Consumer Corner: Back to school cost-saving tricks every parent needs to know

Pic: iStock

Here we go - the school year is about to kick off, and the rollercoaster ride is going to get real once again. 

The financial costs associated with back to school are immense. When we talk about things adding up, there’s little that compares to the adding up of school costs around this time of the year. 

Everything from socks to school bags to Pritt Sticks and pens - the struggle is real. 

Then you factor in the texts and emails that will come flying in from the endless list of activities that your child may be involved in and you are left with a financial mountain to climb.

This year, thankfully, parents have been granted some financial relief in the form of the newly implemented Government free book scheme. 

The scheme means school books and workbooks will now be essentially given on loan to students and must be returned at the end of the school year in good condition.

Free books are great, but there are many other costs that parents will also face. We know about the usual ways to save with back-to-school costs, such as buying items on sale or reusing last year’s lunchbox but what about some of the more unusual ways?

Marian Ryan, Director at Taxback, said that there are several potential tax-saving opportunities available to parents who are preparing for the back-to-school season which may help ease the financial burden of school-related expenses.

For anyone with children in primary school or secondary school, you may be eligible for the Back-to-School Clothing and Footwear Allowance (BTSCFA). 

This is a means-tested payment provided by the Department of Social Protection to assist with the cost of clothing and footwear for eligible students. 

Those eligible are children aged between four and 17 years of age, or those aged between 18 and 22 who are returning to full-time second-level education. 

The BSCFA paid for each eligible child aged four to 11 on the 30th September 2023 is €260 and €385 for each eligible child aged 12 to 22.

Parents of third-level students may also qualify for Tuition Fees Tax Relief. 

This relief allows eligible individuals, including parents funding the schooling, to claim tax relief on qualifying tuition fees paid for approved courses at qualifying institutions including undergraduate, postgraduate, and information technology and foreign language courses. 

The maximum amount of fees that can qualify for tuition tax relief is €7,000 per person, per course, per academic year.

“Always keep your receipts for fees paid for a minimum of six years as per Revenue’s requirement,” said Ryan.

Kevin Johnson, CEO of the Credit Union of Development suggests starting saving from when your child is a baby for their school fund.

He points out that back-to-school expenses are a yearly dread for many parents as the cost of uniforms, textbooks, and stationery can add up to a considerable bill each year.

“However, there are steps you can take to financially prepare yourself for the upcoming school year to ensure you do not find yourself unable to cope with this financial pressure.

“If possible, start saving for the next school year well in advance. It’s never too late to start saving, even putting aside €5 or €10 a week could make a big difference when the time comes. 

"This is particularly relevant for people who have just had a baby. While school might seem a lifetime away, the years roll around pretty fast, so starting to save when the child is still an infant can be a really good idea.”

Also, it is worth bearing in mind that not everything has to be brand new each year and if your school or friend group doesn’t already run a swap scheme for uniforms take it upon yourself to start the process. 

It could even be as simple as starting a WhatsApp group or contacting the school to see if you could manage this.

“Uniforms can be a considerable expense for parents so look out for uniform exchange programmes or second-hand options within your community. If your child has siblings, cousins, or friends who are a year or two ahead, it may be worth speaking with their parents about buying them at a low cost,” said Johnson.

Also with regard to transport, this can also be a financial burden for many parents especially now with fuel increases.

“Talk to neighbours who have school-going children in their households who may be interested in carpooling to save money. Also, it’s worth checking if there is a bus service under the Department of Education’s School Transport Scheme in your area, as if you are eligible for it, this could save you a lot of money on fuel for school runs,” he added.

Another tip is to create a list of items that you will need to replace over the year and buy in bulk if you see some good deals in September. These deals may not last but the requests for pencils, pens and Pritt Stick will keep coming all year round.