Expect The Unexpected And Budget For The Next School Year Now

April 30, 2019

Dreamstime

We are coming close to the end of another school year and as you now know, there are a slew of unexpected costs involved each academic year! But expecting the unexpected can keep your budget ion track. A cornerstone of budgeting for the unexpected is a concept often referred to as “sinking funds.” These are chunks of money saved for infrequent but regular expenses. Sinking funds keep your monthly budget from nosediving when large expenses come up, which can be a challenge with school children.  So over the summer take into consideration infrequent but regular expenses for the school year and set them aside so they don't sneak up on your checkbook. For instance, teacher gifts.  We appreciate them and our kids do too, so budget for gift cards or other small gifts around the holidays and especially during Teacher Appreciation week, which is the first week in May (May 5th this year). Donations to the classroom are always appreciated since nearly half (44%) of teachers says they spend upwards of $250 each year on school supplies out of their own pocket! Being able to contribute extra supplies or wish list items is a great way to support them. As for your own children, budget over the summer for the upcoming school supplies that will be needed. Also prepare for the various fundraisers that suddenly appear in a note or email your kid forgot to give you. Field trips can be costly, especially as your kids get older, so plan for a couple hundred dollars for that science fair trip or band competition. School pictures are a hallmark for any child and they can be pricey. Finally consider the birthday parties your child will be invited to. Each party means a gift and budgeting for those gifts will mean less surprises when they get the invitation. 

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SOURCE: Apartment Therapy

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