Even though the new school term is a few weeks away, with careful planning and smart spending, families can reduce or even avoid the strain of back-to-school preparation.
Garvin Grandison, advisor at the JN Financial Academy and Head of Financial Planning and Monitoring at JN Bank, says the key to reducing back-to-school stress is to get started rather than wait for the final weeks before school reopens.
“Back-to-school expenses are predictable, so they shouldn’t come as a surprise. The earlier families begin planning, the more options they have to spread costs over time and avoid relying heavily on credit,” he points out.
Start with a list of expenses
Mr Grandison recommends that parents first create a comprehensive list of expected expenses. This should include tuition or school fees, uniforms, shoes, textbooks, stationery, transportation costs, lunch money, electronic devices, and extracurricular activities.
“A budget gives you a clear picture of what you need versus what you simply want. Once you know your expected costs, you can prioritise spending and make informed decisions,” he explained.
In addition, families should set aside monies to cover unexpected expenses that may arise during the school year, such as replacement uniforms, school projects or educational field trips.
Shop around and consider alternatives
He also urged parents and guardians to compare prices before making purchases. Shopping around, taking advantage of sales, and purchasing supplies gradually throughout the summer can lead to significant savings.
For families with more than one child, reusing items such as school bags, calculators, lunch kits and uniforms that are still in good condition can also help reduce costs.
Search for scholarships and grants
The advisor also suggests exploring scholarships, grants and school assistance programmes where available, particularly for families facing financial challenges.
“Every dollar saved before school starts can make a difference throughout the academic year. Preparing early allows families to focus less on financial stress and more on supporting their children’s education and success,” he maintained.
Use your credit card carefully
The advisor cautioned against financing back-to-school purchases through high-interest credit cards unless there is a clear repayment plan.
“Using credit may seem convenient, but if balances are not paid off quickly, families could still be paying for this school year long after it has ended. If borrowing is necessary, it should be done responsibly and within your repayment capacity,” he emphasised.
Make back-to-school a teaching opportunity
Parents and guardians are also encouraged to involve their children in the budgeting process by discussing spending priorities and distinguishing between needs and wants.
“Back-to-school shopping presents an excellent opportunity to teach children valuable money management skills. When children understand the family budget, they are often more thoughtful about their spending decisions,” Mr Grandison said.