The ultimate back to school budget plan

Back to school costs can add up fast. That’s why we’ve come up with some smart strategies to help you ace back to school prep this year. Plus, teach your own kids a little bit of what it is to budget, with help from GoHenry.

Shop your home first

How will you know what to buy unless you already know what you have?

One of the easiest ways to keep costs down when shopping for back to school is to take a full inventory of what you already have. From last year’s school jumpers to unopened packs of pens, there’s often more than you remember.

Once you know what’s already covered, you can avoid doubling up or overspending on items you don’t need. Every item you don’t have to buy is money saved.

Build your back to school budget

The same tips you use for your everyday budgeting apply to back to school budgeting. Setting a realistic budget is key to sticking to it.

Look to set a budget for each child, and then break it down into categories:

• Uniform
• Shoes
• Stationery
• Tech
• Extras

When it comes to back to school shopping, there are some essential items that your kids will need (branded uniform), and then some extras that they can live without (a new pencil case each year). Make a list of must-have items and see how much that comes to. Then you can see if there is room in your budget for some of those extra items.

GoHenry is all about teaching kids smart money skills. So why not use this as an opportunity to teach your kids some budgeting basics? If you have older kids or teens, sit down with them and go through the numbers. Not only will this help them understand the budgeting process, but it will also help them understand the value of things – and might help kids take more responsibility for their belongings. One can only hope!

School shop like a pro

When it comes to uniforms, look out for promotions and offers from retailers or supermarkets for the basics. For example, Marks & Spencer typically offers 20% off, in-store only, over the summer, while Tesco has started to apply “Clubcard prices” to uniforms, which gives you 25% off if you have a Clubcard.

Meanwhile, if there are multi-buy deals available, have a think about whether you can use that across multiple kids (if you have more than one). Or if you have one child, buy a bigger size and save it for the future. Smart today, saves tomorrow.

And most importantly, take your list with you and don’t deviate! You’ve done the work to know what you need, so don’t be tempted to buy extra “just in case”.

Pre-loved, pocket-friendly

If you’re looking to keep costs low, embrace second-hand options. This could be school-run second-hand uniform sales, Facebook community groups or even sites like Vinted.

And it’s not just for uniforms. You can also look at second-hand options for things like sports equipment or musical instruments.

Money lessons start with a pencil case

Getting your kids involved in the whole process can only be a good thing. We’ve spoken about involving them in setting the budget, but what about giving them ownership over certain items?

For example, you could give them a fixed amount so they can buy their own stationery or lunchbox. With GoHenry, you can make instant transfers to their card, so they can buy these things themselves.

And if they do have their eye on a new pencil case or a pair of Kickers, you can encourage them to save towards those extras. In the GoHenry smart money app, kids can set customised savings goals, with a target and a timeline of when they want to reach it. If you want them to stay focused, you can even lock that goal in the app, which means your child isn’t able to withdraw from the goal until you unlock it.

“Getting your kids involved in the whole process can only be a good thing… What about giving them ownership over certain items?”

Don’t panic if you’re not ready

It can be all too tempting to panic-buy so that you can meet the deadline of the first day of school in September. But I’m going to let you into a little secret…shops are open and sell school items all year round!

Summer can be an expensive time, so don’t feel you need to buy absolutely everything in August. If there’s a pair of trousers that have seen better days but have a little bit more life in them, then maybe hold off replacing them just yet. While you’ll need the essentials for the first day, you can always bulk out your uniform stock at a later date and spread the cost a bit more.