Every year, parents face one of their biggest, recurring costs at the end of the long school holiday: school fees! Some parents have planned and saved in advance and are ready for this significant expense, whilst far too many are caught in tight corners, and find themselves struggling to make ends meet.
Here are some practical money tips to help you navigate the financial aspects of the upcoming school year:
Plan ahead. Ideally, parents should start planning for the school year well in advance. Shopping early allows you to take advantage of sales and discounts. This is probably the most expensive time to shop for the school year. Indeed, if there are items that your child doesn’t need right away or not for several weeks, then you might want to wait for when leftover school items are sold at discounted rates.
Create a school budget that includes school fees, books, lunch, transportation, uniforms, allowance, and supplies. Prioritize your spending based on your budget and stick to your list while shopping no matter how tempting it may be to overspend.
Can you afford the school fees? The most expensive school isn’t necessarily the best one for your child. Stay within your means. In today’s challenging economic climate, many parents struggle to afford their children’s education. Explore scholarship and educational grant opportunities for exceptionally bright and talented children. If necessary, consider more affordable schooling options to avoid financial strain. Be careful not to jeopardize your own livelihood and retirement plans to fund an education you simply cannot afford.
Review the school list. Take a close look at the school supplies list and identify items that can be reused from previous terms. You will also find that you do not need every single item on the list.
Don’t look down on “hand-me-downs.” Naturally, every child would love to have everything brand new each year but where older siblings or cousins attended the same school, it makes perfect sense to use hand-down uniforms if in good condition, even if you can afford to buy new ones. This is not the time to feel too big or too proud to reuse items that have already been worn but remain in good condition. Some parents organize a clothing swap with other parents to exchange gently used items and refresh the children’s school wardrobe without breaking the bank.
Buy in bulk. For households with multiple school-aged children, buying school supplies in bulk can be cost-effective. Single-child families can consider pooling resources with others to save on basic supplies. If you buy too much, the items may go to waste as they will get lost, lent out, given away, misplaced, or just never used.
Quality pays over the long run. It is tempting to buy a cheap school bag, lunch box or water bottle, but what may seem cost-effective now will just fall apart in no time. Invest in high-quality, durable school supplies. It pays to spend a little more on good quality, sturdy items that can last. Quality and durability are more important than being trendy or having the “latest” version.
Keeping up with the Jones’ is a major issue in our society. Children face enormous peer pressure and will interact with other children who have much more than they do. As a parent, take the time to talk through these challenging social issues to build their confidence.
Foster accountability. This offers an opportunity to teach children about looking after their belongings. They should learn to be accountable for their possessions. Create an inventory of items they take to school. You might wish to reward them for taking good care of their belongings and encourage them to reuse items in good condition.
Extra-curricular activities are a critical aspect of your children’s education; they help children develop and nurture their skills and talents. They do come at significant cost though, so you do need to prioritise them to prevent undue pressure and financial strain. Choose activities that align with their interests and talents; this is a great opportunity to identify those exceptional skills that will repay them throughout their lives.
Look out for free or low-cost activities in your community. Some churches, social clubs and Non-Governmental Organisations (NGOs) offer affordable activity options outside of school. Parents can also be proactive about coming together to host one club or another for a small group of friends including swimming, chess, karate etc.
Health matters. Before your children go back to school, a general health check is important – eyes, teeth, and general health to avert any festering problems. The premium on a family medical and dental insurance plan is a small price to pay to ensure that they have access to the best medical care. For day students, homemade meals are more nutritious than the fast-food alternatives, so do make this a priority for their daily lunch.
Consider carpooling for the daily school run as well as for extracurricular school activities, after-school events or sports practices. There may be parents with children in the same school that live close. With carpooling, parents take turns taking children to the same school with huge savings on fuelling and running costs as well as freeing up some time from the hectic school run.
For boarders, car-pooling is also a good option for exeats, visiting days and holidays. Draw up a schedule with other parents and share the journey to cut costs on long-distance travel. The shared responsibility often builds long-term family friendships and bonds.
Back-to-school money matters do not have to be stressful or overwhelming. With long-term education planning, you can reduce the pressure and navigate the financial aspects of the new academic year with ease. The wonderful legacy of education should be a pleasure and not a burden.
Nimi Akinkugbe has extensive experience in private wealth management. Through her platforms, she seeks to empower people regarding their finances and offers frank, practical insights to create a greater awareness and understanding of personal finance.
