Budgeting 101: Navigating the back-to-school season

Saving on essentials  

Resourcefulness inspires us to get things done even when it seems impossible.  

Thrift stores offer affordable prices for second-hand items like schoolbags or electronics such as laptops and calculators. Buying used textbooks and other such educational materials via platforms like Facebook Marketplace is also a good option.  

Children quickly outgrow their clothing, which is why a Financial Sector Conduct Authority (FCSA) article advises parents to “join your school’s social media groups and find out if other parents are willing to part with their child’s old uniform at a lesser price”.  

A good way to maximise your savings is by bulk-buying, which amounts to a discounted price in the long run. Stationery (like pencils, pens, erasers and glue sticks) is always a necessity, and bulk-buying on these saves you from having to make future (possibly more expensive) purchases.  

Another saving tip often overlooked is price comparison. You’ll be surprised at how saving a few rands here and there adds up and lessens the financial load. Compare prices from different stores on selected items and watch how those small savings accumulate into big ones.  

The MiWayLife blog also advises: “Subscribe to the newsletters of the stores you already shop at to be kept in the loop about specials, but also be sure to shop around.” 

Common budget pitfalls

No clear view of your budget:

Having a budgeting tool is essential, whether it’s writing down your budget in a notebook, creating an Excel spreadsheet or using an app like Vault22 to help you plan and track your spending.  

Setting an unrealistic budget:

This won’t be practical in the long run and it only hurts your financial goals. Avoid this by understanding your spending habits and factoring in all of your expenses to avoid overspending. Then set a realistic, accurate budget and follow it.  

Not keeping track:

It’s important to record all income and expenditure, keep receipts and review your bank statements to ensure that you are on track. Having a record shows an active approach to maintaining the budget you set. According to My Private Professor, by doing this “you can determine how much you spend on average on a daily, monthly and annual basis.”  

No emergency fund:

The school year can be unpredictable, with excursions and extra-curricular activities, so it’s important to plan ahead for these hidden costs. Prioritise essential spending first, then consider costs for events like school trips, concerts or projects. When creating your budget, allocate money to an emergency fund. This protects you from these unforeseen costs, acting as a safety net in case of the unexpected.  

Get the kids involved  

According to an American National Bank article, “Some research suggests that money habits start to develop by the age of seven. With an average score of 63.8% for teens aged 15.-18 on a national financial literacy test, back-to-school time may also be a great time for financial education.”  

Get your kids to create a jar labelled ‘savings’ that they can use to ‘bank’ money for a school market day, a book they want or that cool new pencil case. This will teach them the essential life skill of financial responsibility.  

Feeling the financial pressure?  

Lean on your support systems. Talk to trusted loved ones about how you’re feeling. Often, just talking to someone about our financial stress can help us feel better, loosening the pressure we feel when we hold thoughts inside. Talking to someone helps us think clearer and perhaps receive advice that is helpful. 

If you have family members that are able to help with this financial crunch-time, don’t be afraid to ask. Or consider reaching out to organisations that provide back-to-school/educational assistance, like Gift of the Givers or ForGood. And think about setting up a back-to-school stokvel with other parents this year to tide you over next year.  

Take deep, slow breaths to calm your nervous system. Once you’ve processed your emotions, you can come up with a plan of action that is mindful instead of chaotic. 

Words: Kauthar Booley 

Photography: Gallo/Getty images