Back-to-school spending? Here are 4 tips to follow

In case you missed it, the upcoming 2024-2025 school year will begin this year on July 29 and end on April 15, 2025, marking a gradual return to the traditional school calendar spanning June and March (currently August and May) across the country.

With back-to-school season almost here, some families may still not be ready for the costs it inevitably brings. Tuition, supplies, uniforms, books—the list goes on! But don’t worry, here are some ways to make these educational expenses more affordable and within your budget:

Stay up to date with our back to school sales

Year after year, brands and stores have back-to-school sales that you should take advantage of, especially when it comes to school supplies, gadgets, and clothing. Keep up with promotions and discounts by following the social media pages of your favorite office and school supply stores and department stores. Online shopping platforms also offer these types of sales, so don’t miss them.

Reuse and repair

This tip works best for school bags, lunch boxes, water bottles, uniforms and school shoes. These are often the most expensive items on a back-to-school shopping list, so before buying a new one, check first to see if the one your child has is still in good condition or if it just needs a little fixing up to be as good as new. Otherwise, get the most value for your money by making sure your purchases are good quality and can be used for a long time.

Check out eligible scholarships

Many government agencies, private companies, and educational institutions offer scholarships and financial aid for both high school and college students. Each scholarship program has different eligibility requirements. Research which one is the best fit for your child and proceed with the application process.

However, with the school year starting in just a few weeks, applications for many scholarships may already be closed. Make sure to double-check! If this is the case, you can always apply in the next semester or academic year.

Consider applying for a short-term loan

The unexpected extra expenses caused by the change in the school calendar can be too much for some families. In that case, there are ways to get more funds in a timely and hassle-free manner. Online loan apps offer short-term personal loans that can be approved and disbursed in minutes, using just a smartphone.

AND report Tala, the world’s first fintech for the Global Majority, found that about 50% more loans are taken out for educational purposes during back-to-school months in the Philippines compared to the rest of the year. The average loan size is around PHP 5,000, which has increased in recent years, accounting for a quarter of the average monthly income.

Interestingly, 70% of these loans are taken out by women, most likely mothers and caregivers, like Eds, a single mother and long-time Tala user. She discovered Tala when she was looking for additional funds to cover her children’s tuition. At first, Eds was skeptical about whether she would be approved for the loan because of the lack of requirements, but she was pleasantly surprised to learn that all she needed to apply was a valid form of identification and a short questionnaire.

“It’s good that Tala trusted me. It’s like an answered prayer,” she said. Eds has since been able to increase her loan limits by paying them back on time, using the money to support her soap and kimchi businesses, which has allowed her to earn extra money for her family.

This back-to-school season, Tala celebrates the determination of parents to provide for their children’s educational needs despite difficult circumstances, rooted in the belief that education is the key to a successful future. By offering flexible, convenient online credit, Tala aims to partner with Filipino families in achieving their goals and unlocking life’s opportunities.

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This article is sponsored by Tala.