Managing Money and Expenses During the School Year

23 September 2024

With kids back at school, many parents are breathing a sigh of relief! However, with the new school year comes a whole new set of costs. From uniforms to extracurricular activities and transport costs, it’s easy for the expenses to start piling up. Here’s our guide to managing your finances effectively during the school year! 
Get Ahead with Back to School Budgeting

The first step in managing school expenses is creating a budget. Start by listing all costs, such as uniforms, school supplies, and any technology needed for learning. Once you have the basics covered, account for weekly costs and see if there’s anywhere spend can be reduced.
Lunches: Buying ingredients in bulk or meal prepping can help reduce spend on lunches.  

Extracurricular Activities
Extracurricular activities can be great for a child’s development, but they also come with costs. It’s important to evaluate these activities and decide which ones fit within your budget.
Buy second-hand: If your child is into a sport or an activity that requires equipment or gear, check out second hand shops or online marketplaces. You can often find gear in great condition at a fraction of the price. 

Transport Costs
Transport can be a huge expense during the school year, especially if the school is far away or if they take part in activities that require some travel. 
Carpooling: Organise a carpool system with other parents in your area to help save on petrol and diesel costs.
Walking or cycling: If your child’s school is close enough, encourage walking or cycling to school. Not only does this save money, but they also get some exercise in along the way! 

Start Teaching Your Kids the Value of Money
Back to school is a great opportunity to teach your child about money and how to manage money responsibly.
Teach them about earning money: Consider giving your children a small amount of weekly pocket money in return for completing chores around the house. This teaches them the connection between work and earning money.
Set savings goals: If your child wants something special, help them set up a savings plan. Teaching them to save for something overtime and see their savings build up encourages financial responsibility. 

Back-to-school season can be an expensive time of year so planning and smart budgeting can help ease some of the financial pressure. It’s also a good opportunity to   teach children some valuable money lessons, helping them develop money skills that will last a lifetime!