Parenthood comes with many blessings but most importantly it comes with a ton of excruciating responsibilities. On chief type of such responsibilities would be the financial worries. It starts right with the conception and continues till college and at times even after that. Let us primarily discuss how parents can budget up their expenses in the years that they send their children to school. Best 5 budgeting tips for school going children’s parents are :
Go for a flexible budget
Let us get one thing clear, your budget, no matter how much you try, can remain rigid. You will have to make changes in it. That is why we advice you keep a flexible budget right from the very start. For example, if you know you have to buy project files and papers and set of pencils and erasers, all this might come to US $ 15 total, but count an extra US $ 5 in case of emergency. This way, even if it goes up to say US $ 18, it won’t upset your expenditure plan. This works best in case of an annual expenditure list. Say you know you will be spending a total of US $ 350 a year on stationery; keep aside US $ 500 for it.
Make the budget in front of your child
Children, once they are young adults, must know the financial situation of their families and how much the family is investing in his/her future. This way not only will he/she try to make the best out of the education he/she is receiving, but also try to cut down on silly expenditures. For example, a trip to the video store or mall might be one of window shopping instead of indulging in fruitless consumerism and getting something absolutely worthless.
This counts for the all and not just parents of school going kids. Try and keep the breakfast an amalgamation of variety of fruits. No matter how much the fruits cost, seasonal fruits will be cheaper, and it will be very beneficial to health. Plus, you will be surprised to calculate how much you save on cooking fuel and, definitely, time.
Be humble while accepting
You will always have some relatives and friends and neighbors whose children are senior to your kids. Try and get used books because, come on, the age of the book does not really take the knowledge away. It will help you save a considerable amount. If possible, get old projects and notes that will be an additional benefit.
Involve your child
Teach kids from the very beginning that the special Barbie, the new video game, or even the prom dress might not be sponsored by you. You may throw in some help but that is only if they show enough sincerity to save up and try and fund these, themselves.
Remember, your dear children will learn what they see you do.