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Raising a child is never easy. With all the unexpected expenses, however, it can drain your bank account all too quickly. Additionally, kids get more and more expensive as they get older. Here are three of the biggest unexpected costs that come with raising teens and what you can do to prepare for them.
1. Sports And Other After School Activities
They may look good on a college application, but they will not look good on your bank statement. Some after school activities come with additional costs. The worst offender is sports teams. You need to pay for equipment, uniforms, fees, transportation, and more. All of these costs can easily add up to thousands every year.
Look for discounted equipment online and search for hand me downs. You can also encourage your teen to get an after-school job to help cover some of the costs for their after-school activities. Also, consider asking your teen to take part in less expensive activities.
The dreaded day has finally come; your teenager has gotten their driver’s license. Though they may be overjoyed at this prospect, you may be thinking more practically about it. A driver’s license comes with the cost of maintenance, gas, and perhaps a new car. Plus, you will need more space to keep that car. For this issue, consider hiring a professional, like those at Coast to Coast Carports, Inc., to build a carport for your home. This can be a cost-effective and simple solution to this problem.
Even if your teen does not have their driver’s license yet, you will still be spending a lot of money shuttling your child to and from school, after-school activities, appointments, and friend’s houses. You can limit some of these costs by starting a carpool or taking advantage of public transportation.
Though college is not an unexpected expense, you may be surprised at just how much it will cost you. There is more to it than just tuition. You may also pay for books, supplies, room and board, transportation, and more. Even if you have already begun your college fund, you may quickly realize that it will not be enough.
Luckily, there are steps you can take to limit your costs. As a teen, your child can collect college credits while still in high school. You can also look for scholarships and grants to help pay for school. Financial aid is also a lifesaver for many. And, if worse comes to worst, you can take out student loans.
Teenagers may be much more costly than you ever imagined. However, by knowing where these expenses lie and having a plan to deal with them, you can cut them down and be fully prepared. Ultimately your family is everything you have. While it may be expensive at times, if you plan appropriately you can handle these expenses.