Attention, Parents: It's Time to Put This Big Expense on Your Radar

When my kids were young and I was grappling with expensive preschool bills and babysitter fees so I could work, I kept telling myself that things would get better once they were old enough to attend school. At that point, I'd need less babysitting (or possibly no babysitting) during the week, so I was apt to come out ahead financially.

Unfortunately, I have some bad news. Child care doesn't necessarily get less expensive when your kids are older. While you may not have to pay for care -- or much care -- during the school week, there's a big chunk of time during the year when school's not in session.

It's called summer, and for a good eight-week stretch or so, many parents are left to scramble to find and pay for care each year. Often, when you see kids attending summer camp, it's not because their parents have deemed the local swim club or beach unworthy. Rather, it's because those parents aren't available to take their kids to the beach or pool because they're at the office earning an income. And as such, they need to secure care for their kids.

The cost of summer camp can be exorbitant and have a major impact on your personal finances. So if you expect to be paying camp tuition this summer, you may want to start saving now.

A really huge child care bill

Care.com puts the average daily cost of camp at $178.49. Assuming a 40-day, or eight-week, summer, that's over $7,100 -- for a single child. Ouch.

That's why now's a good time to start padding your savings account for summer camp costs. If you wait too long, you may not be in a position to pay for camp in full.

Many camps require you to be fully paid-up before the summer session begins. So if you intend for your child to start camp at the end of June, you may need to be fully paid-up by late May. That, frankly, doesn't give you a ton of time -- but you're still better off starting to save now than waiting until spring.

In fact, one thing you may want to do ASAP is look at when tuition needs to be paid in full at your camp. Then, figure out how many weeks you have between now and then, and come up with a weekly savings goal.

Do keep in mind that many camps will let you charge your tuition on a credit card that you pay off over time. But in the course of doing that, you risk racking up loads of interest. Plus, your camp might tack on a surcharge for using a credit card. And even if it's small, like 2% or 3%, on a $7,100 bill, that could be roughly an extra $140 to $210 on top of what you're already paying.

One tax credit can help

If you'll be paying for summer camp later this year so you can work, keep your receipts. You may be able to write off a portion of your costs on next year's taxes, thanks to the Child and Dependent Care Credit.

The credit allows you to claim between 20% and 35% of up to $3,000 in child care costs for a single child of yours under age 13, or 20% to 35% of up to $6,000 for two or more children in that category. Summer camp is considered an eligible expense under the Child and Dependent Care Credit. But you should know that sleepaway camp isn't. So if you're toying with that option, know that you won't get a tax break.

That said, the average cost of a sleepaway camp is a whopping $448.53 a day. So if that's an option you're considering, you should especially start saving for camp pronto.