Back to School

Summer is finally drawing to a close, and parents all-round the UK are probably breathing a secret sigh of relief for the return of a routine and no more desperate attempts for entertainment without breaking the bank. The holidays can be pricey, not only with the various activities, but with preparing for the new school year. We’ve explored a few ways you could save yourself a few pennies at this time of year.

1. Get Smart

There’s no denying that to ensure your children have an education, you’re going to be spending more money. There are uniforms to buy, packed lunches to pay for, school trips and so much more. But hopefully, it’s all worth it in the end!
If you decide that you want to send your child to an independent school, then you’ll also have to include school fees in this list.

But one benefit is that growing up works on a timeline.  There are those key five years before they start school where you can get saving and hopefully put enough money aside for everything they’ll need at school.  You can then keep using their landmarks as your own financial guide; when they move on to secondary school, if they go to college or university etc.

If you want to send your child to private school, you’ll looking at an average cost of about £17,000 a year, and if your child does want to venture on to higher education, then you’ll likely be paying around £9,000 a year for tuition, and about the same for living costs.  This does vary between where they decide to go, and what route they decide to take.

University fees may be covered by a student loan, though of course that must be paid off eventually.

2. Look into ways you can invest

With this time frame, you might be able to start investing with a bit of risk. Regular savings accounts like Stocks & Shares ISAs offer more growth over a long period of time, with a higher interest.

3. Beating low income

A lot of areas offer a lot of support if you’re not earning the big bucks. These can help cover the cost of school meals, transport and uniforms.

You can also get help with the cost of extra-curricular activities to really boost your child’s experience. These benefits can come from Child Tax Credit, Working Tax Credit, Universal Credit, Income Support or Income based Jobseeker’s allowance, and can be provided by your Local Education Authority.

4. Get ahead of student payments

There are many ways you can save yourself a good amount as a student, such as travel cards, vouchers and discount cards and of course, getting yourself a sufficient bank and savings account. It’s worth passing these tips on to the next generation as well. Not only are these tools a good way of saving money, but a life saver at university is the student loan.

You only have to pay this back once you start earning over a certain amount after graduation and interest varies, depending on your income. If you need more information on how to survive as a student, read our “Flying the Nest” guide.