I’ll Soon Have Two Preschool Tuitions. Here’s How I’m Planning for the Financial Hit

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This is the last year that I won’t have two kids in school. Take a look at how I’m preparing to cover the extra cost. 

This year, I’m paying preschool tuition for my son, and it’s costing me a pretty penny. Next year, I’ll have to pay for both my son and my daughter since my son won’t be old enough for kindergarten yet and my daughter will be starting preschool. This means my expenses are going to double.

I’m not alone in facing the high cost of care for multiple children. The average cost of preschool for children between the ages of 3 and 5 is around $10,000 annually. The school I’ve chosen will come in at a little less than that per child because it’s a church preschool that offers sibling discounts, but it doesn’t provide full daycare, nor does it provide any care in the summer.

Covering the tuition for both kids is something I have to do, but it will require some adjustments to my budget so I don’t end up in credit card debt or compromising other goals. Here’s what I’m doing.

Increasing my work time

One of the biggest ways I’ll find extra money to pay for two preschool tuitions is by working more. Right now, I work while my husband or my in-laws watch my daughter or while she is napping. But once she is in school, that will free up time for me to pick up more hours.

Many parents find they have more time for work when their kids start preschool or other daycare, and the extra money coming into your bank account from this can help defray the cost. However, this alone may not cut it.

While I will have some extra time to work, it’s not a lot since she’ll only be in school part of the day and I’ll still have to drop her off and pick her up. And not every parent can just pick up extra work hours. If you can’t, you could perhaps still use the time to cut costs by doing money-saving activities like meal planning or clipping coupons.

Reducing spending on other expenses

Lowering what I spend in other areas of my budget is also a part of the process of affording extra childcare. I’ve looked at how much the two tuitions will cost and adjusted other things in my budget to make room for them. We’ll be dining out a little less once my daughter’s tuition bills start coming in, for example.

It can be difficult to sustain big budget cuts for long periods, but fortunately, preschool tuition costs or daycare costs don’t last forever. If you need to make adjustments to afford childcare, just try to keep in mind that this is a short season and you’ll soon be able to get those funds back for other things once your kids graduate into the public school system (if they will attend a public school).

Saving up in advance for the cost

Since I know I will soon have two preschool tuitions, I’ve been saving up for them over time so I don’t have to come up with the money all at once. I’ve started setting aside a little money each month into a preschool fund held in a high-yield savings account — including extra windfalls that come my way.

It shouldn’t come as a surprise when your kids get old enough for preschool. You can plan ahead, even from the time they are born, to put aside a little extra money into a fund for this expense.

Taking advantage of discounts

Finally, I’m trying to take advantage of every discount I can. My school offers a sibling discount, and you also save if you pay with a checking account instead of a credit card and if you pay multiple months of tuition upfront.

If you’re sending your kids to school, it doesn’t hurt to ask if there are ways you can reduce the tuition price — especially if it’s a struggle to cover it.

These steps are hopefully going to work to make school affordable for my personal finances, and you can implement them yourself if you have one, two, or more school tuitions to worry about in your future.

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