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Much in the same way that some parents cover each other by babysitting each other's children once in a while, a group of parents can babysit each other in a group setting. From a kid's perspective it might be thought of as a slumber party or just a small party with friends. From a parent's perspective, this option can take the place of hiring a summer babysitter.
While one parent takes the group of kids for the evening, the others can take a date night or simply use the hours of free time to relax. Then, the next week or month, depending on the interval in which you choose to rotate babysitting services, the next parent would take care of the kidsby themselves for one night so that the other parents can have a break. Of course, sooner or later your turn will come around and you will have a group of fun-seeking children all to yourself. If the group rotation is large enough you might get a few nights off before your turn rolls around.
It would be wise to not allow people you do not know very well into the circle until you know them better. You should also try not to make a very large circle or the parent who stays with the kids will be overburdened and stressed. If coordinated well, everyone can enjoy some time off and some cheer, especially during the summer when the kiddos spend more time at home.