Financial Solution for Rising School Costs
Student Budget Plan for Increasing Educational Expenses
Aug 10, 2008
Elementary to university students have additional school fees beyond their tuition costs. Even public schools, with their limited budgets, are asking parents to help with the rising school costs. Trips, bake sales, basic school supplies, hot lunches, milk programs, and teacher gifts are just some of the additional school costs for students and their families.
A student budget plan would benefit an elementary or university student as it makes the student responsible for their financial situation. A student will be responsible for making financial choices for their school year.
Student Budget Plan
- Parents estimate the cost of incidental school fees for the academic year. It is best to add 10% to the estimate for forgotten fees such as the annual book fair. Parents may wish to review old bank statements for school costs or estimate the fee. As well, parents will estimate the school expenses for each child,since each year will have different fees, such as overnight trips.
- Parents and their children have a talk about their financial obligation. Students may have to be a part of the milk program and that will automatically be deducted from their budget plan. Other fees, such as the annual book fair, are not a necessary expense and it is the child’s option to spend her money on this school cost.
- Student budget plan will include a category for all school expenses. Trips, hot lunches, book fair, teacher gifts, school donations for charity are just a few categories, as it is dependent on the school and the students’ education level.
- After the student budget plan and family discussions are complete, it is time to give the student the money for their school costs. Money may be given in cash or as a running total. Cash is a good option as it allows the student to visually see their money decrease as they pay for school expenses. Running total’s advantage is it’s similar to a bank account. As well, parents may give their children school fees at different times of the year such as quarterly or monthly.
- Now it is time for students to budget their money. It is best to talk to the child for each school fee especially the younger child. Highlighting what $5 can buy is helpful for a child to make an informed decision. A child who loves reading may decline buying Valentine cookies to save money for the book fair. It is important for the student to make many of the financial decisions to empower them in being successful with his student budget plan.
- At the end of the year, the surplus of money should be given to the child to spend freely rather than roll it into the next year student budget. A student should be rewarded for making good financial choices.
Student budget plan is a financial solution to curb overspending of school incidental fees. It is a tool to teach students how to manage money and to make financial choices.
 |
