Do you want your children to have the best education possible? It’s easier said than done, especially with school expenses costing lots of money. But going to school is a necessary part of a child’s life, so it’s important you’re able to pay for uniforms, supplies, and school activities. You can do it with some careful planning, budgeting, and saving. Here are 10 tips on what you can do to save for your children’s education.
1. Work out how much you’ll need
How much money you’ll need will depend on how old your children are, the number of children you have, the school they go to, if they plan on going to college or university, and whether you’re saving for their primary, secondary, or tertiary education.
Generally, you’ll need to pay for the following things:
- School uniforms.
- School trips and camps.
- Supplies like stationery, textbooks, and laptops.
- Tuition and union fees.
- Extracurricular fees for activities like sports and band.
- Transport costs.
- Internet costs.
You should contact the school, college, or university your children attend or will attend in the future to find out how much each of these cost so you know how much money to save.
2. Make a budget
Whether you’re about to become a first-time parent or you already have children, it’s best to start saving as soon as you can. When making your budget, include all expenses and determine how much you can set aside each week in savings. Then set up a direct debit from your everyday account and deduct a weekly amount into your savings. Look to increase the amount every year to keep up with inflation.
3. Know your savings and investment options
You can put your money into a savings account, term deposit, managed fund, shares, investment bond, or education fund to earn interest or income. You can also consider paying off your mortgage quickly or saving in an offset account against your home loan to save on interest and free up cash.
What’s more, you can open a savings account in your child’s name, hold investments or savings in the name of the parent earning the lower income, or set up a family trust to take advantage of lower marginal tax rates.
Before you choose any of these options, you should consider your financial situation and compare product fees, features, benefits, performance, risk, tax rates, contributions, and access to the money.
4. Make a plan for saving on supplies and uniforms
You can save on supplies and uniforms by reusing those that still work, are still in good condition, and still fit. On the other hand, you can ask friends and family members if they have extra supplies they can give you. For textbooks, borrow them from the school library or buy them second-hand. You could also see if your child’s school has a uniform exchange where you can buy second-hand uniforms.
If you need to buy certain items, you can get them cheaper at garage sales, thrift stores, office supply stores, dollar stores, warehouse stores, and consignment shops. Also shop during sales and use store coupons to save more.
5. Only pay for essentials
When going back-to-school shopping with your children, make sure you only pay for things that are essential. This could include uniforms, school bags, stationery, books, and laptops. If your children ask for anything that’s not on the school list, such as new clothes or lavishly decorated backpacks, say no. This’ll help you save money.
6. Reduce spending on sports activities and equipment
If your children want to play two sports activities after school, such as soccer and baseball, tell them to pick one. Not only will you save money, but your children will also be more focused and have more time for academics, friends, and family. As for sports equipment or musical instruments, buy or rent a used one.
7. Choose generic
Generic school supplies can save you plenty of money as you can get them for $1 or even less, depending on the item. Consider buying plain notebooks, folders, pencil cases, pens, and pencils. Also opt for generic brands as they’re less expensive than brand-name products without compromising on quality.
8. Consider shopping online
You can maximise your savings by shopping online for school uniforms and supplies. Stores like Target, Big W, Lowes, and Officeworks run back-to-school promotions with sales and discount offers. You can even take advantage of online store coupons, vouchers, deals, promo codes, and reward or loyalty programs. What’s more, some stores offer free shipping so you don’t have to pay extra to get the items delivered to your home.
9. Compare prices of products
It’s important to compare prices of products so you can save money by buying the cheaper alternative. If you’re shopping for supplies on Amazon, you can use camelcamelcamel to track price changes for specific products. You can also use apps like ShopSavvy to compare prices across different retailers. Simply scan the barcode of the product you want to buy and the app will show you if a lower price is available at another store.
10. Make saving money a family affair
Talk to your children about your savings plan so they understand the benefits of saving for their education. You could get them to do chores around the house and then give them some pocket money that they can deposit in a savings account. For older children, you can encourage them to get a casual or part-time job so they can earn and save money to help pay for their school supplies.
Need financial assistance?
Education is important, but it’s also expensive, so you should plan ahead of time and start saving early. This way, you can avoid financial hardship and secure your children’s educational future.
If you are currently short on money to pay for school uniforms or supplies, SRG Finance can assist you with a personal loan. Find out more about our products by contacting us today.
