Managing School-Related Expenses with Your Co-Parent
4 tips to help co-parents manage back-to-school costs.
Whenever kids head back to school as summer ends, there are a lot of additional costs for parents to consider. It can be especially challenging for parents sharing expenses for the first time after a separation or divorce. From school supply costs to fees for extracurricular activities, co-parents have many payments to coordinate. Here are 4 tips to help you and your co-parent manage school-related expenses this year.
1. Make a list of all anticipated costs
You and your co-parent should start by making a list of all school-related expenses you expect to pay for. This list should be as detailed as possible, including costs that may come up outside of the classroom. Check your child's school supply list and any other resources from their teachers or administration to avoid missing some necessities.
Here are some examples of common expenses you and your co-parent should consider for the school year:
- School supplies
- Classroom fees
- School lunches
- Technology or electronic devices
- Uniforms or new back-to-school clothes
- Extracurricular activities
- After-school programs or daycare
- Field trips
- School dances like homecoming and prom
- School events like plays, games, etc.
Make sure you and your co-parent communicate with your child about what they plan to participate in during the school year so that you can plan your school expenses list accordingly. The fewer last-minute items that pop up outside of your budget, the less potential there is for future financial conflict between you and your co-parent.
2. Divvy up financial responsibilities
Once you and your co-parent have your school expenses list put together, it's time to coordinate who pays for what and how these payments will be split. You may want to split school-related costs evenly, especially if you have a 50/50 custody schedule. If you have a more uneven custody split or income, you may want to split expenses proportionally.
If financial responsibilities are laid out in your parenting plan, you need to reference the agreement before dividing expenses. Child support can cover some of these costs, so you may need to adjust the split if you make or receive child support payments. If circumstances change over the summer, consider modifying your plan to adjust your responsibilities.
3. Use a shared payments tool
Keeping track of all school-related expenses can make life a lot easier for both you and your co-parent. TalkingParents offers Accountable Payments, which allows you to securely send and receive money while documenting everything on an Unalterable Record. Nothing can ever be changed or deleted, and all requests and payments are timestamped, so confusion over who paid what and when is eliminated.
Additionally, Accountable Payments helps you and your co-parent by offering the ability to schedule monthly recurring payments. Scheduling payments can help you manage repeat expenses during the school year. Costs for student clubs, music lessons, after-school care, and more can be split automatically, making it easier for you and your co-parent to avoid missing an important payment.
4. Budget for unexpected fees
As all parents know, you can't plan for everything, and some unanticipated expenses are bound to pop up. The best way for you and your co-parent to each prepare for last-minute school-related fees is to set aside a contingency fund as part of your single-parent budgets. Budgeting for some unexpected costs upfront can help promote your financial wellness and avoid significant stress in the future.
Dealing with last-minute expenses can be stressful, so it's essential to consider how you may navigate high conflict conversations related to handling these costs. Remember the ultimate goals in each discussion and prioritize them. It's most productive to take a child-centered approach and remember to speak and act in a way that prioritizes the best interests of your kids.
Communication and coordination are key
If your relationship with your co-parent allows, discussing school-related expenses and making a plan to manage them is highly beneficial. Finances can put stress on any relationship, especially on parents who share custody, and our all-in-one co-parenting communication service can help make your shared parenting journey a little easier. Learn more about our features and get started today.