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Money Matters With Nimi: What Parents Need to Know Now that Schools Have Resumed

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Due to the pandemic, the educational sector has faced some of the most profound changes, and so many of our children have been homeschooled for months through online learning, radio, and television. 

With the new directive to reopen schools this month, many schools continue to maintain distance learning, but many others will reopen for physical classes. The government, school proprietors, teachers, parents, and the students themselves have been forced to innovate and create workable solutions. Education is a critical component that’ll help children realise their goals, and technology is key to fast-tracking our development as a nation

As physical schools begin to reopen, I hope we will merge the various forms of learning and not lose the life-changing skills that so many parents, teachers, and students have gained by embracing technology at this time.

Every new school year presents huge opportunities for children, along with some challenges for parents. The academic year comes with significant costs: school fees, uniforms, supplies, and all the paraphernalia that must be paid for. For most parents, particularly at this time with finances stretched and some job losses, it can be a huge challenge to prepare for children to go back to school. 

Here are some things to consider as you prepare for the new term:

Plan ahead

Ideally, parents and guardians should have started planning for the school year long before the resumption date. When you shop early, without the pressure of time, there’s no rush and you can take advantage of sales. When you wait until the last minute, most items will be at full price. This is probably the most expensive time to shop for the school year. If there are some items that your child doesn’t need right away, you can decide to wait for when unsold inventory is being sold at discounted prices.

Review the school list

The school supply list can be quite daunting, so go through the list critically and determine if your child really needs every single item there. Check to see what your child brought home at the end of the last term, you will be surprised to find that there are many items at home that can be used this term. That way, you can avoid wasting money or duplicating items. 

Make an inventory, it is important to keep track of what you’ve actually bought. Keep a list and give one to your child as they leave for school. Children should be accountable for their belongings and, at the end of each term, should be expected to bring them back home largely intact. Unpacking when they come home and ticking off the items that could still be used for the next term is a good idea. To encourage this habit, some parents give a small reward to children that respect, manage, and care for their personal possessions.

Prepare a budget 

Most people cannot afford to buy every single thing on the school list. How much money do you have to spend? Set out a budget for school supplies including school books, lunch, the school bus, uniforms, allowance, and so on. Shop with your list, prioritise, and stick to it.

Going through the school list with your child is an opportunity to teach some valuable money lessons. Talk through the difference between wants and needs. For instance, the standard trainers that the school recommends for PE can be compared with the much more fashionable high-end trainers that they would rather have. This provides strong lessons in costs, prioritising, and budgeting. It is also a good idea to go along with them for some of the shopping trips. 

Hand me downs 

Uniforms are essential and are a constant part of a school-shopping list. Every child would love to have a brand new uniform each year but where there are older siblings who attended the same school, it makes perfect sense to hand them down to a younger child if they are in good condition, even if you can afford to buy new ones. Some schools offer second-hand uniforms in perfect condition for a fraction of the cost but many Nigerian parents are embarrassed by this. Don’t be.

The booklist 

As children go through the same stages year on year, one can find second-hand books in good condition. When handing in your book list to the shop, request that they check for available second-hand alternatives in the correct edition listed on the book list. Talk to friends and relatives with children who have just completed the year above. So many parents find that they can do book swaps. Children should be taught to protect their books, so they can be used by others after them.

Buy in bulk 

Some people advocate buying school items, such as stationeries like pencils and notebook paper, in bulk. This can lead to waste so be careful. This technique is most effective for households with multiple students. For single-child families, consider doubling up with others for extra savings on basic supplies. If you buy too much, they will get lost, lent out, given away, misplaced, or just never used. 

Buy quality over quantity

It is tempting to buy a cheap school bag, lunch box, or water bottle, but what may seem cost-effective now will fall apart in no time at all. It pays to spend more on good quality, sturdy items that will last for a long time. 

Quality and durability are key as opposed to being trendy or having the ‘latest’ version. Children face enormous peer pressure and when they start school and see that their friends are all using the latest version, they are embarrassed. It is important for parents to take the time to talk through these challenging issues as they seek to raise confident, well-adjusted children.

Send them to school healthy

Before your children go back to school, see to it that they are healthy and have had all their checkups: eyes, teeth, and general health, to avert any festering problems that could cause them to miss classes. The premium on a family medical and dental insurance plan is a small price to pay to ensure that have access to the best medical care. We all know packed lunches prepared at home are much healthier and cheaper than the fast food alternatives.

Coronavirus has not disappeared, but we must learn to live with it for the foreseeable future. While your child’s school is obliged to enforce the COVID-19 protocols, the onus is on you to ensure that they understand how to protect themselves and others by wearing face masks, washing their hands frequently, using sanitizers, social distancing, and sneezing or coughing responsibly. Without being healthy, they cannot learn effectively.

The most expensive school may not be the best

Today’s harsh economic climate has left thousands of parents struggling to pay for their children’s education. If your child is bright and talented, there may be opportunities for scholarships and bursaries, which should be explored. But where you have run your numbers, cut back on family expenses, even sold assets, and are still struggling to meet your obligations, it is time to have that serious conversation about withdrawing your child from a particular school and enrolling in a cheaper option. 

For many parents who are earning in Naira and have children schooling abroad, the exchange rate and availability of foreign exchange make it increasingly difficult to keep paying the fees. Be careful not to jeopardize your livelihood and retirement plans to pay exorbitant school fees at all costs. It will be worse for everyone if you go broke!

Whatever you decide, the key to successful educational planning is to plan ahead and take advantage of the various products available including long-term educational plans, investments in property, etc. Start to plan for your children’s education from the time that they are born. This gives you the advantage of time to plan and prepare effectively for this important obligation. Your child’s education is the greatest legacy you can leave them.

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Photo by August de Richelieu from Pexels

Nimi Akinkugbe has extensive experience in private wealth management. She seeks to empower people regarding their finances and offers frank, practical insights to create a greater awareness and understanding of personal finance. You can reach Nimi via the following: Email; [email protected] | Website: www.moneymatterswithnimi.com | Twitter: @MMWITHNIMI | Instagram: @MMWITHNIMI | Facebook: MoneyMatterswithNimi

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