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School costs have skyrocketed however here is how savvy parents can ease the pressure on their financial pockets:
Set a spending limit
If you want to avoid back-to-school stress, setting a spending limit and creating a list of back-to-school supplies is essential.
This will also help you with being frugal with how you spend such as taking advantage of schools’ second-hand options for uniforms, avoiding doubling up on school stationery, limiting bought lunches to special occasions and ensuring that all items are labelled to avoid paying to replace lost items.
Save by not spending a penny
You may already have some of the items on the shopping list at hand. Look around your home before you go shopping.
Don’t be shy – get second-hand items
While some parents may cringe at purchasing second-hand items, buying second-hand items such as textbooks and uniforms can save you pounds.
Quality over quantity
Remember that the cheapest option won’t always be the best. Therefore focus on the quality of the item to make sure it has longevity so that it can last the whole year (and beyond).
Financial literacy for children
Take the back-to-school season as an opportunity to teach your children about the costs associated with back-to-school. You can show them how to budget, and save to establish good money habits for the future and even how to look after their items so that they last longer. You can read our blog on ‘teaching children about money’ here.
Start saving ahead of the back-to-school season
If you want to encourage the habit of saving with your child, this is a good chance to do it. Open a Junior Savers Account and agree on how much your child should aim to save each month and for how long. When it’s the next back-to-school season, work together on how they will spend the money.
Get financial help with Hertsavers
If you are still struggling with back-to-school, why not apply for a child benefit loan?
Find ways to de-stress yourself
Did you know that if you manage your stress, it can help you with your finances? This is because you will be able to see more clearly where you will be able to manage your spending and saving in a better way. Therefore, instead of focusing on ‘how to save on back-to-school spending’, focus on de-stressing. For example:
- Meditate for five minutes each morning and evening.
- Reconnect with your family during some shared downtime
- Make a note of what is stressing you and find ways of coping with stress
- Take up a hobby that can help you ease your stress. This could be cooking, baking, reading, running, gardening etc.