Parents of school-age children in Nigeria feel the pinch in their pockets at the beginning of every academic year, especially those in private schools.
From next month, parents will pay thousands of naira on purchases to get their wards ready to head back to school. Huge price tags on school items may take a big bite from budget if not properly planned.
Now is the time to plan and make your purchases before the September rush when most primary and post primary schools will re-open, or the October rush when most tertiary institutions will resume.
Here are some strategies you may adopt to keep back-to-school expenses under control.
Make a budget
Check what your wards already have. At times your old stocks come handy.
Then make a list of what you need to buy. This helps you figure out how much to spend.
Setting a cap before shopping keeps you from buying impulsively and from overspending.
Buy to save
Before going to buy, make inquiries about where best prices are available for the items. Scan shops and products to see if some retailers are offering some items at lower prices. There are shops where items are sold at relatively low prices. It is your duty to discover those shops.
If you shop online, you may save more money and enjoy the ease and comfort of having good quality items supplied to your home.
Avoid last minute shopping
Shop as early as possible to avoid buying at cut-throat price. In Nigeria, experience has shown that traders take advantage of customers who rush to buy seasonal items, whether back-to-school items or Christmas wears.
Market forces of demand and supply impact on prices either to the advantage of early or last minute shoppers.
For all the specific items, brands or models you need to buy for your children, you may have to contact school authorities or associates and start buying them before prices go up.
If your child’s school does not provide a shopping list, ask the teacher what items are absolutely necessary. This will help you to avoid wasting money on what your child does not need.
Some schools insist that purchases be made from their store or bookshop. If price difference is significant, choose the open market even if it means having to move your ward to a new school.
It is not advisable to lose your budget to school capitalist demands. Ours is a free economy.
Benefits of children’s bank account
Now is the time to explore the educational benefits of children’s bank accounts. Children’s account holders in some banks get educational packages.
• FirstBank’s children’s account, KidsFirst, has a standing order for tuition and other fees.
• Early Savers Account, a product of Access Bank, offers access to loans for school fees, among other benefits.
• Other banks have children’s account which may help parents and guardians cope with back-to-school expenses.