Back to school? Back to (savings) basics        

With summer well underway (and long may it last), parents may already be thinking about the cost of back to school shopping. With the inevitable summer growth spurt, new uniforms will undoubtedly be needed, but so too will bags, lunch boxes, pencil cases (and stationary to put in them), shoes, books, and in some cases laptops. The list can go on – and the costs can quickly add up.

According to a recent survey, British parents are predicted to spend in excess of £1.4 billion on uniforms and stationery for their children, and an average £174.31 per child[1]. However, you don’t need to break the bank to make sure your child has everything they need when term starts.

1. Work out what you need – and what you already have - This is a great opportunity to help educate your child about money and savings, while ensuring that you don’t spend money on things you already own. Most schools will already have a recommended list on their websites, but if they don’t it’s always worth contacting the school directly. If possible, ask about any additional costs that might occur later in the year – for example seasonal sports equipment can often cause a budgeting issue if you’re not prepared.

2. Once you have a list - sit down with your child and work out what you already have, and what each item might cost. This will help them to understand the cost involved, and will also help them distinguish needs and wants. A new pencil case may seem like a necessity, but is it really?

3. Set a budget - Once you know what you need, set yourself a budget. While estimating costs for items, it’s worth considering what you might be able to buy later – spreading the cost over a few months can help remove any short-term money worries. With the hottest UK summer on record, you probably won’t need to look at buying a winter uniform for 1 September. You can set the budget with your child, and explain that if they really think they need a certain (non-essential) item then it needs to be paid for. Rewards can be linked to behaviour, or tasks around the house over the course of the summer, but it’s important that any budget exceptions are understood. It will give your child a sense of value when they earn the item they’ve worked for all summer, and stop any impulse purchases.

4. Look out for deals and shop around - By preparing your lists ahead of time, you can avoid the mad dash in the week before term starts and take the time to shop around. Most supermarkets will offer their own ranges of back to school uniforms and they can be great value for money. When we took a look, we found a full uniform for just £10!

5. Talk to other parents - Teamwork can help you reduce costs and save time. Talk to other parents and work out if you can arrange a supply swop. You might know where to get cheap pens, or have thousands of sheets of lined paper you bought on discount, while other parents might have several packs of pencils they would be willing to trade. Talk to friends and family who have school-aged children and see if they have extra supplies they’d be interested in trading. This can work for uniforms too. Children grow quickly, so items that have only been worn for a term and are destined for the back of the wardrobe could save you and other parents money.

6. Make it fun - Every other parent is going through the same back to school journey, so why not make it enjoyable for everyone? Arrange a “playdate” with your child’s friends, where they can decorate cheap plain school bags and pencil cases themselves. The adults can share the cost of the supplies, it keeps your kids busy for the day, and gives them back to school gear they will look after.