As the back-to-school countdown begins and families face mounting educational costs, parents and guardians are being urged to pair smart financial planning with structured savings tools to stay ahead of school-related expenses throughout the year.
“By planning ahead and saving consistently, families can be better prepared to face each school term,” said Shanae Morris, assistant manager of partnerships and engagement in the JN Bank Youth Banking Unit. “You have to think beyond the first day of school. Embracing a culture of thrift and careful planning is essential for managing school costs and teaching our children the financial values that will support their success in school and beyond.”
Mrs Morris said even though time is limited to fully leverage a tool, such as the JN Bank Partna Plan, for the start of the upcoming academic year, the plan remains a valuable tool for managing the financial demands of the entire school year.
The Partna Plan is a short-term, interest-bearing savings account that offers flexibility for families looking to save in a disciplined, manageable way. Families can start with as little as J$1,000 and contribute weekly, fortnightly, or monthly over savings periods ranging from 16 to 48 weeks. Interest is paid at maturity and with options for automatic deductions, through salary or standing orders, savers can automate their savings habit and avoid using funds meant for other expenses.
One can conveniently open their account via the ONE JN Passport app on their smart phones or other mobile devices, which means they do not have to visit a JN Bank branch, unless they prefer to. The ONE JN Passport app can be downloaded from the Google Play Store for Android users or the App Store for Apple users.
“Even with the new academic year fast approaching, there is still time to start a Plan to get ahead of expenses that will arise later in the school year like homework supplies, exam fees and even the next round of tuition payments,” she said.
“By tapping into this tool, families can start saving early and build momentum to support the costs of schooling. It’s a simple, interest-bearing savings option that fits their cash flow while helping to create a financial cushion for current expenses and beyond,” she added.
Mrs Morris also shared that the Partna Plan invites parents and guardians to involve children in the savings process, to help reinforce critical life skills like goal setting and the importance of delaying instant gratification.
“Involve the kids by showing them the Partna Plan balance, which is fully accessible via our JN Bank LIVE online banking platform. Just like a transparent savings jar, this visual feedback can help them see how savings grow over time and teach them early on the rewards of patience, persistence and strategic planning.”
Emphasising the importance of also involving children in budgeting and shopping decisions to build their financial awareness, she encouraged parents to “make back-to-school preparation a learning experience.”
“Compare prices together, and if your child saves towards an item, let them decide whether to spend it now or invest it in the Partna Plan,” she added. “It’s a powerful way to teach real-life money choices.”
As part of a smart back-to-school approach Mrs Morris also encouraged parents and guardians to shop around and take advantage of discounts and promotions.
She also recommended reusing books and uniforms where possible, swapping supplies with other family members and investing in durable items that last throughout the school year. Careful meal planning, she added, can also help ease ongoing expenses.
“By integrating smart financial planning with tools like the JN Bank Partna Plan and engaging children in real financial choices, families can better tackle school-year costs and cultivate financial confidence, budgeting discipline and responsible money habits that will positively impact the children for life,” Mrs Morris maintained.
