Recent figures revealed that back to school expenses are a financial burden for almost two thirds of parents. Here, a money expert weighs in on how best to combat these costs
As parents we feel there is a real need to try to budget effectively against the rising costs. These costs, coupled with the rising cost of living and higher expectations of children with phones and other items are making it increasingly more expensive. Well, here are four things that you can try.
Budget, budget, budget
Firstly, doing a financial budget is really useful and there are loads of free apps. It is really powerful and it allows you to see where you can save as a lot of us overspend on areas such as insurance and miscellaneous items. It’s only by noting these down that we can really control them.
Find cheaper alternatives
Did you know that you can buy designer brands at lower cost – pre-loved clothes, for example. You don't think this would be a runner, but the clothes are in fantastic condition and the children will believe they are brand new. There are more and more of these sites appearing where, if you plan properly, you can save a lot of money. Also, refurbished phones can be a lot cheaper, especially as teenagers see phones as essential items.
Savvy spending
Holidays, especially summer holidays, tend to be the catalyst to put parents into debt. A lot of the time this is on a credit card which is the most expensive and easiest debt to get into. One of the ways of tackling this is to really look into holidays that offer value, especially if you have a number of children. Spending time researching these definitely helps.
Claim expenses
Lastly, ensure you are claiming expenses for your children. A lot of parents have health insurance for their children and forget to claim back on expenses, such as dental and outpatient expenses.
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