How much does it cost to get children ready for school?
The summer holidays might be a time for relaxing, days out and spending time together, but for many families, August also brings another reminder: the new school year is just around the corner.
School uniforms, shoes, PE kits, stationery, school bags and other essentials can quickly add up. If you have more than one child, the cost can be even harder to manage.
The good news is that there are ways to prepare for back-to-school costs without automatically turning to expensive credit.
Here are some practical ways to make the cost more manageable.
Make a list before you start shopping
Before buying anything, make a list of what your child actually needs.
It can be tempting to replace everything at the start of a new school year, but some items may still be perfectly usable.
Check what you already have:
- School trousers or skirts
- Shirts and jumpers
- PE kits
- School shoes
- Coats
- School bags
- Pencil cases and stationery
- Lunch boxes and water bottles
Once you know what needs replacing, you have a much clearer idea of how much you actually need to spend.
Check what the school requires
School uniform policies have changed in recent years, with government guidance aimed at keeping uniform costs reasonable.
Schools should have regard to statutory guidance around the cost of school uniforms, including making sure that parents are not unnecessarily required to purchase expensive branded items.
Check your school’s current uniform policy before buying anything. You may find that some items can be purchased from supermarkets or other cheaper suppliers rather than directly from a specialist uniform shop.
Look for second-hand options
Second-hand doesn’t mean second best.
Children often grow out of clothes before they have had much chance to wear them, so school uniform is one area where buying pre-owned can make a real difference.
Check whether your child’s school, local community group or PTA runs a uniform exchange or second-hand uniform sale.
You could also ask friends and family if they have uniform items their children have grown out of.
Even getting a few items second-hand could reduce your overall bill.
Spread the cost where you can
If you know that back-to-school expenses are coming every year, saving a small amount throughout the year can make August much less stressful.
For example, putting aside £5 a week would give you £260 over a year.
Even £2 a week would give you more than £100.
The important thing isn’t necessarily how much you save. It’s getting into the habit of putting something aside regularly.
At Whitehaven, Egremont & District Credit Union, members can save as much or as little as they wish, and savings are often used for things such as school uniforms, holidays, Christmas or unexpected expenses.
What if you need to borrow?
Sometimes, saving isn’t enough.
Perhaps your child has suddenly grown out of their shoes, your washing machine has broken, or you have several large expenses arriving at the same time.
If you need to borrow money, don’t simply choose the first loan you see.
Payday and short-term loans can be an expensive way to borrow. MoneyHelper describes payday loans as an expensive form of borrowing, and despite new FCA regulations, they are still extremely expensive options.
Instead, compare the total cost of borrowing and make sure you understand what your repayments will be before agreeing to anything.
A credit union is another option worth considering.
We provide affordable loans to members based on their individual circumstances and ability to repay. All loan applications are assessed individually, with income and expenditure information and bank statements required as part of the application. There are no credit checks – meaning even if you have a bad credit rating, we could still help.
Don’t borrow more than you need
If you do need to borrow for back-to-school costs, work out exactly how much you need before applying.
For example, if you need £300 for uniforms, shoes and school essentials, there is no reason to borrow £1,000 simply because it is available.
The less you borrow, the less you have to repay.
Remember that a loan is a commitment. Make sure the repayments fit comfortably within your household budget.
Start preparing for next year now
Once the children are back at school, it might be worth starting a small “back-to-school” savings pot for next year.
You don’t need to save hundreds of pounds every month.
Small, regular amounts can add up surprisingly quickly.
The key is to make saving part of your normal routine rather than waiting until August and trying to find a large amount of money all at once.
A little planning can make a big difference
Back-to-school spending is one of those expenses that comes around every year, so planning ahead can take some of the pressure off.
Check what you already have, shop around, consider second-hand options and start saving little and often.
And if you do need to borrow, make sure you understand the cost and choose an option that you can realistically afford to repay.
At Whitehaven, Egremont & District Credit Union, we believe borrowing should be affordable and manageable. We’re here to help people across Cumbria save regularly and access affordable loans when they need them.
Need help with your finances? Find out more about saving and borrowing with Whitehaven, Egremont & District Credit Union.
Already a member? You can apply for an online loan here.