Your child’s senior year of high school is here. You have both spent the last 11 school years working towards this milestone. The monthly countdown to graduation begins! This year is filled with pride, accomplishments, anxiety, and…expenses?!
You’re used to the normal expenses such as dance tickets and apparel, sports fees, game tickets, and club dues. But, goodness, all that pales in comparison to the pressure you’ll feel left and right for the things you’ll be asked to pay for during senior year. Some of those expenses may even be mandatory depending on the school.
- Senior Pictures – formal school yearbook pictures and informal personal photography
- Homecoming / Prom
- Graduation Announcements – Don’t forget the Thank You notes and Stamps!
- Graduation Party
- Graduation Gift
- Class Ring
- Cap & Gown, tassel, cords, and stoles
- Senior Trip/Bash
- Yearbook
- Letterman jacket
- Miscellaneous Senior Gear – t-shirts, hats, keychains, etc.
- Diploma Frame
- Test fees – AP/SAT/ACT
- College Applications & Transcript fees
- Travel for College Campus tours
That’s a pretty long list that can quickly add up to thousands of dollars. Of course, your actual costs will vary widely based on your family and the high school. Some schools require seniors to purchase or rent a cap and gown, while other schools provide these for students. There may be things that families can easily decide to cross off their list as well.
Homecoming and Prom will probably be more expensive for girls than boys since girls tend to get their hair, nails, and makeup done. Guys usually rent their tuxedo while girls purchase their dresses, shoes, and accessories. Then there may be alteration fees for the clothing. Add in flowers, dinner, and a limo and these kids are getting a nicer date than I get these days.
Class Ring Expenses
I don’t believe in high school class rings! I know this may be an unpopular opinion. They hold sentimental value for many and are easily customizable to highlight your child’s high school memories, but I believe they are just a waste.
If your child attends college, they aren’t going to be sporting their high school clothing or accessories. After being worn for a short time during their senior year, those rings will likely collect dust at the bottom of a drawer or a jewelry box. I chose to not get one and don’t regret that decision, but if my child decides they really want one then we’ll have to add it to the budget discussion.
I also never hung up my high school diploma so I never needed a frame. But I did hang my college one!
Do you really want it?
The point is to really look at each of these optional expenses with your child and be realistic. Does your senior even want the item? Or is there peer pressure to get it? They don’t have to get something just because everyone else is getting it. The opposite holds true too, if they really want something.
Savings Options
Don’t forget to look for unconventional ways for things. Maybe your child doesn’t care to take senior pictures (beyond the obligatory yearbook photo), but you do. Hiring a photographer or using a studio can have drastically different costs. If that is out of reach there’s always taking them yourself or finding a photographer doing a model call. Often, you’ll only pay for the pictures themselves or a minimal fee if you agree to be a model for their portfolio.
Include your child
Be sure to include your child in these decisions. It’s a great opportunity for them to practice budgeting and planning for expenses. You could budget $75 dollars for a class ring and if they want a more expensive one then they can pay the difference themselves.
Personally, once my oldest is in high school we’ll start putting a small amount of money aside each month. Then, as we close in on senior year, we’ll jointly decide how to spend that money.
Thoughts from a Recent Grad
Donald has been in college for a year. Here are some of his reflections on his senior year.
“My Senior year experience was way different than I expected. I had planned on taking an extremely light course load and getting a full-time job somewhere working about 20-30 hours a week. As it turned out, my courses required a lot more time and effort than I thought, and I couldn’t find a job that I thought would work out for me, so I ended up with a lot of work and no money. What money I did have was used very sparingly.
I didn’t get a class ring or class jacket because I knew I wouldn’t really wear them, but I did pay for a few smaller trips and a larger one to Washington, DC. The trips were absolutely worth it! Experiences would be worth a lot more than anything else, so I happily coughed up the money. I spent a little bit on smaller things like nights out with friends for the same reason. I also spent some money on silly little things because it made for fun moments!
For Christmas, I bought a coffee maker and some coffee for my first period class to use because there were only seven of us and most everyone was a coffee person. I think the whole setup was about $35, but the fun we had with it was absolutely priceless! In short, if you’re unsure about buying a material item in your Senior year, don’t do it. Save the money for the moments you have with the people that matter.”
Be Frugal
Navigating the realm of your senior year high school expenses is a pivotal lesson in financial acumen. Before making purchases, pause and think about if you even want it—a sage strategy to curtail impulse spending. Look for budget saving opportunities that often hide in plain sight, but remember, frugality doesn’t equate to deprivation.
Allocate resources where they matter most by doing what’s genuinely meaningful to you. What expenses would you add to this list or surprise you the most? Have you found a creative way to pay for any of these expenses? What did you really care about but your child didn’t?
Thanks to Karina Moretz, Associate Advisor for this post. Pathfinder Planning LLC is a registered investment advisor in North and South Carolina. We serve young adults and working families by providing personal financial planning and asset management for a simple fee. www.pathfinderplanningllc.com