Conquering Back-To-School Expenses
Ding–a-ling-a-ling, the school bell will be ringing again soon and the summer fun will soon be over. “Are you financially ready for all the back-to-school expenses?” It is amazing how several “little costs” add up to a major expense, here is a budget template to help you: 1) capture your expenses accurately 2) have an accurate knowledge of the total cost and/ or 3) determine any shortfall you may have.
To calculate, add all the annual expenses and then divide your annual expenses by 3 or 12 to determine the cost per term or month, respectively.
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School –related Expenses |
Per Year |
Per Term |
Per Month |
|
Mandatory Fees |
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School Tuition |
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PTA/Co-curricular Fees |
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Lab Fees & Field Trips |
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Other (e.g. health insurance) |
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Total Mandatory Fees |
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Mandatory Supplies |
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School uniform (including shoes) |
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Sports Gears |
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Books and other stationary |
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School bag & lunch bag |
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Other school supplies |
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Total Supplies |
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Care & Food |
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Rent/ Room and Board |
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Aftercare service |
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Lunch money & snacks/groceries |
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Transportation |
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Other |
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Total Care & Food |
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Optional Expenses |
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Extra-curricular activities |
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Extra lessons |
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Class/ school social events e.g. trips, parties et al |
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Other e.g. Christmas Day gifts |
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Total Optional Expenses |
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One-off Expenses |
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Computer/ Tablet |
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Bed linen and furnishings |
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Appliances e.g. fridge, stove et al |
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Medical check-ups (dental, optical, physical) |
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Total One-off Expenses |
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GRAND TOTAL |
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Having determined the accurate cost for all your back-to-school expenses, you may feel overwhelmed, because you realise that you have a shortfall that needs to be filled now. JMMB has helped many parents, like you, with our JMMB Graduate loan, we can help you too. In a few days, you can have all the funds you need, with an affordable payback, as low as J$2,600 monthly, on a loan of J$100,000.
Some parents saved towards education using the JMMB Graduate investment and earned between 7.32% and 8.73% between May 2017 and June 2018. If you want to get started planning for next year, we can help you too, with JMMB Graduate investment solution; which is available in US$ and J$.
Do you need a JMMB Graduate loan, or do you need to start investing towards the years to come? Please call JMMB at (876) 998-5662 or text “EDUCATION” to (876) 822-5662 (JMMB).
Written by: Michelle Sinclair-Doyley, manager, client financial education, JMMB Group