How to budget for the new school year
2017 has dawned on us quickly – for some of us too quickly – so now is a good time to start thinking about and planning for the school year ahead. This is particularly true if your kids are making the transition from junior to senior school, as there is a fair amount of preparation to be done, and a lot of it involves making purchases! Unfortunately school necessities don’t tend to be cheap, so here are some tips for keeping costs under control.
1. Set goals and stick to them
The first step of budgeting is generally to review your finances, analyse where your income is coming from, and where your main points of expenditure lie. If you’re comfortable, have a chat with your family about saving money and explain that you’re hoping to achieve something exciting for the end of the year. Setting goals ensures you are able to realistically visualise where your money is going, and stay focused on the bigger picture. Involving your family means that they’re across the plan and can support you through the year as you cut back.
2. Second hand uniforms
Private school uniforms in particular can be expensive, but luckily there are usually second hand options available. If your kids go to public schools, although the uniforms may be cheaper, they are still an added expense. If you know older children at the same school, have a chat to their parents and see if they’d be willing to sell or give uniforms to you as their kids grow out of them. Often there isn’t much use for them later, so usually they will be more than happy to oblige!
3. Plan meals
Studies show that feeding a family is expensive. So, consider planning your meals ahead of time. If you write a list for the week then you will be less likely to impulse buy anything at the shops that you don’t need. Try to stick to fruits and vegetables that are in season so that you can avoid any added off-peak expenses. Also, fast food racks up the most amount of yearly cost, so although it may be quick and easy, remember that in the long run the price will add up.
4. Review your subscriptions
Doing an overview of your regular payments is a good way to eliminate some of your unnecessary costs. Whether you’re paying for television packages such as Foxtel or Netflix, or something more expensive such as insurance extras you don’t use or need, there are ways to cut back on these costs. You can lessen entertainment packages fairly easily, but consider comparing health policies for families online so that you can make sure you are paying for a tailor-made policy without the fluff. Also, if you let your bank know you’re considering switching lenders, they may offer you a better interest rate in order to retain your loyalty.
5. Entertain kids cheaply over the holidays
There are many ways to keep kids busy without paying for entertainment. Simply heading to the park with a ball or a kite is a great way to get some of their energy out without spending any money. Because kids are home all the time during the holidays, it can be tempting to take them to the movies or out to the zoo or museum. However, remember that these costs add up and there are often cheaper alternatives available.
6. Wait for back to school specials
A lot of sales occur in Australia just before the school year, so sit back (if you can do this without panicking) and wait for these to kick in. Also, remember that things such as writing books, patterned contact, lunchboxes and other essentials don’t have to be top of the range. Your kids wouldn’t know the difference between something expensive, or something you bought from the supermarket, so don’t spend a lot on these items.
The new school year doesn’t have to be as expensive as it may seem. If you can stick to a few budgeting guidelines, you should breeze through it with ease! Good luck, and happy schooling!
Article by Bessie Hassan. Bessie is a Money Expert at finder.com.au, and mother of two. Her unofficial titles also include soccer mum, bargain hunter, bookworm, and reality television fanatic/tragic (call it what you will).
