• July 17th, 2019
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Back-to-school financial stress

Maihapa Ndjavera

WINDHOEK – Most parents know that back-to-school is one of the most expensive times of the year, but it is estimated only half of parents make an effort to establish a back to school budget. Parents are well aware that that back-to-school shopping poses a financial burden on their families. A whopping percentage of parents spoken to claim that getting kids ready for a new year of classes leaves them with serious anxiety and shopping for necessary school items is the worst cause.

With back-to-school period upon our heads, parents are ticking off their “to-do” lists as they prepare to usher their kids towards the school gates. While parents might be relieved that teachers are taking their kids off their hands after the summer, back-to-school time comes with plenty of its own stresses. Parents even said they have lost sleep over the financial strain of shopping of back-to-school.

“Kids get panicky about getting a certain item, they feel the pressure to show up with the right equipment. But us parents feel the pressure too as we want to prepare the kid to succeed right from the start,” said one parent.

Some of these parents gave advice to others such as one of creating a budget and planning. “Do an inventory check before schools close, before the school shoes get kicked under the bed for the holidays, check to see if there is another term in them. It is probably a good idea to do this with the entire uniform, school bag, stationary and any other essentials. Knowing what needs to be replaced allows you to plan for it, rather than having to find the money for a new blazer the day before school starts. Try to buy as much as you can as early as possible,” advised a concerned parent. 

According to Elzita Beukes, FNB Communications Manager, education is costly and requires much thought and consideration. Without a proper savings strategy, she says, you could find yourself running around for that extra cash to pay for your child’s education.

Beukes advises that with the increasing education costs, parents should take it upon themselves to plan and save in advance. She implored parents to start saving now, adding that it is never too late to start saving. 

“Draw up a savings plan which is your blueprint to your savings journey and this plan should highlight your aims, objectives and goals for the year. Like a savings plan we need a budget. Budgeting may be a tedious activity but can help steer you away from unnecessary spending,” said Beukes. Lastly she urged parents to open a Savings Account or Unit Trust for children.  “Education is a must, and while school expenses are high, we should ensure that we save appropriately so that our children get the best possible education ever,” she concluded.

New Era Reporter
2019-01-17 09:41:34 5 months ago

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