The School Isn't The Problem

Cecelia doesn't know how to determine if she can afford a parochial school for her child or not.

QUESTION: Cecelia has a child in a private parochial school. They are not getting deeper in the hole, but they are not making progress. Should they put him in public school or keep him there? It’s a matter of income vs. expenses, says Dave.

ANSWER: If you remove all the emotions of where your kids go to school and just look at the math, look at how much you make vs. how much you spend on school, and see if they match. If you spend $10,000 on private school and make $20,000, you can’t do that. But if you make $100,000, that’s better. Get a budget together. Do this month’s budget, and then the budget becomes the boss of you. Your school situation is less than 10% of your income, so it’s not a deal breaker. You might have a bunch of little things that are breaking you here.