28.08.2024

Get your ‘Back to School’ budget in order

Beep. Beep. Beep. Beeeep. BEEEEP.

This noise could represent a lot of things. But at the start of September, it most often signals an alarm clock attempting to raise a young person from their bed. 

The summer is over, and it’s time to return to education, whether at school or university.

Not every student is the same, and some will no doubt leap out of bed ready for the joys of learning, but I suspect they are not the majority.

And for parents, the return to school may mean a quieter house, but it also means important outgoings. Whether it be tuition fees, new gadgets, uniforms, or something slightly less costly, there is always something to pay for when term time comes around.

To help you plan ahead or maybe remind you of some upcoming costs, we’ve written about a few of the costs related to going back to school.

Tuition Fees

Approximately 7% of all children in the United Kingdom attend a paid school. That’s roughly 615,000 children.

It’s a small percentage, but a lot of families parting with a lot of money to offer their kids an education.

The International Schools Database looked at the cost of education in international schools across the world last year highlighting the top 75 cities in this short report.

These schools can cost anywhere from hundreds of dollars to tens of thousands, and if there’s a sudden change in your financial situation it could be catastrophic.

Equipment and Technology

Where there used to be heavy school books and overflowing pencil cases, now it’s laptops and tablets. As we become an increasingly digitized society, more and more education moves online and away from the handwritten essays of old.

However, not every school has the funding to offer laptops to students, so parents are expected to pick up the bill for their kids’ necessary technological equipment.

Of course, we also live in an age of smartphones, smartwatches, and increasingly smart everything, so a laptop likely isn’t the only request a child will have. And an aging laptop will only hold up for so long before it needs fixing or ultimately replacing.

Uniforms and Clothing

This example isn’t true everywhere, as different countries and cultures take differing approaches to school-appropriate attire. However, in many paid schools, the uniform is an essential element of the experience, maintaining the appearance of the institution.

Uniforms are also typically sold by a small handful of companies, meaning prices are rarely ‘parent-friendly’. Of course, passing down a uniform through siblings can be an option, but even this only works for so long before clothes become too worn out.

Outside of specific uniforms, seasonal clothes are a consideration for every parent up to a point, making sure your child is adequately dressed for the conditions they face daily. The costs can quickly add up. 

Transport

The final big cost we wanted to highlight is transport. Again, it’s not an issue everyone will face, and if you live somewhere where your child gets free transport to school, then make sure to appreciate it – not everyone has the luxury.

Whether it be buses, trains, taxis, or petrol costs in your own car, getting your child to school (ideally on time) is another expense. Depending on your location, this could range from a tiny daily amount to a larger regular cost.

Even with the possible cycling option, bikes need to be maintained and are not immune to theft or damage, so it’s another potential money drain.

Other costs

Beyond the mostly well-known costs, there can be further outgoings, like monitoring software on kids’ phones, typical smaller school accessories (bags, pencil cases, pens), and food. While monitoring is a luxury, and most parents likely don’t feel it’s needed, the other two are genuine day-to-day requirements, particularly the food.

While some schools offer free, or discounted meals, this won’t be the case everywhere. The daily lunches are then a further budget consideration, which is factored into week-to-week expenses.

How to manage outgoings and financial challenges

Planning and budgeting are critical in life generally, particularly when you have regular costs related to your children’s education.

But we all know that unexpected situations can arise, whether they’re practical, medical, or something else, and they can hit us in our wallets. 

In these moments, those regular bills that you planned for can suddenly become tougher to pay, and if they need to be paid by a specific date, you may need some short-term help.

How Creditstar can help

Creditstar provides a simple short-term solution that can make sure your bills are paid on time and can then be covered over a period that suits you. You can apply for up to £5,000 which can be repaid over 12 months.

Apply today!