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MOSSELBAAI NUUS - At this time of year, parents face the challenge of managing back-to-school expenses.
Gavyn Letley from specialist loans provider, DirectAxis, emphasises the importance of spreading out costs, rather than buying everything at once.
Here are Letley’s six tips to manage expenses:
Take an inventory
Check backpacks and pencil cases to find out what your children need, instead of what they want.
Many schools provide stationery lists: use these to ensure children don’t buy non-essentials.
Make a list
Prioritise by thinking about what your children will immediately need and what you can buy later. This way you can spread expenses.
Taking children shopping will teach them about costs and encourage them to take better care of school supplies and uniforms.
Build a budget
Unless a child is starting school or moving from primary to high school, you should have some idea of what you spent the year before.
By using this, you can estimate how much you’ll need to spend.
Involving children in drawing up the budget will help them understand money management and make it easier to say "no".
Score with second-hand items
Children grow out of uniforms.
Save on big budget items by checking if a school’s second-hand store has good quality items.
Prioritise what’s immediately necessary.
Seek sensible savings
Save on expensive items such as computers and sports equipment by checking for New Year sales and back-to-school specials.
Second-hand sports equipment may be a good option.
Before shopping, check the specifications of required technology, so you don’t buy gadgets that aren’t needed.
Set something aside
Inevitably, there’ll be expenses the school didn’t warn you about or you forgot.
If you can, set some money aside to cover unexpected costs.
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