It’s that time of year when sharpened pencils meet exam papers in pursuit of bigger dreams. But for some parents and their children, it marks the end of one academic journey, before they begin the next phase of their journey after the respite of summer. From PEP to CSEC, CAPE to university exams, students spend the months of May and June writing their future, one exam at a time. Whether your teen is gearing up for high school or getting ready to take on the exciting experiences and challenges of college life, this is the perfect time to start weaving smart money habits into their journey. From budgeting basics to long-term savings strategies, thoughtful financial planning discussions and learning opportunities now can make all the difference when it matters most. It is also time when parents begin to think about how they can prepare for the additional expenses that come with each phase of their children’s academic journey. Here we share some practical money tips backed by local insights that can help parents be ready to fund their children’s academic journey.

Understand the Costs Coming Your Way

A rough estimate can highlight that the cost of heading back to school isn’t exactly light on the wallet. For primary school, it can cost $60,000 or more, and preparatory school? The school fees alone are north of $100,000 per term. Then there is high school, where it doesn’t get much easier. Parents who sent their kids to preparatory schools often breathe a sigh of relief once it is done, thinking secondary school will be largely free. But while public high schools only require a contribution, the expenses don’t disappear — they just shift. Books for more subjects, uniforms, digital devices, transportation, and meals can quickly pile up and become a serious financial strain. Then there are the practical subjects like food and nutrition, art & craft, plus extracurriculars like tennis, cricket, or football. Each one comes with its price tag. And when university enters the picture, the price tag gets even higher. Tuition alone can range from $350,000 to over $1 million per year, and that’s not counting accommodation, supplies, or personal expenses. The bottom line? Early planning isn’t optional — it’s essential. The sooner you begin, the more prepared you’ll be to manage the true cost of education at every stage.

Set Up an Education Investment Fund as Early as Possible

Approach saving for your child’s education like preparing for an exam; you don’t cram the night before. By breaking down the costs at each stage and starting to contribute to an education plan each month, parents can start preparing financially from day one. Just as steady revision beats last-minute panic studying, even small, consistent monthly contributions can accumulate into significant amounts over time. It’s never too early to start preparing for this financial test. Let’s say you invest J$8,000 per month in a moderate-risk fund that earns a seven per cent annual return. In five years, that becomes J$572,743, and in 15 years, nearly $2.53 million. That’s more than enough to cover a full three or four years of university, or the full cost of high school books, exam fees, and extracurricular activities. Additionally, you can take advantage of tax-free plans like NCB’s Omni Educator to set savings goals and invest in their child’s education, putting your money where their future is. If you haven’t yet started, consider starting today.

Teach Budgeting Basics

Just as students learn to solve equations step by step, they should also learn to manage money as they grow through intentional lessons and activities. Match the steps you are taking to prepare financially by also using the opportunity to weave money management tips into your child’s academic pursuits. Whether they’re entering primary school, high school, or preparing for university, understanding the value of money is a foundational life skill. Start small: Get them involved in everyday budgeting, have them help plan a grocery trip, or compare prices on the shelves. It’s a simple way to teach smart choices and real-world trade-offs. If you can afford to give them their lunch money for the week or pocket money, and allow them to cover certain expenses and save. This gives them an opportunity to manage money. As they learn to balance schoolwork and extracurriculars, they should also be learning to balance income and expenses. These early lessons pay off — literally — when summer jobs or university work-and-travel programmes come into play. With good budgeting habits in place, students can learn to prioritise their spending, use earnings wisely to support school-related costs, and, most importantly, develop lifelong financial responsibility.

Build an Emergency Fund

School life is full of unexpected ‘pop quizzes’ like busted shoes, dress-up days, materials for projects, a sudden medical bill from a playground or some other school accident, class contributions, or even an exam retake fee at university. These expenses can strain any budget. Having an emergency fund of even J$30,000 to J$50,000 set aside can bring some peace of mind. That peace of mind can also generate returns if you invest in money market funds or other short-term investments that offer better returns than savings accounts but still allow fast access to cash when needed.

Give Graduation Gifts That Grow

Instead of the usual gadgets or fashion items, why not give gifts that actually pass the ultimate test; that is, they grow in value over time? Think of it like investing in their “financial report card”. Give early milestone gifts that mature into valuable assets over time for birthdays, academic achievements, or big life moments. A small start, like opening an equity unit trust fund in your child’s name with as little as J$50,000 or buying shares in companies with strong fundamentals and favourable growth prospects can give them a head start. Cash gifts at graduation go a long way as they can help to ease the financial burden for the next chapter. Another smart move? Topping up an existing investment fund when you get your bonus or other lump sum to help ease the cost of future tuition. For a gift that adds lifelong value, consider giving a financial literacy book or enrolling them in a workshop to build essential money management skills early. While some of these gifts might not make the honour roll today, with compound growth working like a tutor behind the scenes, they’ll help your child to graduate into financial security.

Exam season is more than just tests and report cards. It’s a time of transition for students and parents alike. Whether your child is moving from primary to high school, or from high school to university, one thing is clear: Financial planning should walk hand-in-hand with academic preparation. This season of change offers the perfect moment to reset, refocus, and prepare not just for the next school year but for the long road ahead. By embracing smart money habits, whether through saving, investing, or teaching budgeting basics, you’re building a foundation for your child’s future independence. So, let this exam season mark more than the end of classes. Let it be a commitment to empowerment, security, and long-term financial confidence.

Talk to an NCB Capital Markets Limited advisor or contact us at ncbcapinfo@jncb.com or 876-960-7108. We are here to help you make smart, simple investment decisions, no matter where you are on your journey.

This article is for informational purposes only and does not constitute financial advice. Investors should speak with a licensed advisor before making any investment decisions.

Dr Karrian Hepburn Malcolm, Head — Wealth Management, National Commercial Bank Jamaica Limited (StudioCraft)