At BankSA we know that our customers like to be in control of their financial management. Setting a family budget really can help you plan and keep track of where and how you spend your income.
Families with school aged children, for example, will know that the cost of education is a significant part of a family budget. Some of the major factors to incorporate into your family budget when raising children attending school are education expenses including additional schooling expenses, allowance costs, income changes and any government funded financial assistance you may be eligible for.
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The total cost of education is often overlooked when preparing a budget as many parents tend to focus on the annual school fees. Additional costs such as clothing, travel, sporting and musical equipment, books, stationary, computer and internet access, camps, excursions and private tuition classes need to be taken into consideration when planning for education expenses.
Of course, schooling is just part of the overall budget – there’s food, household running costs, holidays and so on to consider. BankSA has a handy budget planner tool that can help you get started.
