SmartyPig

Finally, the kids have returned to school…and not before time! Keeping your kids entertained and amused for what seems like an eternity can be challenging but you’ve made it through another summer holiday.  Bravo.  And now that the fees are sorted, uniforms purchased and text books acquired, surely all the big school expenses are ticked off for another year.  Surely? Hate to be the bearer of bad tidings, but best you think again.  This, as they say in the classics, could be just the tip of the iceberg.

Now’s the time to start thinking about those unexpected expenses that will almost definitely creep up on you during the year.  The ones that make your mouth go dry as you stare in disbelief at yet another request that, inevitably, has a cost attached.  Like the school excursion.  If you’re lucky, the class will just be heading down the street to check out some icon of historical significance.  Perhaps it’s the school ski trip to another state.  Or heaven forbid, the French class is jetting of to Paris for an intensive few weeks embedded within the French culture. Mon Dieu!  How about the school formal?  If you’ve been keeping up with the Jones’, you’ll be well aware of the expectations of all those lovely young things who’ve got their hearts set on the perfect dress, shoes and hair.  And don’t forget the transportation….(did someone mention a stretch Hummer)?  Then there’s every parent’s nightmare, Schoolies Week.  Yes, before you know it, November will be here and you’ll be desperately seeking funds for airfares, accommodation and, well, let’s not think too much about it.  And who could forget the bond you may have to put up before Junior takes up residence in high-rise luxury on the Gold Coast for that must have, cannot miss week of partying.  And what about the costs of all those extra-curricular activities?  Whether it’s the maths tutor, swim squad, piano lessons or acting classes, it all adds up. And up. And up.

You’ve got to admit, having kids is an expensive exercise!  But there is a way to avoid some of those unexpected surprises throughout the school year by taking a little pre-emptive action now.  Do some research about what’s likely to crop up during school term and start planning now.  Search online or ask other parents and teachers for their experiences so you can get the big picture of what you might be up for and when.  Then draw up a budget and see what you can feasibly put aside on a regular basis, just to help lessen the financial blow when the time comes.

Finally, don’t think it’s all up to you.  This is a great chance to get the kids thinking about all things financial, what it takes to set a goal and start saving for it.    So whether it’s a new pair of footy boots in time for the season, a pair of designer shoes at Formal time or a trip to Schoolies Week, give your kids the opportunity to make a contribution.  They’ll get the satisfaction of knowing they saved hard for something they really wanted…and you won’t have to chip in as much!  See, everyone wins.

Until next time
Team SmartyPig.