Back To School: 6 tips to keep spending under control

Christmas feels like a loving yet distant memory at this stage and we are now enjoying the last few days of the holiday season. But when your spending is expected to take a break, here comes school time!

Before having children, I never fully appreciated how much money goes into getting kids to school beyond school fees.

Uniforms, shoes, books, name tags, lunch boxes, backpacks, ipads, laptops. A primary school starter requires on average $400 for uniforms and supplies based on a survey by the Herald Sun. While many items have a shelf life beyond one year, several items need to be repurchased annually.

Some items have a high price tag such as computers or electronics, which are now becoming part of most schools curriculum, especially for high schoolers.

Last year’s introduction of Bring Your Own Device policies by the Federal Government puts pressure on parents to provide the equipment with not much help. To provide their own kids with the technological support they need, parents can easily spend $500 to $1,500.

To make matters more complicated, the Schoolkids Bonus was phased out by the government last financial year. Some subsidies exist on a state by state basis (click here for a summary of subsidies), but these benefits are fairly limited.

So, for most parents, it’s up to us to do a little planning and bargain hunting in order to reduce the back-to-school burden.

No wonder that 60% of parents feel stressed about the amount of money they have to spend on back to school items, based on a past survey by the Heritage Bank.

The stress also comes from the fact that education costs have been rising at a much faster pace than wages or inflation. According to ASG, over the past 10 years education expenses increased by 61% while wages rose 34% in Brisbane, for example. This helps explain why child affordability keeps trending lower.

Here are a few tips that may help you save a few hundred bucks, if not more, so your kids can enjoy school while you don’t have to feel the pinch so early in the year.

#1: Check out 2^nd hand book shops

Books can be expensive as each school and year has specific requirements. Looking at 2^nd hand book shops is a great way to reduce the pressure in your pocket. But to be fair those shops sell out earlier so you should be looking at the shops well before the school classes start.

#2: Look for Back to School sales

BTS sales are very common these days and it’s a good way to restock on stationary or buy shoes. Places like Officeworks, Kmart, Big W and Target all run their specials during this time of the year so check online to see where the best value is.

#3: Don’t waste money on high-end brands

Chances are that uniforms and shoes will look pretty ordinary by the end of Term 1 and will be going into the bin by year-end. So ask yourself if you really need to pay up for more expensive brands. The exceptions are the branded items that have endurance and last longer.

#4: Buy only what is needed

One smart tip I heard recently was in relation to winter uniforms. Unless winter clothing is being offered at sizeable discounts, you may consider buying it on a need-basis. This is worth considering especially when your kids are young and growing at a fast pace. By the time winter comes, the uniforms may be too small already.

#5: Shop well in advance

Like for Christmas, it pays to do the back to school shopping well in advance. Last minute buying means limited time to shop around and less – sometimes better products options – available. Every shop has a ‘sale’ now but that’s also the time of the year where demand is at its highest. Chances are that making those purchases throughout the year will allow to you find a few bargains here and there.

#6: Plan for costly items

Computers, laptops, ipads. These are no longer luxury items and in most cases, students need them to perform their studies, research and homework. The initial cash outlay needed can spook many parents, so check for sales or specials well before your kids need it to spot any special deals. Also consider places where you may be able to give your old device as part of a payment for a new one. Technology is moving fast and having the flexibility to upgrade it every 3 years or so could be cost effective in the long run.

Alternatively, get friends and family to chip in for one of these expensive tech items. We have seen parents use Purposit to raise funds to buy a computer for their children, for example. As you know, you can use the app to fund gifts well before you need them, so a few contributions from relatives and friends on birthdays and Xmas can certainly help you fund the much-needed laptop for your child.

No matter what approach you take or what tips resonate with you, it’s always good to teach kids the importance of looking after their school material – from books to backpacks to electronics. The less items they have, the more likely they are to treat them with care. If they know the item will not be replaced if broken, they may – and I emphasise may – be more careful.

Hope you have a stress free time getting your kids ready for school this year.

To your child’s future,

x Johanna Kollmann