There’s nothing more important to parents than securing their children’s future. That’s why investing in good education has always been their top priority. Why wouldn’t they? Not only will education enrich your child’s mind, but it also opens doors of opportunities for their personal growth.
But while parents want all the best for their children, having quality education can also come with a hefty price tag. With the TRAIN law in full speed and the rising inflation rate in the country, the real question is:
How much will it cost to send your child to school?
A school’s tuition fee takes the top spot in your child’s education expenses. For public schools, tuition for primary education is waived since it’s being subsidized by the government. Thanks to the Free Tuition Law, it has also been extended to state universities and colleges starting this school year 2018-2019. On the other hand, private schools vary in its fees depending on school type and location.
The cost figures you see are above are based on tuition fee cost guides here. Expect a 10% increase every year when allocating budget for your child’s tuition fees. That way, you and your savings account won’t be left in shock year after year.
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The tuition fees we indicated above are estimates (non-scientific) of what a typical middle-class Filipino family may likely pay. Most parents enroll their kids in toddler school or nursery before kindergarten, which is only a year. In college, the amount may vary depending on the number of units your child will take and how long he will be in college. The cost can go smaller if your child doesn't pursue a college degree. With the Department of Education's K to 12 program, your child can essentially go to work after his senior high school.
However, you are not yet done paying. While there’s tuition to pay every school year, a big chunk of your children’s expenses also goes to extracurricular activities. These may cover class funds, school supplies, and even field trips! It may sound extra, but it’s going to be really helpful when you factor this early in the budget.
Here's an infographic to give you an idea about some of the additional expenses you will incur throughout the school year.
Now that your child’s all set for the academic year, another critical thing to think through is how much baon your child should get every day (their fave part!). Although allowances are highly relative from one child to another, it’s always good to allow just enough to cover the basics like food and transportation.In deciding on the amount, here are some things you should consider:
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In deciding on the amount, here are some things you should consider:
A grade schooler’s baon is different from your college student’s allowance. Little kids usually can’t handle a large amount of money yet, so giving it daily would be the best way to go.
Length of school day
When you know what time your child’s daily schedule, it will be easier for you to allot money enough for a day’s activities. Do you have to give them lunch money tomorrow? Are they going on a field trip this weekend? Different events call for various expenses.
Since transport usually takes a big chunk of the daily expenses, it’s good to know the best route going to school. Would it be cheaper to take the school bus or is there a better option for the commute? Knowing these things can save you both time and money.
Raising a child can be really, really challenging and without question expensive. Eighteen years from now, you will need need a whopping Php2.4-2.8 million for four years of college. Once you become a parent, it's a must to become money-savvy.
Tuition cost guides to preschools and grade schools
Edukasyon.ph is the number 1 EdTech startup in the Philippines that helps senior high school and college students make better-informed decisions through a one-stop platform offering education options and advice. Students can search and apply for more than 13,000 schools locally and abroad, more than 20,000 tracks and courses, and 4,000 scholarships from foundations, private institutions, and government agencies. For more information, visit blog.edukasyon.ph.