time you spend with them.
When you both have high paying careers, than affordability might not be an issue. But, even if you don't want to sacrifice your career, when you look for a job, you might want to consider the value of working for an employer that provides daycare facilities. A job that offers telecommuting or can be done from the comfort of a home office is another way to cut down on daycare expenses.
Not all daycare centers are created equal and some of them overcharge for their services. Like anything else, you should shop around for a good deal. And always remember, the expense of daycare goes away after the child reaches kindergarten age.
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