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Before COVID-19, August meant most parents were gearing up to see their kids off to school and return to the normal schedules offered by fall. In 2020, you may be gearing up to handle school at home, take on a hybrid situation, or send your kids to school every day. Whatever your options are this year and in future years, one fact remains consistent: the start of the school year can be expensive. Check out our Back to School Finances for Parents Guide below to get some tips on covering those costs.
The cost of returning to school varies by family, location, and school district, but it’s rarely nothing. According to the National Retail Foundation, the cost of returning to public school is about $697 per household every year. In 2019, here’s how those expenses broke down on average:
And that doesn’t take into account costs for extracurricular activities such as band, clubs, or sports—all of which can come with expenses at the beginning of the school year and beyond. Factor in lunch money, transportation costs, book fairs, field trips, and other random expenses, and you can easily shell out $1,000 or more per child per school year.
If you’re sending a student off to college this year, expenses can be much higher. The average cost of tuition, room, and board at public undergraduate universities in 2018 was more than $17,000 per year. The cost at private higher education institutions can run more than double that. And that’s before you pay for any dorm items, extracurriculars, transportation, and other expenses.
School is expensive whether you’ve got a brand-new kindergartner, a seasoned high schooler, or a young adult entering the college landscape. For all these situations, planning ahead and leveraging smart financial resources can help you cover the costs of school without putting undue stress on the household coffers.
Planning for back-to-school K–12 expenses is actually a year-round activity. If you’ve already purchased items for this school year, think about how you can plan ahead for next year.
Financial planning for higher education should start well before your child is ready to move out.
One way to reduce the sting of back-to-school costs is to turn them into rewards. Consider using a rewards card that lets you score cash back, points, or miles when you’re paying for school fees, supplies, and clothing for the new year. This can reduce the overall cost of these expenses.
Don’t have a rewards credit card? If you have good credit, consider applying for one of the options below. Your school shopping could also help you earn a sign-up bonus.
You might also consider signing up for ExtraCredit. You can apply for certain cards through the app and get cash back when approved via Reward It.
The financial aspects of the back-to-school season offer an opportunity for teaching your child about responsible money management. Here are some tips for doing so for kids of all ages.
The bottom line is that you’re probably going to have to shell out some cash if you have kids in school. But a bit of planning and thought on your part can turn those expenses into valuable learning opportunities for your kids or even credit card rewards for yourself.
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