Money Talks: Spread out school costs

Back to school costs can take their toll on your wallet but forward planning makes a difference

So it is that time of the year again and the new school year is suddenly upon us! Here are some of my top budgeting tips to save you both time and money.

Take stock of what you already have. Before you make your list, get your child to try on all their school clothes, you will be surprised by what still fits.

Parents often feel that they must buy a completely new school wardrobe every year but could in fact get away with spending a lot less by carrying out a careful stock take of existing supplies of not only school clothes but also sports gear and stationery.

Make a list and stick to it

Once you have identified the items you need, make a detailed shopping list, and set out a total budget. When you go shopping, stick to the list, and more importantly to the budget.

Spread the purchases out

Spreading your back-to-school purchases throughout the year can prevent a significant hit to your monthly budget at the end of summer which can be a significantly more expensive time of the year anyway in terms of vacation or staycation costs.

Budget for other costs

Many parents do not budget properly for the other costs that might crop up during the school year. Don’t forget the projects and assignments that will require special supplies, excursions, camps and sporting or music events. 

It is best to put extra funds aside for such items so that you do not find yourself scrambling to find the money when the time comes. If you set aside at least €200 or €300 as a separate budget for these and if you find you don’t spend it, then you will always have it to put against next year’s back-to-school costs.

Extra-curricular activities

These days, children have many extra-curricular activities some of which come with a high financial cost. If your budget realistically does not allow for your kids to participate in every after-school activity they’d like. Ask them to choose one or two that they really enjoy participating in. By limiting their choices, you allow them to focus on what they’re most interested in.

Get resourceful

Watch out for sales and promotions in the main retailers that sell school uniforms and shoes and hit those clearance rails. Several of the larger retailers have three for two sales during the year in the generic uniform items. If you find a good deal, stock up on bigger sizes for the following year. You can also co-ordinate with fellow parents and pay attention to offers of hand me downs or you could host a back-to-school used uniform and schoolbooks event. Also check if your school has a uniform or book exchange or rental programme which can reap huge savings.

Get the children involved

This is a good idea with older children who are insistent on having the expensive “must-have” gear returning to school. Assign them some household chores and errands so they can earn the money they need to purchase it themselves. This will really make them examine in a very real way how badly they want it.

Back-to-school can be hard on your finances but it’s possible to save money with some forward planning and shopping around. Try your best to put even a little amount aside each week for the next years back-to-school costs. Even saving €10 per week would put a huge dent in your expenditure in the coming year.