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| The high cost of raising a teenager |
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Lynch's daughter, Elizabeth, has endured braces, extensive
oral surgery and wisdom teeth extraction, and is still facing another
$16,000 in dental work. She needs to have teeth implanted in parts
of her mouth where she had teeth that were growing in sideways removed.
"The insurance company considers it cosmetic
and won't cover it, even though we have to do it as she is losing
bone mass in her mouth," Lynch says. "The dental stuff
has gotten more expensive every year, and we had no idea how much
it would mushroom into."
6. Clothes
Lynch says that after food and dental work, their family's next
biggest expense has been clothing. "My son literally grows
from one day to the next, especially his feet, and sneakers are
expensive!" she says.
Although you can't avoid buying new clothes for a
growing body, teenagers don't need to have an extensive wardrobe
of designer clothes. "Most kids don't care if they are wearing
designer labels and, if they do, you can compromise," Lynch
says. Instead of buying two or three new pairs of jeans, buy one
and put the extra cash into savings.
7. Senior year
Many parents are so focused on where to find the money for college
that they overlook the price tag associated with preparing for and
making the transition from high school to college. Nancy Hall of
Madison, Conn., wasn't prepared for those "senior year expenses."
Paying for the class yearbook, a graduation cap and
gown rental, the senior prom, a senior photo package (which could
cost up to $400), graduation parties, and graduation presents adds
up quickly. Then, there are the costs associated with applying to
colleges.
"Ten college applications at $75 a pop, plus
fees for taking the SAT, SAT score reporting, transcripts, and mileage,
airfare and hotel accommodations to visit just a few of my son's
college choices just about put us into shock," says Hall.
One big-ticket item growing in popularity is the SAT
prep course, which many teens (and parents) feel is a necessity
to boost their scores and increase their chances of getting into
the school of their choice. Private educational organizations such
as Kaplan Test Prep and Admissions offers a six-week SAT prep class
for $800 to $1,000 (depending on your geographic location), private
tutoring, which could run up to $100 per hour, and online classes,
which will set you back about $400 per course. And, there's no guarantee
that the money spent on such courses will get you into your first
choice of colleges!
There's no getting around some of the costs of raising
a teenager. We want our children to have the best of everything,
but it is impossible, and probably ill-advised, to give it all to
them.
"Teaching children how to earn, budget, save
and spend money through chores, allowances and savings accounts
can help them to understand your family's values," Rogin says.
And, just as importantly, it will prepare them for making good financial
choices in the future.
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