While some parents look forward to sending their children back to school, the thought of school resumption sends waves down the spine of some others.
In this article, we have taken time to highlight a few tips to ensure a financially stress- free return to school.
1. Plan in advance: how much will be required to get your kids back to school next term? Schools usually send pupil’s bill on the last day of the term, however there is no harm in making a request for the bill in advance to aid planning, in fact school owners will be glad you did. 😀 Your financial plan (school budget) should include school fees, cost of school bag, lunch bag, water bottle, stationaries and other educational supplies. Draw up an exhaustive/ comprehensive list with detailed amount for each item.
2. Save in Instalments: you can automate saving of your child(ren)’s fees and other school requirements. This helps ease the burden of looking for lump sum to cater to this critical need when schools come calling for same, they definitely will. 😀You can set up dedicated financial goals tagged back-to-school using automated saving apps such as the Investment One Ziing App to ensure you stay committed to this goal.
3. Take advantage of discounts: Some schools offer discounts when parents make full-year payment of school fees, while others offer concessions on early bird payment for termly fees when made before a given timeline. This is another opportunity to shed off some cost on school expenses.
4. Purchase quality school items: You must have heard the saying ‘Penny wise, Pound foolish’. Try as much as possible to purchase quality school bags, lunch bags, lunch flask, water bottles and other school supplies to avoid having to repurchase same during the school session. It’s expedient you go for quality over quantity.
We do hope you find these tips shared useful in planning your child(ren)’s next term school fees.
