10 Financial Events to Plan for in Your Children's Lives

K-12 Education
If you think only parents of private-school kids need to worry about K-12 education expenses, think again. The cost of attending public school is also rising. ©moodboard/Thinkstock

Whether you opt for public, private or home school for your child, the costs of education from kindergarten through high school increase every year -- with many of those costs passed on to parents. Beyond what each of us pays in taxes to support education, parents are being asked to cover more and more supplies, not to mention the cost of extracurricular activities, field trips and standardized tests.

According to Huntington Bancshares' annual Backpack Index, which looks at the costs to parents of back-to-school items and activities each year, costs in 2014 rose up to 20 percent over 2013 [source: Huntington Bancshares].

Costs of private schools continue to rise as well. According to Private School Review, the average cost in the United States for private school tuition is $9,195 [source: Private School]. As with public school, that cost generally does not include supplies, activities or uniforms, if needed.

Homeschooling continues to grow in the U.S. too, with an average cost per child of about $900 [source: Bentley].

Costs vary by state and community. So, explore the options in your area to make the best choices for your child and family.