CHILDREN returning to school over the next two weeks will free up parents’ time but also free plenty of cash from their purses and wallets.
Parents often leave back-to-school shopping to the last minute as they recover from their Christmas hangover, money specialists say, and many are forced to put it on credit.
Officeworks head of office supplies and furniture, Jim Berndelis, said he was seeing people use buy now, pay later online options such as Afterpay to purchase books and stationery.
“Our top selling 500 products purchased with Afterpay are dominated by school booklist items,” he said.
However, rather than put yourself in a potential credit spiral by using debt to pay for school costs, there are other ways to save.
Mr Berndelis said parents could achieve “significant savings” by choosing non-branded options rather than the brands featured on their child’s school booklist.
Consumer finance author and mother of two Jody Allen said it was a good idea to do all your school shopping at once rather than several smaller trips that made it more likely to go over budget.
“Line up all the stuff your children brought home last year. Figure out what is too worn out or too small to be used again this year.” she said.
Parents should check online for cheaper textbook prices, and second-hand copies could be snapped up “before other people do”, Mrs Allen said.
Computers were required for children earlier — usually from late primary school — and parents should avoid overspending on technology. “The fact that you can get a good laptop for $350 is good news.”
Mario Hasanakos, the co-founder of financial education tool Spriggy, said people should search online for back-to-school deals. “Back to school is a very competitive time and huge savings can be made on bigger ticket items such as shoes, books and even computers,” he said.
Talking to other parents was a good way to discover the best prices, Mr Hasanakos said, and he urged people to do a stationery search at home before buying everything on their school list.
“Make a list to help you avoid impulse buying and missing out on essentials,” he said.
“Split the list into needs and wants, then order these from most to least important. It’s also a great idea to get your kids involved so they understand all the costs and how to make good spending decisions.”