06 Sep 2019

Back to school period: reduce your expenses!

September is here and so is back to school!
This year is different from all the others and the reason why is that Bank of Beirut will walk you through all the expenses from the start!
Here’s how to reduce your expenses.

1/ First, shop from home! 
Before heading to the bookstore and starting to pay, open your drawers and look for everything you’ve got. We’re sure you’ve got a lot of pencils, rulers, books, notebooks: we all relate to that.
Even the clothes, if you have an older son or daughter, the younger can use their clothes.
By doing so, you can reduce the expenses and at the same time you would have organized your drawers!
2/ Prepare the list
Now that you ruled out some of the stationary required, you can make a list of what the kids need. Beware, we all know that kids wish for all things new to go to school in an enthusiastic way, but you have to make the list to avoid all the unnecessary things. Even if you are tempted to get it to them, rationalize to avoid overspending.
3/ Shop… strategically
We all wait for the sales period right? So why don’t you make way for the same strategy to shop for school supplies. Get whatever they need for the beginning of the year and wait for the sales period and the upcoming salary to get the rest / the extras. Think ahead not only for the back to school period but for all year long in minimal expense.
4/ Focus on the quality not the brand!
The school bag is a statement for the kids. They want the bag of their dreams. But you know, you can go to the bookstore next to your house instead of big malls and expensive shops. And your kids will find THE bag they eyes laid on.
5/ Learn to say NO
It is normal for your kids to ask for more when you go to buy to school supplies, all things shiny to the girls and all things sporty to the boys.
But the challenge is to say NO. You have to, for two reasons, for one you teach your kids the value of money and two you teach how to draw the line between the excess and the enough.
It is always difficult for kids to adapt to coming back to school. We hope that with pieces of advice we made it easier for the parents to manage coming back to school! Stay up to date with our financial and social new articles and Good luck!