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5 min read
The summer holiday can be an expensive time, but there are ways to get back on track before September.
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It’s nearly time for the kids to head back to school after their summer break, but this does bring some extra expenses. From school supplies to new uniforms, the costs quickly add up. This can feel overwhelming - especially as we’re still in the middle of a cost of living crisis.
However, with a bit of planning, there is a way to manage this stress so you can start the school year feeling financially confident.
First all, it’s important to be honest about your current financial situation. You’ll never feel financially secure without understanding your spending habits.
Set aside some time to review your bank accounts, savings, bills and any outstanding debts. Look at how much you are currently spending and try to find ways to reduce any unnecessary expenses. This will help you later on with your budget.
Plus, if you aren’t completely happy with your current account, then explore other options. Many providers are offering new customers cash rewards if they switch current accounts, so this can give your bank balance an extra boost.
You can also use this as an opportunity to discuss money with your kids. Explain to them the importance of budgeting and discuss the costs involved with back-to-school shopping. This is important as it’ll help them to understand the value of money, and why it’s not always possible to buy what you want.
If the sun is shining, it’s easier to find free activities as families can make the most of their local parks and beaches. However, when it’s raining it can be difficult to keep everyone entertained.
Instead, make the most of being at home by encouraging your kids to organise their toys and last year’s school supplies. They can sort them into different piles, depending on whether they want to keep, sell or give away the items. This method will help to get your house and finances in order as you’ll avoid making any unnecessary back-to-school purchases.
Remember the ‘sell’ pile from your rainy day activity? Well, you can now put that into action by selling the items on Vinted or Facebook Marketplace. You could even sell the items at a local car boot sale, and put the money towards the new school year.
Once you’ve audited your finances and cleared away any unnecessary items in your house, you can create a budget for the upcoming weeks. Decide what items you’ll need to purchase for back-to-school and then create a list with costs attached.
It’s also a good idea to set up an emergency fund by using an instant access savings account for any unexpected expenses. This means if you need to buy something for school later in the year, you’ll have the money available.
However, if the costs on your list are overwhelming, then try and prioritise which items are needed in September and which ones to purchase later in the year. Focus on the necessities, like uniforms and textbooks, and don’t worry about the items that aren’t essential during the school day.
Plus, to curb overspending, try withdrawing a set amount of cash each week and use this for our purchases. This will help you to stick to your budget and you might even have some cash leftover for the next week.
We all love a bargain, and there are ways to cut the costs of those essential back-to-school items. Keep an eye out for sales and discounts from popular retailers, as they normally offer special back-to-school promotions. You can also compare prices online to make sure you are getting the best deal.
Don’t forget to explore your local supermarket for offers on school uniforms, and consider buying some items in bulk like notebooks and pens. This will be cheaper over the years.
Finally, once the kids are back in school, don’t forget about your budget. Regularly auditing your finances is a healthy habit, so track your spending and adjust your budget if circumstances change. This will help you to feel financially confident in September and beyond.
Nicola joined the team in 2024 as a business operations executive, and her expertise helps consumers to always find the best deal for their circumstances.
