As the cost of living continues and back to school is expected to be a significantly bigger financial challenge due to inflation. Here at BDCU money tips we will be providing you with useful information about how to plan for the new academic year.
While many parents are focusing on how to keep their kids entertained on holidays some parents are thinking of ways to save money for their children to go back to school. After all, what’s better than seeing your children smile and achieve what they rightfully deserve?
The estimated amount for parents to get their kids ready for the new term is approximately £180, which most parents struggle to afford.
If you do not wish to be caught on the hop with hundreds of pounds charges you will need to plan.
Your Back to School Plan
Here are a few tips to help you out:
- Determine what you require: make a list of items that are needed by the school and check the equipment you have already. Have a look at our BDCU Back to School Checklist.
- Cashback: Did you know you can get cash back from buying supplies? Stores such as WH Smith and Quidco can provide you with 8-10% Cashback.
- Set a budget limit: setting a budget plan will not just keep track of your expenses, but it will help you control your money which will also benefit your financial well-being.
- Buy second hand: try buying second-hand books online on websites such as eBay or Amazon, or local bookstores.
- Free school meals: Children in primary school from Reception to Year 2 receive free school meals each day. From Year 3 onwards, there is a means-tested provision of free school meals. Check your eligibility here.
How can BDCU support you?
We are providing an exclusive offer, our ‘Back to School Loan’ to help you take care of family expenses for the new school year.
A ‘Back to School Loan’ from BDCU allows families to pay for school uniforms and stationery ahead of the school year and have a loan for £200. This is subject to affordability checks so that the loan is affordable for you.
To find out more information about our ‘Back to School Loan’ click here.