3 Back-to-school Financial Tips for Parents

The start of every school year can be exciting. However, managing related expenses can also be tedious. To help you manage your finances this back-to-school season, especially if you’re pressed for time, here are three tips you can use to your advantage.

Start by jotting down all the things your kids need. Afterward, divide them into two groups:

a. Things you don’t necessarily have to buy again

• These may either be reusable or have been unused

b. Things that must be bought

• These items are either needed for a specific school year or have been consumed already

Here are some examples:

Expect that your kids' needs will become more specific, too, depending on their respective schools’ requirements, so it would help to research their activities further to better anticipate their necessities.

Promos are popular hacks for maximizing your budget, whether by getting more for less or making light payments on major expenses over a certain duration. The back-to-school season is one of those times during the year when different outlets, especially bookstores and department stores, offer sales due to high consumer demand.

One example is The SM Store, which offers a Buy Now, Pay Later zero-installment promo for BPI Credit Card holders and a chance to win SM gift certificates for BPI Debit Mastercard holders.

For other related promos, visit the BPI Promos page.

If you have subscribed to a brand’s loyalty program, the back-to-school period may be a good time to redeem rewards from your transactions. This lessens the chances of you spending cash to buy those schooling needs.

For instance, BPI Rewards members with 20,000 points can avail of a Php 1,000 voucher from Robinsons Department Store, which they can use to buy school supplies. Members with 50,000 points, meanwhile, can avail themselves of a Php 2,500 voucher from Fully Booked, which they can use to get books.

The rewards can be redeemed on the VYBE app.

Bonus tip

It is advised to save up for tuition months before the school year opens. However, if you don’t have that much time left, you can pay it in installments for up to 24 months instead of paying straight.

Managing finances for back-to-school expenses may be challenging, but there are ways to make things easier. All it takes is planning, a bit of research, and a fervent desire to give your young ones a bright future.