If you’re like most people, you probably receive a lot of text message spam.
You know, those SMS from unknown numbers asking if you’d like to buy a condo unit, or apply for a personal loan.
Recently, I received one that says, “Short on cash for your child’s tuition? Apply for a personal loan. No collateral. Flexible installment terms…”
That text message reminded me that it’s enrollment season once more. The time that most parents dread, because it means squeezing their budget again for the ever increasing cost of education.
Some parents will scrimp on their expenses, hoping to save some extra cash. Others will find ways to earn some income, either by doing freelance jobs, or selling stuff.
While a few parents (or is it most of them?) will resort to borrowing money from friends or relatives; applying for a personal loan from banks; or worse, pawning jewelry and going into debt with “5-6” loan sharks.
Fortunately, at least for most people I know, the money will eventually come, and they’ll get enough cash to pay for the enrollment fees and other school requirements. Whew!
After this financial ordeal, things usually go back to “normal”, and they get some breathing space and rest from worry – but only until the next school season and everything starts all over again.
If you find yourself experiencing this cycle, year-in and year-out, then there’s an urgent need for change in you and your household’s spending habits.
Doing something as simple as “paying yourself first” or following the often ignored formula “Expenses = Income – Savings” will greatly help. In fact, EWB CEO Tony Moncupa Jr even calls this the “formula to beat back-to-school money woes“.
Moreover, I suggest taking it one step further and, as the title of this post above says, make budget planning a habit.
Stop looking into your finances only when you have a big expense coming. Save yourself from all that stress and worry by being frugal and smart with your lifestyle all year round.
Millions of children will be back to school next week. And parents who passed the mid-term exams of the “school of life” will be rewarded with the sight of their child learning new things.
Are you one of them? If not, then the school of life starts today for you, and this is your first lesson.
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Photo credit: jesse
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