Your child's senior year of high school is filled with memorable moments but some come with a high price tag for parents. But there are ways to save money during your child's senior year.
Laura Schad knows the importance of planning ahead.
"We didn't even buy school clothes this year, that's one of the things that was not a priority. We looked at their closets and said you're good!" said Laura Schad.
To prioritize their budget, Laura and her daughter Lauren created a list of things she really wants; such as a school yearbook, a dress for prom, and a graduation party. And things she can live without- such as a class ring.
"Those are the kinds of things that have gone to the waste side; that probably when they started their freshman year they wanted to have, but we've just re prioritized," said Laura Schad.
"Break it down into monthly bite size chunks; so instead of a few thousand dollars that will hit you all of a sudden within a few months; you can reduce it to save 100 dollars a month for a year or two," said Rick Kahler, Financial Advisor.
Financial Advisor Rick Kahler says Laura has the right idea, planning ahead is extremely important. But if you aren't prepared he says there's still ways to save.
"If you didn't plan ahead you'll want to be as creative as possible in reducing those fees," said Kahler.
Laura and Lauren reduced their fees by recruiting her sister to shoot her senior pictures.
"You still get the same experience of taking pictures, dressing up, and sending them out to people. It's still the same; you're just saving more money on it," said Lauren Schad, Central High School Senior.
While senior year is all about making memories it's also about planning for the future.
"You've got ACT and SAT tests, those add up. And then entry fees just to apply to colleges are anywhere from 25 to 100 dollars. And that's what we're looking at now," said Laura Schad.
And with a plan in place your child's senior year won't break the bank.
For more information on money saving tips and ways to prepare for your child's senior year in high school, click here.