As high school grad costs mount, explore alternatives and ways to reduce last minute costs by involving your teen to help them learn valuable money skills
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Q: Our oldest is graduating from high school in a few weeks and we’ve been caught off guard by how expensive grad activities have been all year. We don’t know if it’s like this at every high school or only in smaller towns with smaller grad classes like where we live. It now turns out that fundraising efforts for the dry grad have fallen short and fewer grads are attending than planned, so now each student needs to chip in an extra $70 or the event risks being cancelled. Our daughter plans to ask her grandparents if they can help with that cost, but is there any way to still save on everything else we need to pay for in June? ~Annette
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A: high school graduation is a time filled with excitement, anticipation, and a touch of nostalgia. As your child prepares to embark on new adventures, you want to ensure that the expenses associated with this milestone don’t overshadow the joy. While options to save on school-sponsored activities close to the end of grade 12 may be limited, there is still time to save on expenses that go with attending the functions, as well as on celebrations planned by the family or the kids themselves. As you work through potential options, include your teen as much as possible to help them learn valuable money skills throughout the process.
Discuss how to prioritize expenses
Involve your grad as you look for ways to pay for the various expenses that come with graduation celebrations. If your goal is to cover the costs for them, engaging your son or daughter in the discussion helps them understand the rationale behind your decisions. Whether it’s having to make tough choices, considering cheaper alternatives, or temporarily reducing a household expense in order to make the plans work, having an open dialogue fosters transparency and mutual understanding. It’s also an opportunity to help your teen learn financial skills that come with prioritizing wisely within a set budget.
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Consider alternatives for family events and expenses
Working together to find solutions allows you to understand your teen’s priorities and preferences, which may differ from your own. Additionally, your grad might surprise you with creative solutions to manage specific expenses. For instance, rather than celebrating by hosting a large family gathering at a restaurant, your teen may be just as happy to have a potluck at home where their closest friends can be invited as well. If you’ve already booked a professional hair and makeup appointment for your daughter before she attends the school’s convocation or dinner and dance, she may be willing to skip the professional makeup application if she and a friend can achieve a similar look using YouTube tutorials.
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If your teen is still finalizing their outfit, encourage them to borrow shoes and accessories from friends or family and showcase their individuality with what they already have. Converse shoes with a dress, suit jackets with jeans, from fancy to down-to-earth, comfort and style have more flexibility than ever. The same applies to flowers. Encourage crafty teens to learn how to make corsages from flowers and greenery available in local gardens. Look for transportation options rather than booking a pricey last-minute car service. For instance, someone with a classic car is often willing to play chauffeur and get out for a special event with their vehicle. Involving your teen in decision-making fosters financial responsibility as you consider practical ways to afford the grad experience they are looking forward to having.
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Find ways to stretch the budget for school-sponsored activities
With larger events, it may seem like there are less options for cost-conscious alternatives, however, no one wants their teen to miss out on celebrating their graduation. To create a memorable grad function when funding has fallen short, have a meeting with those involved to identify last-minute ways in which costs can be offset. Encourage everyone to let go of previously determined plans and focus on what is still possible, rather than what isn’t. Many hands make for light work and it’s valuable for students to see how working together and being flexible to save costs can have a significant impact.
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If cash is falling far short for a large event, one option may be to spread the word to members of the whole community that help is urgently needed for the grad festivities, and that sponsors and volunteers would be welcome. Assign tasks based on what needs to be done and where someone’s desire to help lies. For instance, skip over-the-top decorations and focus on simple, meaningful touches using what’s readily available. DIY banners, photo displays, and personalized centrepieces can add charm or set the theme without breaking the budget.
Other volunteers may want to help with the menu. To avoid extravagant catering costs, buy food and drinks in bulk and ask volunteers to make finger foods, snacks, and easy-to-prepare items. If a catering contract has already been signed for the event, reach out to the company to see where you can scale back without forfeiting any deposits or prepayments. For example, you may be able to put all the funds towards the main entrée and supply the rest yourselves. With a group of teenagers in a celebratory mood, as long as there is tasty food available, their focus is more on their friends than what’s on the menu.
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Keep the focus of the events on celebrating the students’ achievements and spending quality time with friends and/or loved ones. By being resourceful and thoughtful, and asking everyone involved in the events to find creative ways to stretch the budget, a memorable graduation function is still possible.
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The bottom line on last-minute grad expenses with a tight budget
Graduation marks a significant milestone for both parents and students. You might feel joy, pride, and excitement, but also sadness, financial stress, anxiety, and even a sense of loss. It’s natural to experience an emotional roller-coaster with a milestone event. However, it’s essential to avoid setting off a financial roller-coaster for a one-day event. Each family’s situation is unique and every family will consider what they can afford to spend. By working together and exploring affordable alternatives, you can help teens learn valuable money skills and make this milestone memorable for all the right reasons.
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Related reading:
25 Frugal Living Ideas
How to Live Successfully on One Income
Tricks to Keep Your Money Safe from Yourself During Special Events
Peta Wales is President and CEO of the Credit Counselling Society, a non-profit organization. For more information about managing your money or debt, contact Peta by email, check nomoredebts.org or call 1-888-527-8999.
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