What to prep for from 4 to 12 years old
How to know when a child should be sent to school already? A child who is showing signs of school readiness and interest in learning can be enrolled to pre-kinder programs for socialization and other basic skills. Private preschools in the metro offer programs that can go as steep as PhP100,000.
2. Enrichment lessons
Some of the more popular supplementary activities include music lessons, art workshops, and sports clinics such as swimming, basketball, soccer, etc. Swim lessons for young ones usually start at PhP5,000 for 10 sessions. Sending kids to enrichment classes can also be a good investment for parents.
3. College fund
With school tuition increasing every year, it’s a good idea to start planning for a college funding early. Creating a financial strategy for education will help parents identify issues and concerns when it comes to the income generating capacity of the family.
4. Needs and other expenses
Raising a child also means rising expenses. Clothes will be outgrown and food preferences will change. A child’s needs will be on top of household’s expenses for years to come. The need to have their own money or allowance will also pop up in the latter years of this stage. If a child is taught how to save up, he or she might be able to take care of some wants and needs using money from savings.
What to prep for from 13 to 18 years
1. Education and other school expenses
Public or private education? It all depends on the quality. In the Philippines, some public schools with a specialized science curriculum are on a par with other prestigious private schools when it comes to quality. Regardless of the choice, school years will always keep the budget up with small expenses such as PE uniforms, projects, field trips, social events, and more.
2. Electronics and other materials
Jumping on the electronics bandwagon is inevitable for children these days. Most schools are now utilizing the convenience of online learning portals, thus the need for personal computers, printers, and even tablet computers. It is best to help kids distinguish between wants and needs when talking about electronics purchases.
3. Road to adulthood
Learning how to drive a car is one way to introduce a teenager into adulthood. While responsible driving can be learned, accidents can still happen. But the good thing is, a parent can opt to add a teen driver to the car insurance policy, which also increases its premium.
With the list of budget considerations above, parents can now look into their preferences on upbringing and their child’s needs to be able to create a financial plan tailored to the family’s goals for the future.