Johannesburg
- The new school term is looming and with many consumers overspending during
the festive season, buying school necessities such as stationery and clothes
can be stressful.
“Preparing
for the new school year may be daunting for parents who have overspent over the
festive season,” says Eunice Sibiya, Head of Consumer Education at FNB.
“Making
financially smart decisions when preparing for the new school term can help you
get through the tough month of January.”
Don’t automatically buy everything
new
The start
of a school year doesn’t necessarily mean buying everything brand new.
“Rather
than heading straight to the store, go through all the stationery and school
uniforms you still have at home,” says Sibiya. “Take time to go through all the
left over items from the last school year such as files that can be recovered
and reused, pencils, pens and rulers as well as school bags and last year’s
lunch boxes that may just need a good wash.”
Once you
have gone through your items to see what can be reused, chat to other parents
and find out if they have any school items that they don’t need, or would
consider swopping items.
Purchase school supplies smartly
Rather than
buying school supplies all in one go, consider spacing it out during the year.
Not only will it help parents get through the difficult January month, but it
can also give parents the opportunity to make use of deals throughout the year.
“Online
platforms usually have a wide variety of items such as stationary online, where
you can choose the most cost effective options,” says Sibiya. “Shopping online
also prevents impulse buying as it is easier to stick to a list.”
Don’t forget those rewards and
vouchers
This is the
perfect time to max out any rewards programmes you may subscribe to.
Use rewards
programmes to purchase discounted vouchers for various retailers.
Alternatively,
if you have unused gift vouchers lying around, make them work for you by
cutting down on your school supply spending.
Plan ahead for the rest of the
year
Don’t be
short sighted when it comes to the school year and finances. Request the school
calendar and start a budget now to avoid last minute costs.
“Plan for
additional spending that is required around a sporting season, school tours and
school activity expenses such as a Valentines Ball or Matric dance,” says
Sibiya.
Based on
this, decide on an amount that can be set up as a scheduled transfer to your
savings account at the beginning of each month. On top of having peace of mind
that there are funds available, your money will also grow, thanks to compound
interest.
“There is
no reason to be caught off-guard when it comes to the expenses that seem small
relative big expenses such as school fees. A bit of budgeting and smart savings
techniques such as the above can go a long way,” notes Sibiya.
BUSINESS REPORT