on August 22, 2018
No matter how old your children are, back to school time can be expensive. If you have younger children, you may have to arrange after-school care. If you have older kids, you may have to shell out money for sporting equipment, choir trips, or piano lessons. And if you have even older kids? College may be just on the horizon…and we all know how expensive that can be!
In addition to these expenses, there are a few other “hidden” expenses you may not have considered:
Cell phones
Like it or not, it’s now the norm to carry around cell phones in school (though some schools now make the students lock them up at the beginning of the day). Cell phones can be handy when it comes to coordinating when to pick up your child at soccer practice, but they can also be terrible for racking up bills, especially if you’re not on an unlimited data plan. Not only that, kids are not always terribly responsible with their phones, which can lead to cracked screens, abandoned chargers, or even losing them altogether.
Naturally, this cell phone maintenance adds up! In addition to talking to your child about responsible cell phone use, consider purchasing a water proof, drop-resistant case to help it last a little longer.
Supplies
Yes, everyone expects to buy their children’s school supplies, BUT the sheer number of needed supplies has gone up over the years. Because funding to public schools has continued to drop, parents are having to make up some of the difference. That means sending your child off to school with paper towels and trash bags, in addition to their pencils and folders. In fact, CBS New York reports that parents pay an average of about $580 per year for a child in elementary school.
Trips to the Doctor
Guess what? When your child returns to school, they return to a sea of germs! Not every parent keeps their sick kids home, which is not good news when you have to share drinking fountains, lunch buffets, or bathroom stalls. If you don’t have excellent health care, those extra trips to the doctor’s office can add up quickly.
Peer Pressure
How does peer pressure lead to added expenses? When your child needs to have the same shoes, messenger bag, jewelry, or jeans as everyone else, you’re thrown into a tough spot. On the one hand, you don’t want your kid to feel like a misfit, but on the other hand, it’s a financial burden to keep up with ever-changing fashion trends.
Another way peer pressure comes into play is through extra-curricular activities or field trips. If everyone on the track team is buying a new warm up suit, your kid will want one too. And this pressure goes beyond the occasional matching t-shirt—some clubs or teams take extra trips or training retreats together, which can add up quickly.
The ultimate peer pressure expense is a car. When your child turns sixteen, there’s often a ton of pressure from classmates to own their own car. Even if the car isn’t anything special, your auto insurance costs can shoot through the roof. According to InCharge.org, the average cost of insuring a 16-19 year old is a whopping $3,000 each year!
Prep for these hidden back-to-school expenses by having a plan. Talk with your financial advisor, begin setting money aside, and set clear spending limits for your child. Once the limit is reached, they have to figure out how to earn more money before even considering buying that new pair of Converse shoes.
If you need help with your back-to-school strategy, I’m here to help.