Budgeting Hacks: How to Manage Your Kids' Back-to-School Expenses this Season

Taguig City, Philippines – With the new academic year just around the corner, most parents, especially moms, are gearing to ensure a smooth back-to-school season for their kids. This entails making sure that tuition fees and miscellaneous expenses are settled in time for the beginning of classes while providing everything they will need, including textbooks, pens, paper, uniforms, and even gadgets, to be equipped with the right tools for their school tasks.

However, the overall cost of these back-to-school needs can strain your finances, especially when you have a fixed monthly income. This is why it is crucial to manage your expenses properly. As this task can be quite challenging, here are some smart budgeting tips you can apply to avoid overspending in the upcoming school year.

These tips are provided by Home Credit, a leading consumer finance company.

 

Establish a list of school essentials, other important expenses

Creating a detailed list provides an overview of the essential items your kids will require and the fees you need to pay for the upcoming academic year. This allows you to prioritize what back-to-school needs should be taken care of first while not missing out on anything important.

 

Before finalizing your list, do not forget to check your kids’ school supplies from the previous school year. Once you determine which items can be reused this season, you can check them off to avoid unnecessary expenses.

 

Determine your budget

Now that you have a comprehensive list for the back-to-school season, you can start looking over or estimating the costs of everything your kids will need. From there, you can establish a realistic budget based on your financial capabilities. This allows you to better manage your finances and make informed shopping decisions.

 

Take advantage of deals, discounts

Sales and discounts can significantly reduce the total cost when you are shopping for supplies. Taking advantage of such offers will allow you to save more money without compromising the quality of the items. At this period, you can also buy in bulk so you will have a stock of school supplies to last the whole academic year, minimizing your kids’ school expenses in the long run. Additionally, this will enable you to stretch your budget further to purchase additional items for your kids or redirect the saved funds to other essential expenses at home.

 

The key to your back-to-school budget!

If you are looking for a convenient and reliable solution for your budget in preparation for the upcoming academic year, Home Credit has you covered, as it offers a back-to-school cash loan promo for its eligible customers until August 31, 2023.

 

By visiting the My Home Credit App, you can now easily apply for a cash loan anytime and anywhere. With just one minute of processing time, you can avail a minimum of PHP 3,000 up to PHP 150,000 loan amount to cover your kids’ expenses this season—be it tuition fees, school supplies, and more. You can also enjoy flexible payment options that range from 12 to 60 months and get up to five months of free installments if you are an eligible customer who pays on time.

 

You are qualified to get this promo if your account is active and in good credit standing during the offer period. You can also enjoy Home Credit's ongoing promotions even after participating in the back-to-school cash loan promo.

 

Grab this amazing offer while it lasts! Take advantage of Home Credit’s promo to ensure your kids are well-equipped to face the new school year without breaking the bank.

 

To know more about the latest updates from Home Credit Philippines, visit its official website, www.homecredit.ph. You may also follow its official Facebook, Instagram, and TikTok accounts. Customers are also encouraged to download the My Home Credit App on Google Play to learn more about the latest promos and see what’s new in the Marketplace. 

 

Home Credit Philippines is a financing company duly licensed and supervised by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP). 

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About Home Credit

Home Credit Philippines is the lifestyle partner of every Filipino, providing access to credit through fast, convenient, and affordable financing in more than 14,000 partner stores nationwide. The brand offers a wide range of products from smartphones and laptops, home appliances and furniture, bicycles and motorcycle accessories to electronics and hardware, sports equipment and many more – offered at low or 0% interest rates in easy monthly installments.

Nearing its 10th year in the Philippines, Home Credit has served close to 10 million Filipinos. Beyond installment financing and related insurance services, Home Credit also offers cash loans, a virtual spending limit named Qwarta, and a credit card for its existing qualified customers. With the My Home Credit app, Filipino customers are just a click away to get the products they want for an elevated lifestyle. More information on HCPH is available at www.homecredit.ph.

More information on HCPH is available at www.homecredit.ph.  

Be a Wise Spender this Holiday Season

You just got your much-awaited 13th month pay. You’re happy and very much eager to spend it on some
things you’ve been longing to do—or buy—a couple of months earlier.
But hold your horses! As with any other things in this world, money will also disappear and will simply go
to waste if you don’t spend it wisely. Temptations abound during the holidays so it’s best to think of
ways on how to use your precious 13th month pay efficiently and wisely. You don’t want to end up with
an empty wallet right after receiving your bonus, don’t you?
The Philippine Association of Legitimate Service Contractors (PALSCON), the country’s biggest group of
service contractors that have provided decent and quality work to many Filipinos, said many fall to their
impulses, especially those who will get their 13th month pay the first time. “It’s all about a bit of
planning, knowing priorities when it comes to spending. I’ve seen many of our employees who go
excited of becoming a ‘one-day millionaire’ once they lay their hands on their money, then feel sad once
all of it are gone and they’ll ask themselves ‘what happened there?’” explains Rhoda Caliwara, President
of PALSCON.
So it’s really best to sit down and think of what to do first with your bonus while it’s not yet with you,
says Caliwara. That way, you’ll have a clear mind of what to do and how to do it when it comes to
spending your hard-earned money. In short, plan.
The first thing to do is save, using part of the bounty as part of a savings fund that can hopefully earn
enough via time deposits or special investment funds. These funds can help through times when
spending on things such as tuition fee payments for the kids or even for a possible business venture.
You can also minimize your debt profile by paying them off, Caliwara said, though not really paying all of
it in one go. It’s best to pay it a bit so as not to accrue on interest. It works for those with credit cards
who pare down their expenses and at the same time pay their interest on time.

Aside from a possible business venture for those who may have an entrepreneurial mindset, allocating
part of the bonus for use in special investment instruments, real-estate or even a family or personal car can be options, but first check if going into these investment choices is feasible given your financial
capabilities. Evaluate. Assess. Rethink.
You can even save some of your bonus to build up emergency funds for unforeseen circumstances such
as medical emergencies, whether your own or a family member, house repairs after a storm or disaster, or even for fixing your car after a sudden breakdown. There can be lots of other things you can put your saved money to good use. As they say, you can never tell if and when an emergency happens so it’s best to be ready.

But most of all, don’t forget about yourself. You can save some as a personal treat after being hard at
work for a year and spending countless hours toiling in labor. You can never be accused of being a
spendthrift if you want to enjoy on some things and be pampered. Treat it as a reward so you won’t feel
deprived, more of a “me” time when it comes to your hard-earned money. You definitely deserve it.
“At PALSCON, we encourage our members to teach their employees the basics of financial literacy. It’s
hard to get a job these days and even harder to earn decent pay so teaching their employees about
spending wisely, especially during the holidays, is a good way of showing we care for our employees’
welfare. They should learn to preserve their riches for anything that can happen in the future. It’s all
about being prepared—and being wise,” explains Caliwara.

For more about PALSCON, visit www.palscon.org or go to their Facebook page,
www.facebook.com/palscon.ph or Twitter, www.twitter.com/palscon1987.