Back to School: How to Budget for the New Academic Year as a Parent 

*Collaborative post

 

“Kids grow up quickly, don’t they?” 

A phrase that strikes fear and dread into the hearts of parents of school–age children nationwide. The uniform that was brand new six months ago fits no more, the same goes for the shoes and the coat. The pressure is on to get a backpack that garners respect in the playground, and you’ve just received a considerable list of books required for the upcoming year of study. 

The new school year costs money. There’s no getting around that, but you can look to organise your finances effectively to help you afford it.  

Here are three useful tips to help get your finances in order come September. 

Set aside a budget 

If the expenses of the new school year come as a surprise to you, then you’re definitely doing something wrong. One good thing about school costs is they are regular and predictable. You know what the end of summer means and should be prepared for it. This means planning ahead and setting aside a portion of your finances for a school budget. 

Whether that’s saving up little bits over time or putting a lump sum aside a month in advance, there’s no excuse for getting blindsided by school costs. Make a list of likely costs, get an idea of a total figure and adjust your budget accordingly to save any pre-school stresses. 

Think practically 

We all like to take a few shortcuts in the name of saving money, but when it comes to our kids’ schooling, sometimes these shortcuts are impossible. For example, sending your child to school on the first day in a blazer three sizes too big isn’t acceptable, nor is trying to get a few months more out of a pair of shoes that are bursting at the seams and causing pain to your child’s feet. 

There are, however, some sensible and practical measures you can take to limit your expenses. Uniform with a bit of extra room offers a bit more longevity, and there’s nothing wrong with buying good condition, second-hand textbooks. 

If you can resist the pleas of your child for designer labels and get away with buying own-brand shoes, you’ll find the growth of your child’s feet will often outpace the wear and tear of value footwear. Also, there’s absolutely nothing wrong with hand-me-downs. If there’s an older sibling whose clothes you can recycle or textbooks you can reuse, you can save a lot of money on your next child. 

Of course, don’t go sending your kids to school in faded, out–of–date uniform. If it’s in good condition and respectable, however, you’ve got yourself a big money saver. 

Spread the cost 

As mentioned above, September should come as no surprise. And, just because school starts then, it doesn’t mean you have to be whizzing round town like a whirlwind the weekend before trying to pick up everything at once. 

For the sake of keeping both your finances and sanity in a decent state, spreading the cost across a wider period is the best way to go. You might want to leave uniform purchases until close to the back-to-school date to account for any growth spurts, but there’s no reason to leave buying stationary, study books and other general equipment to the very last minute. 

This way, your costs don’t arrive all at once to dent your finances, and the arrival into the new school year will take on a much more leisurely feel. Buying for school is no different to buying for pretty much anything else — it makes sense to plan ahead. 

Follow these tips and you might just find the back end of the summer holidays a little easier than last year.