Sensitive customer data remained secure and initial assessment showed 'no widespread compromise', the top Indian insurer said
Parents usually spend almost Dh1,000 to get one child ready for school. Laura Rowley, author of the book Money and Happiness, says some parents can do it for half that amount by sticking to a back-to-school savings strategy. Below is a to-do checklist:
Do an inventory check
You can keep this standard excel sheet for future use. It will help you understand your available stock at all times. Have the trash bags handy for items that need to be discarded and for clothing you can donate to charity.
For most children, starting afresh every year is a motivational exercise. I suggest purchasing new school supplies, lunch boxes and backpacks. Backpacks and lunch boxes barely last for a year, so plan for a new one each time your child starts a new year. And remember, school supplies usually change each year, according to the grade and teacher preferences.
Set a budget
A good way to make sure you stay within your budget is to use the envelope system and put the cash you've allotted for each child into separate envelopes. This system has worked for me for the past 17 years. This allows fair distribution of wealth to all deserving expenses.
Another objective to keep cash in envelopes is to make kids understand budgeting. Even younger children know that once cash disappears from the envelope, no more money can be spent. Use this opportunity to teach older kids how to budget.
Make a list to buy
Use this as a checklist while shopping. You don't want to wander into a department store without a back-to-school saving strategy and watch your child fall in love with a back pack worth Dh500 and colour pencil set worth Dh100. Buying in bulk may not do the trick every time, especially if you have one child. Buy only what you can consume in a few months. Buying in bulk can be good for parents with three or more children.
Swap parties
I also recommend leaving the children at home for back-to-school shopping. That way, saving on back-to-school items can be a fun, social time for adults. You can pick up some bulk deals and share the stationery among your friends.
The writer is an entrepreneur and financial planning consultant. Views expressed are her own and do not reflect the newspaper's policies.
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