While over 50 million primary and secondary school students are excited to resume after a long holiday, some of their parents are worried.
The latter are worried about scores of issues – from school fees to new uniforms, books and allowances, among others. Meeting these needs has been a source of concern.
Instead of begging friends and relatives for funds, financial analysts urge parents to be prudent and take certain steps ahead of time in order to meet their increasing financial demands.
Make an inventory of what you have actually bought. Keep a list and give one to your children as they leave for school; they should be accountable for their belongings and at the end of the term, should be expected to bring them back home, largely intact
EXPERTS’ ADVICE
A financial adviser, Mr. Tomiwa Adeniyi, explains that it is very prudent when you try to shop early, though it may be too late to be saying this now as some schools resume on Monday, but try not to get caught out next term.
“With last-minute shopping, it would be difficult to find discounts. Indeed, this is probably the most expensive time to shop for the school year. If there are some items that your child doesn’t need right away or not for several weeks, then you might wish to wait for when unsold inventory is sold at a discount,” he said.
An educationist, Mrs. Adebiyi Odusote, advises parents to ensure they send their wards to schools that they can afford only, and not to add sentiments to such a decision.
She notes that several parents with wards in private schools and who are either out of job or are experiencing pay slash, borrow fund from friends and relatives to pay fees when they can move the children to public schools.
“If you are struggling to meet your obligations, it is time to have that serious conversation about withdrawing your child from a particular school and enrolling them in a cheaper one. Be careful not to jeopardise your livelihood and retirement plans to pay exorbitant school fees at all costs. It will be worse for everyone if you go broke!”, she added.
STREAMLINE SCHOOL BUDGET
Though you might have gone through the school supply list before now, it is advisable you repeat the exercise again. Go through the list critically to know if your child needs every single item on the list. Also, check to see what your child brought home at the end of last session, to see if there is any that can be used for the new term.
Make an inventory of what you have actually bought. Keep a list and give one to your children as they leave for school; they should be accountable for their belongings and at the end of the term, should be expected to bring them back home, largely intact.
As children go through the same stages, year-on-year, you can buy fairly used books in good condition. When handing in your book list to the bookshop, request that they check for available second hand alternatives in the correct edition listed on the list. You can also talk to friends and relatives of children who have just completed a higher class. Through that, many parents can do book swaps. Therefore, children must be taught to protect their books, as they will be used by others after them.
RECALL
- Cut excess in school budget
- Go over budget again
- Go for quality not quantity
CHOOSE QUALITY OVER QUANTITY
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 at all. It pays to spend more on good quality, study items that will last for a long time. Quality and durability are key, as opposed to being trendy or having the “latest” version.
RIDE SHARING
Subscribing to the services of school bus has become very expensive with the increase in fuel costs. You can talk to neighbours, whose wards are in the same school or around your children’s to join forces and take turn with you in taking children to school.
TSchool feeshis saves parents’ money on fuelling their cars, especially if the school is out
of town.
