Parents and children all around are gearing up for the recommencement of the new school term. Students getting in the frame of mind for meeting new classmates, new teachers, or a new school environment whilst parents navigating financial waters that comes with allowing their children to realize their educational pursuits. Many parents must now rethink how they will finance back-to-school expenses based on the general rise in prices (Inflation). It should be noted however, that inflation is not the only problem that parents will face this year, nor is it the only reason prices are rising. According to Farnoosh Torabi, editor-at-large for CNET Money “In addition to rising costs, some problems that consumers might be facing are shortages of products in stores or being backlogged, along with getting online orders shipped in time before school starts,”.
There is a general supply chain shortages and high consumer demand have been affecting online delivery speed and product availability in stores, and this issue will likely continue to impact the retail industry moving forward. This has been quite evident in Jamaica. Some back-to-school expenses include but not limited to paying of tuition fees, purchasing books, uniforms, and school supplies. Here are some considerations for prudent financial back to school decision making: –
- Ascertain from your child’s school if there are tuition fee interest free payment options. You may consider this option allowing greater cash flow flexibility.
- Scholarship and grants are options for funding of back-to-school expenses. These are monetary awards based on academic performance, or other special criteria but more importantly no repayment once you satisfy the requirements.
- Parents should shop around when purchasing textbooks to research and compare prices at various bookstore. Additionally, parents may ask friends and relatives to help them source used textbooks; do book swapping programme and participate in schoolbook rental facilities.
- Carefully review items like lunch kits, school bags, shoes, and igloos to see if they can be reused considering they were cared properly. Also, one may consider wearing uniforms if child may not have outgrown same over the summer.
- Purchase bare minimum for school. This is important especially for parents whose incomes have been affected. Consider buying the bare minimum for the start of the school year. Instead of shopping for the entire school year as you would have done in the past, just get what’s needed to start school and as time progress purchase more items.
Let us be very prayerful and exercise wise financial decision -making during this period as we embark on a new school term.