Let's face it. Aside from tuition fee, other expenses we need to prepare for when it comes to our little ones' schooling are the supplies and the activities that come within the school year. It's not always easy to set aside enough money to cover both, especially if we have several kids we need to send to school.
That's why we've put together three things you can do to save for these fees and expenses all-year round. Be sure to include these as you plan for your kids' educational funding requirements.
Focus on quality and durability
Purchase items in the best quality you can afford. Good quality products last longer and save you money in the long run.
Create a fund for extra school activities
Anticipate spending for various school projects and events. How convenient it would be to pull something out than scrounging your wallet at the last minute to cover the expense.
Let your mommy creative juices flow. Schools usually have calendar activities like Buwan ng Wika, Nutrition Month, UN Holiday, Halloween, and Christmas parties. It is beneficial to buy or prepare in advance since these costumes get expensive as the particular holiday approaches.
Ask the school how much next year's tuition will be, or estimate it based on previous years' assessment. Allocate a portion of your bonuses or windfalls for tuition fees and divide what else needs to be saved by 12. Start keeping that amount aside every month until tuition fee is due. Is it an advantage to pay in full at a discounted amount? If so, go for annual fees over monthly dues which could be nerve-wrecking to think of.
Managing the school expenses in our children's younger years may be easier because their needs are still manageable. Funding becomes a whole new challenge though, when they enter college. Cost of requirements can be significant—even prohibitive. For this phase, you may already need the help of a financial instrument on top of your regular deposit accounts. Consider Insular Life's Education Packages. Check it out in www.insularlife.com.ph/wseducation