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Wednesday, October 13, 2021

Tips on How to Manage Your Child's School Expenses

School Year 2021-22 has already started and students are on their second year of online classes. As much as it is exciting for the students, some parents may feel anxious about tuition fees and other school expenses due to the uncertainty brought about by the pandemic.

Here are some tips on how to best manage your child's school expenses:

Save a portion of your monthly income for your child's education. Now that you have an idea of how much you should be shelling out per school year, you can plan how much per month you need to allot from your income and contribute to the school fund. 

Negotiate the payment schedule with the school. Talk to the school about paying in installments fitting to your current financial situation. Just be mindful of the interest rates of the school's payment programs, especially for longer paying terms. 

Review the tuition fee inclusions. Tuition fees may already include essentials like books and supplies, which you can purchase outside the school to help reduce the total amount. An example would be secondhand books which can be sourced from mom groups which sell their children's pre-used books at lower prices. 

Partner with a bank that provides installment options at low interest rates. A bank can become your reliable payment partner for high, long-term dues- and what could be a greater priority than your child's education, right?

EastWest Credit Card's Tuition Installment Facility gives cardholders the option to reimburse tuition fee transactions and repay them in fixed monthly installments through their credit card. With a minimum of P10k, the transaction amount can be paid in easy and flexible installment terms of 3,6,9,12,18,24, and 36 months with monthly add-on rates of as low as 1.00%.

"The country's current situation brings about a lot of financial uncertainty, so it's vital for us to plan ahead especially for big-ticket expenses such as the tuition fees of our children," said Mia Tamayo, EastWest FVP & Head of Credit Cards and Business Governance. "EastWest helps our customers do just that- stay in control of specific priorities such as their children's education through our products. Hearing about the positive impact these have made on their lives fuels us to level up our services even more."

EastWest Credit Card Tuition Installment Facility promo is until December 31, 2021. It is open to all active EastWest credit card holders in good credit standing. 


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