It’s that time of year again. Summer is coming to an end and parents are preparing for their children to go back to school. Whether you have children in grade school, high school, or college, supplies will be needed to start the year of right. Some may also be paying tuition, buying school uniforms or purchasing sporting goods for the extracurricular activities. This is an expense. While you expect these costs, it may not fit into the budget that you have grown accustom over the summer.
What type of institution does your child attend, private or public? This can make a big difference in your back to school fees.
Private Institutions
Children enrolled in a private institution, religious or other, may be required to buy a uniform, pay a yearly tuition and donation, and purchase the necessary books and class supplies for the upcoming school year. This can be quite overwhelming, especially if you have more than one child and only one income.
Surviving on a single parent income can be very difficult. There is often more money going out than coming in. Try to lessen the financial burden, by contacting the student affairs office or financial aid/tuition office of the institution you child will be attending. Find out about tuition assistance programs or a scholarship funds that are available to you. These are accessible to children with a high-grade point average or to families that are in need. Your child may meet the criteria to qualify.
Public Education
While public school does not usually require a particular school uniform or a tuition fee, it can still have an impact on your wallet if you are on a tight budget. The school supplies alone can run you over $100, not to mention the new clothes and shoes you may need to purchase for your child to start off the school year.
What can you do if there is no money in the budget for the back to school necessities? If you have family that can help, that’s great, but some of the single parents out there do not always have that option. So, what then? Work overtime, squeeze money out of an already overwhelmed budget, or try and find a lending source for your needs. Borrowing money may not be ideal, especially if you do not have the money to pay it back. Using a payday loan to get an advance on your pay can provide the option to access money before you receive your paycheck, but it may only leave you behind or short on your upcoming bills. Make sure to only use methods like these if you have the money to make repayment on the advance.
Unfortunately, the higher the grade level of your child, the more you will pay in back to school costs. Is your child in grade school, high school, or college?
Grade School
Grade school children are usually involved in more activities than the average teenager or young adult. Joining activities, in school or outside of school, will allow them to form friendships outside of the home when they are too young to go out on their own. The social aspect of school and organized activities can help to grow your child’s confidence and security for the future. It is important to encourage them to get involved. The more occupied they are, the less time they have to create bad habits that can get them into trouble later on.
That being said, the more activities a child is involved in, the more of an expense the parent may incur. Depending on what sport, hobby, or interest your child has, knowing the cost before making a commitment is smart. Take the time to evaluate each activity. See how they will fit into your budget, as well as your schedule, instead of committing to an activity before you know the cost and dedication level.
High School
At this stage of your child’s education, you are most likely less involved in the everyday. Unfortunately, that does not mean you are less involved financially. Sure, your son or daughter may have a part-time job after school or on the weekend, but most likely they are using that money irresponsibly. Ordering food, buying clothes, going to the movies, does not help you with any academic or activity fees.
Asking for your child to contribute to their education or activities will teach them how to be financially responsible. Being held accountable for what you spend can only help them to understand the value of a dollar. This will deter them from joining an activity they are not really interested in, only to waste money by quitting later. Children aren’t as cautious when they are spending someone else’s money, your money. They will spend your money without regard.
College
Having a student in college is another animal. The expense for college can be massive. Tackling a college tuition is usually done with scholarships, grants, student loans and/or private loans. It is not something that can be done without careful planning. With tuition, room and board, if your child will be living there, and the cost of books and supplies, you are looking at thousands of dollars.
This type of expense should be discussed in length. It is best to look at state colleges first, the tuition is usually much cheaper than a private university. You should also, make sure to consider the scholarship money that has been offered to your child for enrollment. This can make quite a difference. Just remember that your child must keep a full-time enrollment status, as well as a certain GPA to keep the scholarship.
That is not all you should consider when choosing a college. Distance can be another challenge when making a selection. If your child would like to attend an out-of-state school, then you may need to calculate in the costs of coming home for break or over the holidays. If they can make the drive to and from, you may be ok, but if your child is required to book a flight to visit home, then it has the potential to be quite an expense.
The bottom line is to carefully plan your child’s education while keeping a budget in mind. It should be one that you can afford, even if an unexpected expense occurs.