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Back To School Financial Tips

16 September 2024

Back To School Financial Tips

As of the Irish League of Credit Union's (ILCU's) 2024 Back To School survey, the research has found that 62% of parents say that covering the cost of back to school is a financial burden, a decline of 10% on the 2023 figure of 72%. This indicates that while a significant majority of parents still find back to school expenses challenging, there has been some improvement in financial pressure compared to previous years.

This reduction could be attributed to various factors, such as increased awareness of budgeting strategies, better access to financial supports, or a slight easing of economic pressures. However, the fact that over half of parents still continue to struggle highlights the ongoing need for supportive measures and financial education to ease the financial burden on families.

Here are 10 tips to help you navigate back-to-school / back-to-college expenses in Ireland, ensuring you're well prepared without overspending:

1. Make a back to school budget plan

List out everything you’ll need to buy including uniforms, books, stationary, schoolbags, and additional costs, and estimate the cost. If you are getting help with books or the Back To School Clothing and Footwear Scheme, then work out how much money is still needed.

2. Shop smartly and cut the costs

Shop around for uniforms. Compare prices at different shops and retailers. Be aware for sales in shops too! Some retailers offer discounts and special promotions during early Summer. Check if you school runs a second hand uniform and book sale. You can also ask friends and family for a uniform exchange, or an exchange of school books! Also, check if your school allows non-branded uniforms where you can iron-on or sew on the school crest.

3. Put a label on it!

Anything that goes into your child's school bag, or anything they wear, put a label on it! As we all know, children can be inclined to misplace their belongings. As long as you have a label on it, it should be easy to identify or retrieve back! This simple tip can save a lot of hardship in the future.

4. Pack lunches

Preparing packed lunches instead of buying canteen food can save a lot of money over the school year. Plan out meals weekly and shop for lunch items in bulk where you can. This is of course if you child does not go to a school availing of the school meal scheme.

5. Use loyalty points and vouchers

Redeem loyalty points from stores like Tesco (Clubcard), Supervalu (Real Rewards), or Boots (Advantage Card) for school supplies. Also, check for vouchers and discounts, especially those provided by utilities or broadband companies.

6. Reuse and repurpose

Don't buy new if it's not necessary. Reuse items like last years stationary, bags or lunch boxes. Even books that can be passed down between siblings or friends.

7. Set up a school savings fund

Consider setting up a specific savings account dedicated to school expenses. Putting away a small amount each month can help reduce the financial burden when school starts again.

8. Join a parents association

Engage with your child's school's parent association. These groups may have insights into discounts, fundraising efforts, or community-driven cost-saving initiatives.

9. Plan for extras to avoid surprises

It's inevitable that surprise expenses are going to pop up throughout the year. Putting away a little bit extra each week or month can help remove the stress element from these surprise bills.

10. Look for additional support

Consider looking into the Back To School allowance to see if you are eligible for additional support. Additionally, if you need to borrow money for back-to-school costs, consider taking out a loan from your local Credit Union. Credit Unions are community driven and all about our members, so on top of offering a fair and competitive loan, we offer advice and support for managing school related expenses.

Overall, we want parents of both primary and secondary students to know, credit unions are here to help plan out and manage expenses. As not-for-profit organisations, established in communities all across Ireland, we understand the impact of these important costs on households, and we would encourage anyone who has concerns to talk to their local credit union.

***Loans are subject to approval. Terms and conditions apply. If you do not meet the repayments of your loan, your account will go into arrears. This may affect your credit rating which way limit your ability to access credit in the future. Ballyconnell Credit Union is regulated by The Central Bank of Ireland.

The tips prepared above by Ballyconnell Credit Union are for information purposes only. While we strive to offer accurate and up-to-date information, Ballyconnell Credit Union and the author are not financial advisors. You should seek assistance from a professional if you require financial or tax advice. Ballyconnell Credit Union assumes no responsibility for any errors or loss to any person in reliance on the information provided. Ballyconnell Credit Union believes any information to be correct on the 12th of September, the time of publishing and the information is subject to change without notice. Ballyconnell Credit Union does not make any representations or warranties in respect of the accuracy of this information and is not responsible for the content of external sites.

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Back To School Financial Tips

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