With the new school year in full swing, it’s important for parents and guardians to engage in proper financial planning. From textbooks to school supplies, and lunch money, the expenses can quickly add up. But, you can ensure that things are smooth sailing by creating a well-thought-out financial plan.
This is where we come in. We’ll help you explore some key strategies for successful financial planning to help you navigate your child’s school years with ease.
The Assessment: Before you get into any financial planning, it’s important to assess your current financial position. Take a thorough, honest look at your income, expenses, and any outstanding debts. This assessment is to provide a realistic view of what you can afford and help with identifying the areas you can possibly cut costs or distribute funds more effectively.
Figuring out the Figures: Work out a proper budget for your children by creating one that’s specifically tailored for school expenses and to provide a guideline for your daily spending. You can list the major categories such as transportation, meals or school supplies, assign amounts for each category based on your financial situation, and then track your spending against this budget. Plus, you can always make any necessary adjustment as the school year progresses to ensure you stay on track.
Market Research: Look at the market and see if there are opportunities to take advantage of sales and discounts on school supplies and other necessary items to get the most for your money. Think about comparing prices across different stores or purchasing in bulk. Strategic spending can significantly reduce the overall amount that you spend.
Education Savings Accounts: Think about ways through which you can secure your child’s future education, such as education savings accounts. At VM Group, we’re also about cultivating good saving habits in our Jamaican youth. This is why we offer programmes such as our School Savings, to provide primary and secondary level students with a secure and rewarding savings solution while meeting their financial goals. You can explore other options such as our iSave Long Term which provides our Members with a secure and rewarding savings solution. These options can accumulate funds over time and reduce the financial burden when it comes to you child’s educational needs.
There’s no way we can deny that financial planning is an essential part of preparing for back to school or for your child’s long term educational needs. But there are ways you can ensure financially successful years. Plan ahead, stay organised, and make informed financial decisions, setting your family up for a successful school journey. Instil some of these practices in your children and cultivate responsible financial habits from an early age. If you need more help with creating a financial plan for your child’s school journey, reach out to our team by simply clicking here.
