Being able to swim well is a highly valuable skill for children. Plus, it's a fun and enjoyable sport, a great form of gentle exercise and can lead to all sorts of opportunities if children are keen to compete. Ask about local swim meets and swimming lessons!
A trip to the local swimming pool, if you can reserve one, with slides or other exciting extras is also a great theme for children's birthday parties. Aside from being a great way of using up excess energy, there's the hopeful bonus that children might not be quite so hyper afterwards. ;)
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