Back to school savings: Part 4
Last week we looked at how to save money on lunches and snacks.
In our final instalment this week, we look at how to stretch the budget when it comes to technology, extra-curricular activities, and other school expenses.
Technology
One of the biggest shifts to make in your thinking is to think of technology as a short-term purchase rather than a long-term investment. Things change so quickly that what’s current now will be out of date in just a few months. There will always be faster, better, more innovative solutions so choose what’s needed rather than spending big on the whole kit and caboodle thinking you’ve set your child up for the rest of their schooling.
Always check with the school before you buy anything for school purposes. School technology policies vary widely, even in the same local area. Some schools supply everything, others require students to purchase their own devices for use in classrooms.
If the school policy requires specific equipment, enquire with the school if they have special pricing deals or discounts with retailers, or a rental or payment plan.
Shop around, compare prices, and investigate price match/beat deals.
Remember that rent/try/buy, pay-off and ‘interest-free’ schemes often end up costing much more than paying for items upfront.
Buy only what is needed and resist the extras. That applies to extended warranty - Australian Consumer Law is very comprehensive and applies well beyond what manufacturers promote as their warranty.
Printers are cheap - ink is expensive! Look at the ongoing costs, not just the initial outlay. Sometimes items, like printers, are priced cheaply because the additional supplies, like ink, are costly.
Review your internet plan to reduce the risk of being slugged with extra data charges.
Use the expected lifetime of the devices and other equipment to create a savings plan to fund their replacement in the future.
Extra-curricular activities
Anyone with a FOMO (fear of missing out) child knows how expensive extra-curricular activities can be. Sport, drama, dance, music, art - it all adds up quickly.
Find out if the activity is offered as a required part of the school curriculum, as an extra-curricular activity through the school, or separately to the school.
If it’s included in the school curriculum there may be no or only a minimal cost.
Optional activities run through the school may be subsidised or offered at a reduced rate.
School-based activities can also help avoid the need to run kids around before and/or after school.
Establish the initial and ongoing costs. This includes not only registration and insurance if applicable, but weekly session costs, entrance fees, materials and/or equipment, uniform and travel costs.
Investigate whether there are free or lower-cost alternatives. As well as school-based offerings, sometimes programs are run through community centres or not-for-profit organisations.
For activities such as swimming or music, group lessons are usually cheaper than one-on-one sessions.
Does the activity offer a free trial before you have to commit? This can help your child decide whether the activity is something they really want to pursue.
Sometimes programs and organisations offer a discount if you pay up-front or in advance. Alternatively, they may have payment plan options. In some cases, you may be able to barter or trade for tuition, for example by volunteering to assist each week.
Enquire about scholarships that your child may be eligible for, or other assistance with costs such as travel. Your child may also be eligible for subsidies from local or state governments, or community groups.
If the activity requires specific equipment or uniform, see if you can initially borrow these from friends or family, or alternative buy secondhand. In some cases, such as music lessons, you may be able to rent the equipment, however if the activity is likely to be a long-term commitment, this could work out to be more expensive in the long run compared to buying.
Set a limit on how many activities your child is involved in, such as one sport per season.
Other school costs
Whether it’s incursions, excursions, school fees, transport or other costs, planning is the key.
Whether you have chosen a public or a private school, the school will often set fees and charges.
Find out what fees and charges apply to your child.
Ask about scholarships and fee relief schemes.
If relevant, enquire whether the school offers a payment plan allowing you to pay off smaller amounts over time.
Incursions are events held on the school premises. While many are planned in advance, some are organised closer to the date. Sometimes the costs are covered by the school, but other times the cost will be passed on to families.
Ask the school what incursions are planned for the year, what the costs are, and add these into your budget.
Set aside a regular amount into your ‘school cost’ account to cover the last-minute or unexpected incursions that will arise..
Excursions are events held outside the school premises. As with incursions, these are usually planned in advance (especially if they involve overnight accommodation) but can also be a last-minute arrangement. Ask the school what excursions are planned for the year and what the costs are. If it is a major excursion, find out if there will be fundraising to help with the expenses, as well as if the school offers a payment plan. If you know ahead of time that your child will likely be involved in a major excursion: for example, in Year 6 or Year 9, then start saving as soon as you can to cover these costs. A small amount saved regularly now will make the expense easier to manage down the track.
When it comes to travel to and from school, your child may be entitled to free or subsided transport. If you live close enough to school then walking or riding could be another option. Don’t forget to factor in the cost of travelling to and from after-school and weekend activities into your budget as well.
If you’re looking to engage a tutor for your child, ask around your friends and family to see if anyone is qualified and willing to help, as well as any local university students. Ask your child’s teacher before signing up to any online apps or programs, as sometimes school have subscriptions or preferences about what students will get the most benefit from.
Finally, if your child needs furniture like a desk, chair or bookshelf, consider buying secondhand.