Budgeting for fun

Budgeting for fun

Most parents, by now, have already budgeted for their child's new year in school.
Most parents, by now, have already budgeted for their child's new year in school.

However, parents shouldn't forget to budget for the costs of extracurricular activities, because those costs can add up, very fast.

So many schools across the country are so strapped for funds, that parents are now being asked to pony up even more.

Especially when it comes to the after-school activities.

"It's becoming more expensive for kids to be involved in all these activities throughout the school year," said Trae Bodge, the Senior Editor at RetailMeNot.com.

The company just did a survey that found parents will now spend about $400 a year for their child to participate in extracurricular activities.

"Schools aren't paying for as many things as they used to," said Bodge. "So, maybe schools might have provided uniforms for the band but now parents are expected to contribute. Or uniforms for the sports team and parents are expected to contribute there."

She says that's why budgeting for the extracurriculars has never been more important.

"A little bit of an extracurricular rainy day fund, if you will," said Bodge. "So, they have a bucket to pull from should these things pop-up throughout the school year."

And to seize upon another teachable moment, she says have the child contribute to the fund as well.

Story was reported by NBC's Chris Clackum.
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