Boost your #BalikEskwela budget: How to conquer the new school year preparation game
Attention working students, parents, and breadwinners: Unleash your budgeting superpowers and conquer the back-to-school season like a pro.
While the official start of the school year 2023-2024 might not be happening soon, early registration has already begun. It’s the perfect time to plan and prepare on all fronts. Early registration offers a lot of financial advantages especially during inflation.
Inflation also affects the operational costs of educational institutions. With that, they may increase their tuition fees to keep up with expenses such as salaries for teachers, maintenance of facilities, utilities, etc. By registering early, you can lock in the current tuition rate and avoid potential increases that may occur later on.
Here are more reasons why early registration is beneficial for you and your family:
- Provides opportunity to plan and revise household budget. Knowing the exact cost of tuition fees in advance can help you prioritize and adjust fund allocation.
- Avoids inflated prices. You can save more money by buying school supplies, uniforms, and other educational stuff before any price hikes.
- Gives access to financial assistance. Once registered, you have more time to search and apply for scholarships or financial aid programs to secure more funds.
Most importantly, taking advantage of this early phase reduces financial worries and encourages you to focus on other important financial goals. In this blog, we’ll discuss how to prepare hassle-free #BalikEskwela.
Identify essential supplies
Start by assessing your needs for the new school year. Identify the essential school supplies required such as notebooks, pens, pencils, folders, and flash drives. Take inventory of the items you already have and make a list of the items you need to buy.
Create a budget plan
To avoid unnecessary financial stress, make a dedicated budget plan for #BalikEskwela expenses. Calculate the amount you are willing to spend on school expenses. Explore cost-saving hacks, like buying in bulk or taking advantage of sales.
Explore cost-saving options
Research cost-saving options available to you. Look for deals and discounts online, consider second-hand stores, or explore bargain stores for affordable school supplies. Borrowing or sharing items with classmates or friends can also reduce costs significantly.
Prioritize your expenses
Prioritize your expenses based on urgency and importance. Not all school items may be required right away. Rethink your list and postpone purchase if possible. This technique helps prevent overspending on non-essential items.
SAVii’s salary-linked products
As the preferred Salary Finance Platform, SAVii offers salary-linked products to boost financial confidence. Through our Tuition Fee and School Expenses salary loan programs, you can confidently build a stable and brighter future for yourself, your children, or family members. Reach out to your HR department or log in to your SAVii Employee Dashboard to learn more about these options.
The start of the school year may still be some time away, early registration is your chance to proactively prepare and reduce financial worries. For working students, parents, or breadwinners facing budgeting challenges, remember to explore financial assistance options and programs. Effective budgeting not only helps with educational expenses but also sets a foundation for achieving further financial goals.
Related article: Money-Saving Hacks for Back-to-School Shopping