How to trim those hefty back-to-school costs

The long list of back-to-school expenses can increase the financial strain on parents who are already feeling the pinch as cost-of-living pressures remain high.

The biggest costs, apart from tuition fees and voluntary contributions, are uniforms, laptops or tablets, backpacks and school shoes. Those are among many others, such as school camps and sports equipment.

Back-to-school costs add up, putting many families under financial strain,

Mike Chambers, the head of customer vulnerability at NAB, says:“The start of the year is often when the full impact of festive spending hits, just as families are facing new costs and long lists of back-to-school expenses they quickly have to meet.”

The bank, through its partnership with charity Good Shepherd, has provided no interest loans to help cover the costs of school essentials and for other purposes to those on low incomes and experiencing vulnerability, who have the capacity to repay a loan.

The bank says the number of people turning to no interest loans for uniforms, books, stationery and computers has doubled since the pandemic. With a no interest loan, borrowers only pay back what they borrow.

Dianne Charman, an AMP-licensed financial planner and managing director of Jade Financial Group, thinks of a school’s stationary list as a guide, rather than a must have.

Charman, who has two boys, one who has finished school and another who is in his last year of high school, says there is no need to buy everything at once. “I buy just for that term,” she says.

Retail outlets see the back-to-school period as an opportunity, and there can be a bit of a frenzy about it, so have a think about what you really need, Charman says.

Sarah Megginson, personal finance expert at comparison site Finder and mother of three, says a growing number of households can no longer afford to pay for school necessities. “School expenses are causing enormous financial strain on those who have very little left over once they’ve put a roof over their heads and food on the table,” she says.

Megginson urges those in severe hardship to speak to their child’s school to see whether the school can provide financial assistance for compulsory items like uniforms, school excursion and school supplies.

When shopping for school supplies you should be aware of the big price differences between retailers, so shop around, she says. “For items that might easily be lost such as lunch boxes and water bottles, opt for budget-friendly brands,” Megginson says.

It may be better to shop online, as sometimes shopping in-store with your children, fancy point-of-sale displays, can make it difficult to say no as the shopping day goes on, she says.

Megginson says local Facebook groups can be a good resource for cheap sourcing of unwanted stationery or other school supplies.

Replacing lost items throughout the year can really add up, so adding a label to your child’s belongings will help those missing items find their way home, she says. And see what you can recycle.

“Re-use whatever you can from previous years; your kids don’t always need to start school with brand-new supplies, and there are plenty of items like school bags, colouring pencils and scissors that can outlast the school year without needing to be replaced.

“When looking for a new school uniform, don’t forget to check if your child’s school has a second hand uniform shop. Often the clothes are still in great condition, and they’re much more affordable,” Megginson says.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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