Nothing is quite as painful as receiving a huge bill when times are already tough for you financially. This is especially true when it is for your child’s education or your own school fees. However, with the hot tips below, you won’t have to wonder how to afford school fees.
No matter how efficient you are with your finances, bills can always appear out of nowhere. If you’re struggling to make ends meet or afford school fees, worry no more. We are always happy to help.
How to Afford School Fees
If you’ve been wondering how to afford school fees this year, just know it is possible. All you need to do is follow all of the tips below and you will be ready to go! There are also plenty of personal loan options out there to help you out if it comes down to it.
Read below to find out more.
1. Save, Save, Save
If you know that you can afford the fees, make sure you put the money aside. This way, you won’t be stressed out when you’re hit with an unexpected bill. You should create a fee-free bank account solely for school fees.
Then you won’t have to worry about the cash being put somewhere else or used. Transfer a weekly, fortnightly, or monthly amount from your wages straight after you get paid. For example, if you receive a $7,500 bill every quarter, you need to put away $2,500 per month starting three months before the first bill.
It is essentially your own payment plan and how to afford school fees easily.
2. Ask for a Payment Plan Arrangement
Many schools allow payment plans. They understand that school fees can amount to a lot. That is why you should ask for a payment plan if you think it could suit your needs.
Your school may be open to discussing payment plans as they’ve become less strict since COVID-19. Some have even tried to reduce their fees during this hard time. While it may cost more in the long run, it will be easier for you upfront.
3. Decrease Spending Elsewhere
We all have times when all the expenses seem to come in at once. It seems to always happen at the very worst times. If you’re struggling to make your payments for school fees, try to change payment arrangements.
This is how to afford school fees in the easiest way. You should also try to cut back on unnecessary things that cost you a lot. This can include clothes shopping, coffee, eating out, and trips that cost you a lot of fuel.
4. Get Another Job
Sometimes, although this option isn’t overly desirable, it is necessary. Often, parents will work two jobs in order to afford the fees for their kids to attend school. While it isn’t overly great, it is a great way to afford the essentials.
Even if it is only for a few months, it can help you reduce your stress over how to afford school fees. However, if this isn’t an option, there is a last resort that you can consider.
5. Payment In-Kind
A lot of schools try to support businesses owned by students’ families. They tend to do this by using their paid services throughout the year. For example, event hire services often get used and the school offsets the price of the child attending the school.
If you have a business that offers services that may benefit the school, you may be able to propose this sort of plan.
6. Use Your Debt
This option will only work if you are able to pay off the debt before interest is charged. It isn’t something you should think about if you can’t pay later. It is something you have to be very logical about before you jump into it.
It can be a very quick way to land yourself in hot water if you are unable to pay. If you are confident that your income is stable, you can try your credit card. However, you will need to pay off the credit card before the interest-free period ends.
This should most certainly be a last resort. You want to try everything possible before you opt for this option.
The Bottom Line of How to Afford School Fees
If school fees are stressing you out, the options above are absolutely wonderful. However, if they don’t suit you, you can also consider taking out a personal loan that can help to tie you over until the next term. If you think a personal loan is a good option, speak to NSW Mortgage Corp today.