Covid-19 restrictions have been lifted in some regions while others continue to practice “work from home” policy. Similarly, where some kids will be lucky enough to rejoin their friends in physical classrooms, others would have to tolerate another season of online education.
Whatever the options are at your place, one thing is for certain: gearing up kids for “back to school” season at the end of year holidays always means parents need to reconsider their budget and plan ahead accordingly.
After all, school and college fees can be expensive!
So we decided to put forward this guide as a way to help parents learn some tips on how to cover the costs this season! Let’s take a look.
Be Considerate of the Costs That You Have To Deal With
When budgeting for your kid’s schooling, it never hurts to exaggerate. Be mindful of the dollars each item would cost and then add a few to be on the safe side.
Besides the purchase of school supplies, shoes, and clothes, you also have to take into account additional accessories your children may need for extracurricular activities.
Where Can You Look For Financial Assistance?
Undoubtedly, tuition fees have increased tremendously as compared to last year. In this case, it wouldn’t hurt to look for extra sources of funding. Consequently, your debit card can be helpful or you can opt for assistance from educational crowdfunding sites.
Some institutes are also willing to give credit or grants to parents whose kids are performing well. These private organizations are quite generous in offering assistance.
Moreover, you may also need to use the credit card limit for some necessary purchases. Although there is no extra fee in utilizing all your credit lines at once, remember to pay it back timely to avoid interest charges.
Budgeting Is The Key For Successful Financial Management
As soon as the school year starts, it might be a good idea to be clear about the savings you have in your account and how much you can take out for each essential purchase.
You should also account for unexpected costs such as tools you may need for remote learning during pandemic restrictions.
If you happen to have additional funds in other accounts or debit cards such as Venmo or Green Dot, be sure to move them to your bank account so you know where you stand financially.
Be Open To Your Kids About The Ideas You Have To Manage Finances
College students are old enough to understand what kind of responsible financial management is. Therefore, you can take this opportunity to teach them a thing or two about how they can wisely take care of themselves in the future.
You should not hesitate in talking to them about the expenses of going back to school. Encourage them to locate deals in local stores that may help you purchase school supplies at discounted prices.
Another idea is to make a list of items that your kid may need and ask him or her to prioritize the supplies. In this way, you can get all the necessary stuff if you are on a limited budget and less-preferred items can wait a while.
Moreover, you can set separate savings account for your kids and talk to them about the importance of setting aside funds for a rainy day. There are now even student-specific cards available that can help them build credit history way before they step into their first job!
All in all, there is a lot you can do to make “back to school” season less intimidating for your bank account and pocket. You just have to plan it out so you can deal with the expenses smartly. Good Luck!