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If you’re the proud parent of a child starting university this year, congratulations! By now you've had many thoughts and emotions about how they'll cope with life and studies, and how you'll cope with paying for it; especially if they're moving out to a dormitory or flat.
Have you given much thought to how you’re going to kit out your child’s new home away from home? These things can be enough to drive your account balance into a panic. But take a breath; here are five tips to help furnish your child’s new digs without breaking the bank.
Hand-me-downs
If your house is stacked to the rafters with extra odds and ends, take a quick
inventory of the items you have around the home. Old back-up appliances can
find a useful second, if temporary, life in a student flat or digs. TIP: If you
have an aging kettle or toaster in the kitchen, get yourself the upgrade and
let the youngster take the old one. Let them think of it as "a reminder of
home".
Start putting a little extra aside
The best way to deal with any big expense is to save a lump sum of capital.
There’s no better way to avoid getting yourself into debt than having cash at
hand. Achieving this takes some planning and time, so it isn’t a quick fix. But
if you do need an immediate solution in order make large purchases, plan your
acquisitions from smallest (now) to largest (later) to allow your savings to
catch up.
Go thrift shopping
Consumers
nowadays are quick to rush out and purchase items out-of-the-box. Rather than
going to a shopping centre, why not do some research and buy items second-hand?
There are multiple websites, outlets and yard sales around South Africa where
you can find everything you might need for your child’s new digs. Remember,
nearly everything sold second-hand is negotiable, so go into the purchase with
a lower price in mind and barter.
Look to visit an auction house
These are not as popular here as they are in the USA, but there are good deals
to be had at auctions. Many auction lots around South Africa feature
repossessed items from businesses, so you might get large quantities of things
(lots of coffee cups, for example). The upside is that they’ll be in a good
condition for a fraction of the price. So remember to stick to your budget and
don’t be tempted to overbid on items.
Just rent the items
Rent-to-own (RTO) contracts are increasing in popularity and are an alternative
to credit agreements. RTO is a rental agreement, so no debt to deal with. A
local company that offers furniture, household appliances and electronics is
Teljoy. Extra bonuses of taking this route are, renting a television includes a
TV license, risk cover is included, installation and delivery are also part of
monthly fees. A big benefit is that you can cancel at any time, which can help
hugely if you are struggling to make payments. You won’t find yourself stuck
paying interest as you would on items you purchased on credit.
