With only a couple of weeks until school’s back, a new report from Big W has found Australian parents are set to fork out a total of $3.8 billion on back to school items.
The cost of uniforms, shoes, backpacks, stationery and lunches are all on the minds of Aussie parents who plan to spend an average of $476 on school preparation this year - according to the report which surveyed more than 1000 parents. The two biggest costs were shoes and uniforms, averaging at $220 per child.
That’s a total spend of over $3.8 billion on back to school expenses for Australia’s 4.6 million kids.
Mozo’s Tom Godfrey said back to school costs can be a big financial hit to families after Christmas time. “With family finances often under pressure following the Christmas retail frenzy, back to school expenses can ring an untimely bell,” he said.
Godfrey suggests the trick to back to school financial survival is to plan ahead and avoid last minute scrambling.
“Sticking to a budget, saving and looking past marketing hype are great lessons to learn before walking back in the school gate,” he said.
RELATED: 3 money conversations to have before your kids go back to school
Despite 81% of Aussie parents confirming they’re hitting the shops for their kids' new school year supplies straight after Christmas, there’s still 46% who confessed to last-minute shopping.
VIC parents take out first place as Australia’s top back to school spenders at $530 per child followed by QLD ($482), NSW ($456), WA ($439) and SA ($401).
So, you could let impulse buying spoil your budget or you can aim for a more organised, inexpensive back to school shopping experience by following Mozo’s top back to school tips.
Mozo’s Back to School Saving Tips
1. Write a list for each child and set a budget
Write your back to school list early. That way you can work out what needs replacing and have your kids learn about budgeting and the price premiums brands charge for similar products.
2. Snag second-hand items
Ask family members and other parents at the school for hand me downs or the school uniform shop for second-hand items at reduced prices. “If you can make last year’s uniform work until term starts, the second-hand uniform shop can be your ticket to serious savings,” Godfrey said.
3. Compare prices online and in-store
One benefit to getting in early is having time to shop around online. Although only 22% of parents prefer in-store back to school shopping. Getting a good grasp of prices online and in-store might mean snagging a deal, especially when it comes to big-ticket items.
4. Look for big-ticket items in the post-Christmas sales
Cut-costs by searching for post-Christmas bargains, or even plan a day of family sales shopping. Make sure you take a proper look around, you might even snatch up an affordable, new laptop or quality shoes.
5. Decorate your own generic notebooks and avoid pricey big brand names
Replace the expensive, trendy notebooks and bags with generic brands and have your kids design and decorate them with their own art. “Getting your kids to customise their own products will not only save you money - it’s fun,” Godfrey said.
6. Buy items that can pull double-duty
It’s all about getting the best bang for your buck. Whether that means purchasing versatile sneakers that suit school and sport or opting for inexpensive, quality leather without the brand name. “With kids growing so fast splashing out on a pricey pair might not end up being the best value for money,” Godfrey said.
8. Put your child’s name on all items and buy an extra hat - you’ll need it!
If you like it, then you should put a label on it! This way if anything gets misplaced, it will have your child’s name on it and will be returned to you. Make sure it’s written extra large so if another child takes your child’s hat home with them, their parents will soon realise it’s not theirs.
9. Open a savings account and start a savings plan for next year
Now that you’ve got a grasp on back to school planning, why not get extra organised with a savings account dedicated only to budgeting for school expenses. Start putting away $5 or $10 a week and this time next year the back to school shop should be a breeze.
Get started finding a spot for your 2019 savings stash - head over to our savings account section and check out a list of hot savings accounts.