DUBAI: With the summer vacation almost over and children preparing to head back to school, now is the time for parents to get their finances in order.
Without proper planning, the days ahead can be pretty tough on the wallet. Not just back to school essentials, parents have to also contend with rising tuition fees and extracurricular activity costs. The spiralling cost of education remains a major concern for almost 80 per cent of parents in the UAE, according to a study by Zurich Middle East.
The study showed that the cost of putting a child through pre-primary, primary and secondary school in the UAE comes up to an average of Dh528,486 When three years of university is included the costs goes up to Dh938,599.
Here are some practical tips by iBankIslamic – a consortium of Islamic banks in the UAE – to help parents tackle these expenses without breaking the bank.
List immediate expenses
Make a list of all educational expenses you will be incurring in the upcoming academic year.
Usually schools provide supply lists. They can help you compare prices of items, and avoid impulsive buying.
Parents may also sit with their children to distinguish between the expenses that need to be incurred immediately and those that can be deferred.
Plan future expenses
In addition to fixed expenses, parents must also factor additional costs (school trips, extra curricular activities, annual day events etc) in their annual budget.
Take a stock of resources
Look at what the child already has from the previous year. Chances are some supplies are in good condition and can be used again. Moreover, if children from the same household are in different grades recylcing an older sibling’s supplies can help cut costs.
Stock up for less on clearance sales
Look out for back to school sales, as this is the best time to stock up, especially on supplies that you will need to buy regularly. Don’t rush to buy items during the peak time, or just before school reopens. Towards the end of September a number of stores host clearance sales on school supplies. If there’s anything you missed buying now, there will be time to get it later.
Opt for financial aid
Personal finance, easy payment plans, cheque facilities, debit and cashbacks are among a raft of options to ease the burden of parents struggling with the cost of education.
Abu Dhabi Islamic Bank (ADIB) and Emirates Islamic, for instance, allow parents to pay school fees in easy instalments. The latter also offers a cash back on school and university spends made by credit cards.
Introduce your kids to money
Give some financial responsibility to your child. Allowing children to handle money can have a positive impact. Give them money and tell them they can buy their own stationery. This is a great way of creating the next generation of bargain hunters.
YouSpeak:
How are you coping with the rising cost of education?
Write to us at:
editor@xpress4me.com
Whatsapp: 056 508 9988
