Back to school budgeting
With the whirlwind of spending and splurging that happens over the Christmas season, chances are you’ve got little-to-no money left in your savings account as the new school year rolls around. Yet, as many of us know or have experienced, a new school year means a substantial list of dreaded expenses: new school uniforms, books, fees, stationary…. The list goes on!
With Christmas done and dusted, it’s time to focus on ways to budget for the new school year, without leaving yourself short on the weekly budget. Here are a few suggestions to help save a few extra $$ in the lead up.
Experience over expenses:
With a few days of the summer break still lingering, you’re probably running short on ideas of how to keep your kids amused without digging deep into the wallet. And, while we may love those stay-in days where we bake out on the couch, there are only so many times you can sit and watch Moana or any other trending Disney movie. Time to invest in some low-cost activities and events.
Check out a few of your local event listing websites. Eventida, Yelp, meet-up or even your local newspapers or council website are overflowing with cheap or free events/activities – chances are there is something happening in your area on the daily. Pick out the best ones, and make it a family outing. Or get everyone on a bike and do the local trails, dropping in at a gallery or public event with a packed picnic. Not only is this a great way to save some money, but also, it’s a great way to spend some quality time with the family before school starts up again when the focus shifts to meal preps, homework and after school sports.
Book Swap/second hand
Children’s books can be expensive, so any opportunity to buy them second hand is ideal.
There are number of ways to find and secure yourself second hand education books.
Within your children’s school friend group, you’ve probably built up your own parenting network. Ask around and see whether they are discarding old books from older children moving up in grades. Not only will they be willing to give you the books discounted but you will also save them the hassle of trying to sell them or donate them. It’s a win-win.
Consult the web. Whether it be checking out FB parenting groups, or seeking the help from second hand bookstores, eBay or other selling platforms, there are plenty of options to check out first before you fork out money for brand new books, which will probably be worse for wear in mere months.
Garage Sale:
Back to school sale/summer cleanout – everything must go. As the new year rolls around and your child gets a little bit older, they also grow out of old toys and clothes. Instead of throwing things away, gather all the toys, sporting equipment and other materialist items that have sat stored away in the back of the closet for the last 6 months and sell them off. It’s time to be ruthless. Employ the 90-day rule. If it hasn’t been used in the last 90 days, and you know it won’t be used in the next 90 days, sell it off. You’d be surprised at how quickly this can make you some extra cash.
Make lunches:
With lunch orders costing as much as $10-15 a day, these can quickly add up, and blow out the weekly budget. So, opt for making lunches as many days as possible. Not only will this ensure you tighten the spending, but you’ll also mean your children are eating good, wholesome foods that you can monitor and control.
This can also make a huge difference for your own lunches. That take-away coffee and bought lunch every day can add up quickly, so shifting to prepping your and their own lunch at least a few days per week can easily add up to a couple of hundred dollars saved.
Budgeting doesn’t have to see you or your children suffer; it’s about being money conscious and making informed decisions about spending. So, before you pull out the wallet, explore your options and think outside the box in order to save money. Happy saving.
Author: Marion Mays is the head money mindset coach and chief investment mentor at Thalia Stanley Group, a financial literacy and wealth advocacy firm in Melbourne. www.thaliastanley.com.au
