1 Life Insurance shares some helpful hints on how to prepare your finances for the 2016 school year and gives away a Truth About Money course to 3 lucky readers wanting to get their finances on track.
In between convincing your child to do their homework and fetching them on time for their extra mural activity, the cost of schooling may not be at the top of every parent’s mind – however, the cost of schooling can often be trying on the monthly budgets as you battle everything from supplies to school clothes for children that seem to grow faster every year.
Did you know that according to Stats SA the cost of education in South Africa rose by 9.3% in March 2015 compared to March last year, resulting in families having to make more room in their already-tight budgets to afford rising education costs.
In light of these rising costs, here are some helpful hints from 1Life to help you prepare for the 2016 school run:
- Start looking around for what your child needs
Use the last few months of the year to start looking around for school supplies that your child may need going into the new school year. Compare prices, opt for the more affordable options and include these into your monthly budget planning – even buy some of it now, to avoid having to fork out too much later, and all at once.
- Only buy brand new if you need to
While you may want your child to have brand new school supplies going into their new grade, do they really need a brand new school jersey? Always ask yourself this before purchasing school items. Speak to parents of children in higher grades than yours to see if they are prepared to hand their old clothes down, to free up some cash within your budget for other necessities.
- Try not to overspend during the festive season
Although it may be easy to get carried away during the festive season, getting lured into your favourite shops to buy your heart’s desire and spoil your loved ones – remember that your child’s education should remain a priority. Spend within your means and always make provision for extra things that pop up during the school year – school trips, cake and candy sales etc. Put away any additional money such as bonuses, or even part of your December salary away before the festive season gets into full swing – to make sure you have the money you need when the school run starts.
- Become money savvy this year, to help you for next year
Why not register for a money management and education course which will provide practical guidance on how to best manage your money. In fact, this can be done easily and for free through 1Life’s Truth About Money initiative.
Planning for the new school year ahead can be both expensive and stressful for parents – but it doesn’t have to be. Start putting effective financial measures in place as early as possible, both for the school run and the rest of the year, giving yourself the peace of mind that your child’s school needs are covered!
In fact, 1Life are giving away 3 Truth About Money online courses (each course valued at R1 500) to 3 lucky readers who would like to get their finances on track, not just for the January school run but for the rest of their lives.
Truth About Money gives South Africans the opportunity to learn about sound money management through a free 8-hour online financial education course. You are also able to take advantage of debt management should you currently feel overwhelmed by your existing debt as well as plan for your family’s future with will and estate planning.
To stand a chance of winning this life-changing financial literacy course follow the simple steps below:
- Like Tums 2 Tots Online on Facebook and share the competition
- Complete the entry form below
Click here to view our competition terms and conditions
*All entrants must reside in South Africa