Monday, October 7, 2013
Money Monday: Costly Senior Year
Many parents plan for their children's future education, but are you prepared to dish out hundreds or even thousands before they get out of high school? Lynn Martinez explains the major costs facing parent's of high school seniors.
Stephen Wright: "Everybody's got a budget that they have to live on and some people are fortunate where they can afford to do more things for their children than others can."
As the dad of a high school senior he knows the costs of that last year of high school.
Stephen Wright: "For my daughter, it all together will be about $3,000 that we spend for her senior year, not including the trip to Europe."
Marilyn Thomas knows the costs as well.
Marilyn Thomas: "We have college applications and they can get costly, especially if your child plans to apply to many different schools. We have senior trips and prom dresses and homecoming events and you name it, it's there. Luckily for us, we were prepared for it."
Some other sneaky senior expenses, year books which can cost anywhere from $30 to more than $100. Senior pictures can cost over $100
Test costs and application fees start around $30 each. And don't forget the senior trip.
Stephen Wright: "My daughter's class is going to Europe in May and it's $3,200 plus spending money on top of that."
So, how do you decide where to spend?
Stephen Wright: "Spend money on experiences, not on things and just watch your discretionary income, you make it work."
And if you can plan ahead for those senior year expenses and set aside money in a savings account.
Stephen Wright: "We're cutting our budget in some areas to be able to do things for my daughter. We did things for my son so that they can have those experiences because you're only a senior once, and we want them to have the best possible experience that we can give them."
Lynn Martinez: "With those tips in place you and your child can make that last year of high school a fun and memorable one."
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