Paying for Multiple Kids at School
Written by Lee Wyatt (last updated August 23, 2013)
Whether you are looking at grade school, middle, high school, or even college, paying for multiple kids at school can be extremely painful. For some parents this can seem to go on and on until a few years after their children have finally graduated from college. There are a few methods that you can use to help make paying for multiple kids at school as painless as possible. There is a slight downside to this, and that is you may need to change your lifestyle a bit in order to meet these financial obligations.
- Seek professional help. When you first realize that you will be having more than one child in school at a time, seek professional help as quickly as possible. A licensed and certified financial planner can help you understand, and plan for the foreseeable future. One of the best ways that this planner can help you out is by setting aside and preparing for school time expenses.
- Have your children help out. As your children get older (ideally when they reach about 16 in high school) they can begin to help out with their school expenses. They may not be required to pay for everything themselves, but it can be something that they can help out with. Talk it over with them, and have them start paying a certain percentage of what they would like to participate in school. There is nothing that says that you have to completely bankroll their prom after all.
- Cut back in other areas. It may be necessary to cut back in other areas such as entertainment or transportation, or even a family vacation or something. One way to help limit this later cash crunch is to begin living a frugal lifestyle as early as possible.
- Open a 529 plan. Every single state in the Union offers some college savings programs that you can take advantage of. These plans can be used to help meet the costs of tuition at most qualified colleges throughout the country. For example, let's say that you live in Utah, decide to invest in an Indiana plan, but your child decides to go to school in California. There are several different types of 529 plans, so make sure that you consider your options carefully before you make your final decision.
- Look into scholarships and grants. One can never overlook the helpful nature of scholarships and grants. As a parent, you should have your children apply to as many different scholarships and grants as possible. The more that they apply to, the greater their chances at success of receiving any. Some of these they can actually receive while they are still in high school, and use later on in college.
Author Bio
Lee Wyatt
Contributor of numerous Tips.Net articles, Lee Wyatt is quickly becoming a regular "Jack of all trades." He is currently an independent contractor specializing in writing and editing. Contact him today for all of your writing and editing needs! Click here to contact. Learn more about Lee...
Painting Your Floors
One way to give old wooden floors a new look is by painting them. However, painting your floors is more than simply ...
Discover More
Create Your Own English Garden
If you have ever seen a movie that was set in England, then chances are you have seen at least the idea of an English ...
Discover More
Making the Most of Space under Stairs
One of the most underutilized areas in any home is the space under stairs. Instead of letting this valuable space go to ...
Discover More
Reading an Amortization Schedule
Amortization schedules may be daunting to think about, especially when you realize it deals with mortgages and interest ...
Discover More
What is the Cost of Living?
In its simplest terms, the cost of living is the amount of money required to support a specific lifestyle. The cost of ...
Discover More
Strategies to Save Money
Saving money doesn't have to be complicated. The trick is to start small and make saving a habit. You can quickly ...
Discover More
Comments