It’s that time of year again, the nights are starting to become ever so slightly darker,
Parents around the country are all breathing a sigh of relief.
After the long summer break, heading back to school can be an exciting, nerve wracking and, dare I say it, expensive time. Whether your little ones are embarking on their first day at primary school, their move into secondary school, or that final step into University, there are a whole range of costs that you need to think about and prepare for.
Preparation is key to ensuring that your bank account, credit score, and street cred’ remain intact. Speaking of which, if you haven’t done so in a while, check out your credit score here.
First day at school…
As you’re preparing yourself and your little ones for their first day at school, it’s not just your emotions that may suffer, your bank balance will also come under fire.
Whilst it’s a little early for your children to be demanding the latest technology, clothes, and trainers, there is still a range of expenses that you need to bear in mind – from uniform and school shoes, through to books, lunches, and all those social events with their new found friends!
Moving on to ‘big school’…
It might seem like only yesterday that they were taking their first steps through the nursery gates, but it won’t be long before they’re moving on to secondary, grammar, or high school.
And with their new-found independence and freedom, comes a whole host of extra costs and expenses – yey! In addition to the new uniform, those must-have shoes, and, of course, on-trend outfits for non-uniform days, there’ll also be text books, study guides, and school trips to think about. Not to mention pencil case essentials such as calculators, stationery, and even tablets.
Remember, although it may be tempting to give your no-longer-so-little-ones everything their hearts desire regardless of whether you can afford it, if you end up taking out credit that you simply can’t afford to pay back, there will be consequences, especially for your credit report.
The final step…University
I’m sure you don’t need me to tell you that, today, sending your children off to university is far from cheap. It’s important that you start preparing well in advance of your little one turning 18 (ideally, from birth!) but what is the real cost of a year at university? According to research from the NUS, it’s rather high!
The NUS have estimated that the average student expenditure for one year (based on the 2013/2014 academic year) is £23,187 – so you might want to start budgeting immediately!
But where does all that money go? Well unsurprisingly, the largest proportion (£8,425 to be exact!) went on those pesky tuition fees and the next largest amount (£6,340) was needed for accommodation, which can be particularly expensive in major cities.
Other expenditure was for food and drink, books, clothes, travel, insurance, and, of course, leisure.