Paying for Multiple Kids at School

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. ...

MORE FROM LEE

Installing Snow Chains Correctly

When driving in the winter, snow chains are a wonderful way to help keep you on the road. Installing them correctly can be a ...

Discover More

Home Improvement Financing

The largest stumbling block that many people face with home improvement projects is the financing. There are more options for ...

Discover More

Using Structures to Your Advantage

Even the most lovingly designed landscape can end up looking dreary through the misuse of structures. Using structures to ...

Discover More
More Money Tips

401K Planning

Taking the time to understand your 401k and strategies for building wealth will pay off in the long term. Following the ...

Discover More

Developing Financial Discipline

Financial discipline may intimidate some, but it's really like any other kind of discipline. Start simple and easy and work ...

Discover More

When is it Time to Change Employment?

Leaving a job is never a fun, but sometimes it is absolutely necessary to do so. But when is it time to change employment? ...

Discover More
Comments

If you would like to add an image to your comment (not an avatar, but an image to help in making the point of your comment), include the characters [{fig}] in your comment text. You’ll be prompted to upload your image when you submit the comment. Maximum image size is 8Mpixels. Images larger than 600px wide or 1000px tall will be reduced. Up to three images may be included in a comment. All images are subject to review. Commenting privileges may be curtailed if inappropriate images are posted.

What is 5 + 0?

There are currently no comments for this tip. (Be the first to leave your comment—just use the simple form above!)