Three months’ worth of short working days and long weekends is enough to make anyone forget what it feels like to go back to the regular work routine. As September comes back around, employees and students alike have a hard time getting their focus back on track. As duties slowly make their way back into their lives, expenses do as well.

Parents know this feeling well, especially when they have kids who are just going into school or university. As your kids’ schooling fees make their way into your bank account, you start thinking of the different ways in which you can keep some money aside. With the need for books, stationery, and some spare pocket money to have a bite in between classes, students are no strangers to excessive expenses. So, to have both you and your kids spending carefully in times of high costs.

Here are a few tips for parents about teaching their kids how to spend their money efficiently:


1. Have them make lists. 
Your kids need to differentiate between the items that they want and the items they need. Let them keep track of all their expenses so they know where their money is going. This way, they can be more careful on how and where they use their money.


2. Have them put a budget and stick to it.
Teach your kids to allocate a specific budget for the items they want. Having a budget sets a limit for your kids’ spending and helps them spend economically. Having a list sets priorities for their spending and makes them more aware of how much they should be spending on specific items.


3. Teach them how to keep money aside.
There are so many ways to save money, and your kids should know them. Encourage them to allocate a part of their allowance for savings. These savings can be used as backup money later, should the occasion arise. Money is valuable, and this is one of the ways in which you can get this message across to your kids.


4. Teach them alternative ways they can get books and stationery.
As any parent with a kid at school knows, textbooks are heavy on the wallet. Luckily for you, there are alternatives. Many book shops, usually around campuses, sell used books for cheap prices. If you want to save some money for other items, guide your kids towards buying these used books, or even lending the book from their friends. This is a guaranteed money saver for you and your kids.


5. Have them make use of offers on stationery.
As the school season comes back around, stationery shops all over the country provide offers on school equipment. Considering that for a lot of students buying stationery is a big part of their school preparation, being aware of all the offers and sales in supermarkets and shops can be a big money saver.


6. Always discuss what you’re willing to give.
Sit down with your kids and discuss the allowance you are willing to give them. Building clear channels of communication between you and your kids when it comes to saving and spending money wisely can make them value the money they are getting even more. By being transparent with your kids in these matters, you can both come to a common understanding of how and what the money should be spent on.

Welcome back to school!

 

BSL BANK
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