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.
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