Money Fix: Plan for senior-year costs

Forget about paying just for college. If your child is entering his or her senior year of high school, you'll have to plan for any number of added expenses -- class photo, yearbook, cap and gown -- before making even one college tuition payment.

The key is not to be caught off guard, which is why the National Endowment for Financial Education advises parents to "get a big-picture view of possible expenses" by checking with the school and other parents.

Expenses: Among the costs to think of are photos, yearbook, class ring, trips, standardized tests, college application fees, prom and other parties, graduation, deposits to colleges for housing and attendance. And don't forget this is the year many young people get a driver's license, leading to added car insurance and gas expenses, says Barbara Ash of East Moriches, who's recently seen a son and daughter through senior year, with twin sons now entering their junior years.

Budget: Making a list ahead of time can help "ease the money rush," she says. Decide how much you are able to spend and get your child involved in establishing priorities, says Patricia Seaman of the National Endowment, whose daughter just graduated from high school.

Options: Invite relatives to take on some of the expenses, instead of giving holiday or graduation gifts. If a birthday comes close to graduation, consider consolidating the parties. Encourage school fundraisers, such as car washes and auctions. And to help defray some senior costs see about using a do-it-yourself digital photo for yearbook use. Learn more at Smartaboutmoney.org/backtoschool.