Back to School
As the cost of living remains a significant factor that continues to affect many people’s everyday expenses, managing your finances can feel overwhelming and challenging at this current time.
Fortunately, at BDCU, we offer Money Tips to provide you with valuable insights about how to navigate these financial challenges effectively!
With the new school term approaching, many parents are thinking about how to stretch their budget to cover essential school supplies. Ensuring your children have what they need for a successful year is a priority, but the related expenses can be overwhelming.
For example, the average cost of uniforms per child is currently £92.35, an amount that can place considerable strain on many household budgets.
With the rising cost of living having a significant impact on families and children, it’s crucial to plan and take proactive measures to manage these expenses and reduce financial stress, so here are some practical tips to help you manage your finances as the new school year approaches:
– Assess Your Needs: Start by making a comprehensive list of the school supplies your children will need. Check what you already have at home before purchasing new items. Use our BDCU School Preparation Checklist to help you stay organised: BDCU Back to School Checklist.
– Visit a Local Charity Shop: Charity and second-hand stores offer a range of uniform options, often good quality and manageable prices too.
– Maximise Cashback Opportunities: Take advantage of cashback offers when purchasing supplies. Retailers like WH Smith and Quidco offer 8-10% cashback, which can help you save on your shopping.
– Set a Budget: Establishing a budget is crucial to help keep track of your spending. A well-thought-out budget not only helps you control your expenses but also contributes to your overall financial well-being.
– Uniform exchanges: Many schools and community groups operate uniform exchanges, so remember to find out when the exchanges are open and how they assess need. We highly recommend making use of these services!
-Discounts & Vouchers: Make use of discounts and vouchers – they can significantly reduce the amount you will need to pay.
– Check Free School Meals Eligibility: If your child is in primary school, they may be eligible for free school meals. Children in Reception to Year 2 receive free meals automatically and there is a means-tested provision for older students. Check your eligibility with the school.
How BDCU Can Help
To support your financial planning, Bradford District Credit Union is delighted to offer a special Family Loan to help manage the costs of the upcoming school year and other family-related expenses.
The ‘Family Loan’ allows you to borrow from £200 – £500 to cover school uniforms, supplies and more, subject to affordability checks to ensure it’s the right fit for your financial situation.
For more information about our Family Loan, click here – Family Loan – Bradford District Credit Union (bdcu.co.uk)
We also offer financial education for our members to understand their budgeting more effectively: Financial Education – Bradford District Credit Union (bdcu.co.uk)