5 Back-to-school Budget Tips for Parents

It’s already Back-to-School Season, and for parents, managing money and using money wisely for your children is your number 1 priority. One of the things you are likely considering now is how to balance your budget for tuition fees, school supplies, and additional expenses for projects and extracurricular activities. With that in mind, here are some saving hacks for you parents before the school starts.

1. Create a Detailed Budget

Plan and plot your budget to anticipate your children’s needs even before they start school. Check how much you will set aside from your Monthly Budget just for your child’s needs to be met. If you are the type who gives allowances or lunch money, make sure to think of that too. Handing out their allowance is not just money but also responsibility. Teaching your kid to manage their own money and discipline will help them to grasp the importance of budgeting, which will have an impact for the rest of their lives.

2. Sales and Discounts

Before the school starts, you will see tides of people rush to their nearest bookstore or school supplies to buy notebooks, pencils, ballpens, and so on. Before going out of your home, make sure that you have a list of things that you need to buy, as well as whether the store that you are shopping at has discounts on its products. Taking advantage of these sales will save you a great deal of money, especially if you are buying in bulk, so that you don’t have to go back and forth.

3. Check your Inventory

Buying supplies for your kid is all right and good, but check your supplies to see if you still have something before making a purchase. Take a moment to go through last year’s supplies and see what can be reused. Items like notebooks with unused pages, pens, and even backpacks can often still be in great condition and serve another school year.

4. Discuss Priorities with Your Kids

Have an open conversation with your children about their needs versus wants. This can be particularly useful when it comes to purchasing new clothes or gadgets. Encourage them to prioritize what is essential for them and to think critically about purchases above a certain amount. This dialogue can help them become more budget-conscious and responsible in managing their expectations.

5. Prepare an emergency budget

Creating a budget for your kid’s school needs is good, but you should be prepared if the funds don’t meet the needs you anticipated. Having a fallback for unexpected expenses will save you from stress and time. If you need a Helping Hand for your kid’s back-to-school needs, JuanHand got you covered. You can borrow up to ₱50,000 with only 0.025% daily interest payable in 9 months. The requirement is just one valid ID, and you can get approved as quickly as 5 minutes. JuanHand is also safe because it is certified by the SEC, NPC, and AMLC. Also, its customer service is accessible 7 Days a Week for your inquiries.

Back-to-school expenses don’t have to be stressful. Make a list of the things that you need to buy and use discounts if available to save you money. Love is what fuels the perseverance of every parent to have their kid have a better life, and you play a huge part in it. Finances and dreams go hand in hand; with the right balance, you can illuminate a path for a child to walk on and reach his or her dreams.