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Wednesday, August 10, 2022

Are You Prepared for Your Child's Back-to-School Expenses This Year?

As the world moves back to what it was before (pre-pandemic), face-to-face classes are going to be in fashion again, and that means that expenses will double again like tuition fees, school supplies, transportation and meals, among others. For parents and guardians, financial planning is the key in ensuring that these are all well taken cared of. 

The first thing you can do is review the expenses from the previous school year and determine how they might be similar or different this coming year. The transition from virtual learning to a face-to-face or hybrid setup might be the biggest adjustment. Use this as an initial basis to estimate this year's expenses and corresponding budget. 

Second, factor in the supplies which the school requires the students to have such as books and laptops. Check which basic supplies you might already have in the house to cut costs. 

Third, set a budget for your child's allowance, which is normally used for lunch, snacks, and miscellaneous fees. Teach them the concept of financial responsibility and independence, which can include their own proper budgeting, wise spending, and consistent saving. 

Fourth, plan your child's transportation to and from the school, whether it will be via your own vehicle, the school bus, or other means. Consider the daily expenses and amount of time it will incur. 

Fifth, anticipate additional expenses which might crop up through educational field trips or extracurricular activities. These are beneficial to your child's well-roundedness and development but be on the lookout for some activities which have little to no additional fees. 

Sixth, plan how to settle your child's tuition fee for the year. Save a portion of your monthly income for their education. Negotiate the payment schedule with the school. Partner with a well-established bank which can help manage high, long-term dues. 

Universal bank EastWest offers its Personal Loan service, which lets customer borrow anywhere from P25K to P2M for any financing need they might have. They can also experience lighter monthly installment payments to help them better manage their cash flow, with available financing terms of 12, 18, 24, and 36 months at competitive interests rates. 

Tuition fees and school expenses do not need to be daunting when you have a reliable bank partner to help you manage them. Avail of this compelling offer from EastWest today. 


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