As the back-to-school season approaches, so do the mounting expenses that come with it. In addition to the rising costs of everyday necessities, households now have the burden of shouldering additional financial responsibilities.
With the five-year moratorium imposed by the Commission on Higher Education coming to an end, several educational institutions are expected to raise their tuition and miscellaneous fees by 3% to 10% for the upcoming school year.
In a country where the annual cost of higher education can reach up to P150,000, affordability remains the primary barrier to education. While public schools and state universities don’t charge tuition, families in the Philippines must consider other expenses throughout the school year, including food, school uniforms, books, supplies, and transportation.
To assist resourceful parents and breadwinners who are working tirelessly to prepare for the school opening, mobile wallet GCash shares ways to manage school-related expenses throughout the year:
Declutter and Reuse
Take a moment to assess the school supplies you purchased in bulk last year. How many of these items are still untouched and stored away in drawers and cabinets? Set aside time for a thorough spring cleaning to gather all the items you already possess and determine their condition. Pens that still work and notebooks with blank pages can be reused or repurposed. Even old books and outgrown uniforms can be sold through relevant Facebook groups and online selling platforms to generate some extra income.
Plan your family’s meals for an entire week and create a shopping list based on your plan. This approach will help you stay within budget and avoid the mental strain of deciding what to eat each day. Additionally, it will prevent unplanned expenses from food deliveries, dining out, or making additional trips to the grocery store.
You may be surprised by how quickly small, seemingly insignificant purchases can accumulate over time. By tracking your expenses, you can gain a clear understanding of your spending habits. Whether you choose to use a spreadsheet, a journal, or a dedicated app, maintaining a record of your expenses will enable you to identify areas where you can cut back and allocate those savings toward school-related expenses.
While sales and promotions may tempt you to opt for the cheapest school items available, it’s crucial to prioritize quality, especially for items that will be used daily, such as school shoes and lunch boxes. While these items may have a higher upfront cost, investing in durable, long-lasting products will save you from frequent repairs or replacements in the coming months.
Explore Flexible Loans
Every parent desires the best educational experience for their children, but the multitude of expenses, including tuition, school supplies, transportation costs, and extracurricular activities, can pose a challenge. If you find yourself short on cash to cover all these expenses, there are options available to alleviate the financial strain without adding more pressure to an already stressful situation. Consider utilizing flexible personal loan products like GLoan, offered by GCash, which provides convenient payment terms to suit your needs.
With GLoan, achieving your back-to-school goals becomes more accessible, as you can receive up to P125,000 directly to your wallet, which can be utilized for various school-related expenses. GLoan can help you finance tuition fees, secure transportation services, purchase new school uniforms, and acquire books and stationery.
Eligible GCash users can borrow amounts ranging from P1,000 to P125,000, with competitive interest rates as low as 1.59% per month. With affordable monthly payments starting as low as P265 for 5-24 months, you can manage your budget effectively. Unexpected expenses like field trips or unanticipated school projects no longer have to be missed opportunities. If you meet the eligibility criteria, instant approval is available without the need for additional documents. Upon approval, your loan will be swiftly transferred to your GCash wallet.
To access GLoan, navigate to your GCash dashboard or locate it under the “Borrow” section. If you haven’t yet registered with GCash, you can download the GCash App from the Apple App Store, Google Play Store, or Huawei App Gallery. You have the power to take control of your finances with GCash.