Helping your kids with schoolies and formals

The last year of school has to be one of the more trying experiences in a young life and, what with the pressures of HSC and the hideousness of adolescence; it can be one of the more trying experiences of a parent’s life too.

I can imagine that you’re so desperate to get your child through the year safely and sane, you’re unlikely to raise issues that cause an upset. I know I was so highly strung for that year; the other residents of the house tiptoed around and ducked for cover when I walked past.

So, how to raise the issue of who is paying for formals and schoolies? After all, they are major expenses. Schoolies will undoubtedly cost a couple of thousand, and the formals can cost anywhere between $500 through a thousand unless you have a particularly mature teen who feels no need to go over the top.

The best way to approach the issue is talk it out with your teen. Of course, you’ll probably be happy to lend them a helping hand but footing the entire bill may be financially out of the question. Here are some tips on negotiating the topic.

Get independent

Teens are very willing to be independent when it comes to letting you know where they’re going, what time they will be home and who they will be going with. Mention money, and all of a sudden, the independent streak vanishes into thin air. Don’t let it all be one-sided- encourage them to make financial decisions independently. Don’t bail them out every time they need new credit for their mobile phone (six days after you last shelled out money for it). Explain to them that with independence comes financial responsibility, and while you’re happy to be there in emergencies, you’re not a bank with no limits.

Get income

Some people tend to shelter their kids in the final year of school, and give them an allowance that takes away any need to get a job so they are less stressed or have more time to dedicate to school. I always felt that my part-time job was a great change from the relentless rigour of school and homework; it allowed me some independence and the means to do what I wanted. It also helps when you want to contribute to schoolies and the formal.

Budget

Sit down with your teen and discuss how much money you are willing to provide. Work out what they can achieve with that money, and how much they will need to contribute to get everything they need for the formal and schoolies. It will be an important lesson before they get sent out to the world- if you want the extra nice shoes, you are the one who has to work to get them. Help them write out a budget, estimating how much they will have to save every week to have enough to go on schoolies and the formal.

Research

Help your teen to research the best options for schoolies- accommodation, flights, events. This is probably the first time they’ve organised something like this, so take them them through it. The same goes for the formal- help them call around to get quotes on the double decker bus, the rent Chevy or tuk-tuk.

How much did you ask your teen to contribute for the formal and schoolies?

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