Back to School Budget Busters

As I sit in my car in a long line of early morning traffic, I realize that the increase of cars on the road is a sign that the holidays are officially over and school is in full force.

For many parents the restart of school is a time to squeeze money out of an already tight budget in order to pay the expenses incurred at this time of the year.

These expenses derail their budget as along with their daily expenses they face the problem of paying school fees, providing lunch money, bus fare and school supplies to their children.

I read an article in The Gleaner dated January 8, 2013 that some schools were turning away students for unpaid fees. Article link http://jamaica-gleaner.com/gleaner/20130108/lead/lead3.html

While it is sad that the children will be adversely affected it also points to the unpreparedness of parents who might not have budgeted properly or who are experiencing financial stress.
In the same article, one school’s administrator complained that even when the parents sign agreements to pay the fees, they don’t honour them thereby rendering them useless.

So how can parents avoid falling into this debt trap?

The answer lies in being prepared.

Everyone is struggling right now to pay their bills and sometimes we try to skip out on those things we think we can get away with not paying on time or not at all. However, it is far better to put money aside in an account with long term goals such as fixed deposits where we can be sure it will be there when we need it. It is also wise to honour your agreements as that will encourage your debtors to trust your word.

The expense of buying school supplies can be alleviated if parents encourage their children to use their supplies sparingly and take care of their books so that they do not incur unnecessary fees for lost books. Finally, be creative by repairing and recycling books instead of continually buying new ones and wrap them to preserve them in good condition.
Don’t forget to send a packed lunch from home with your children as this can save money!

Drop a line to tell me how you coped with budget problems this year!

Tags: budget, save