Back to School Financial Tips

Preparing for Back to School: Financial Tips for Families

As summer moves on, parents across the country are starting to prepare for the back-to-school season.

With new uniforms, books, and supplies to purchase, the costs can quickly add up. Here are some practical financial tips to help families budget for back-to-school expenses and information on Synergy Credit Union’s financial products and services that can ease the financial burden.

1. Make A Back-To-School Shopping List

Make a list of what you need to buy to get your child or children back to school. The school uniform and book list will be given out at the end of each school year. Think about costs for each child like:

• Books
• Stationery
• Uniforms (including shoes, jackets, tracksuits or other physical education equipment)
• Costs to be paid to the school (photocopying costs, arts and crafts, voluntary contributions)

Prioritise your list. If you have a limited amount of money to spend, work your way through, numbering items in order of importance. Think about if there are any costs you could cut, reduce or get financial support with.

Add up the cost of your list.

Look at each individual item again to see if you can reduce any costs.  Check if you need to get  any help towards the costs.

Our Educational Loan is at reduced loan interest rate to help you with these costs:  https://synergycu.ie/loans/educational-loan

2. Check to see what help you can get towards your back to School Costs

You may be eligible for financial support with back-to-school costs. The following 5 schemes offer help towards the cost of going to school:

• Back to School Clothing and Footwear Allowance

The rates are €150 per child aged 4 to 11 and €275 per child aged 12 to 22.

Eligibility & Application :  https://services.mywelfare.ie/en/topics/parents-children-family/back-to-school-clothing-footwear-allowance/

• Book rental scheme

Funding under the Free Education Scheme is available to primary and secondary schools to help with the cost of school books.

Application : Contact the principal of child’s school about its operation and criteria to access

The new Junior Cycle Schoolbooks Scheme, introduced for the 2024/25 school year, will remove the cost from families of funding schoolbooks, including eBooks, and core classroom resources for all Junior Cycle students in post-primary schools in the Free Education Scheme. See guidance leaflet HERE ( https://www.gov.ie/pdf/?file=https://assets.gov.ie/286441/2caaccc0-411a-437a-bf38-ad5c1ab6a310.pdf#page=null )

• Exemption from exam fees 

If you have a child taking Junior or Leaving Cert, you will be asked to pay exam fees.If you or your child holds a current medical card, they are exempt from exam fees

Details here on Citizens Information:   https://www.citizensinformation.ie/en/education/state-examinations/examination-fees/#:~:text=Students%20who%20are%20taking%20or,you%20are%20exempt%20from%20fees.

• School Transport Scheme for Primary and Post Primary Schools

Bus Eireann provides reduced prices for children using their services to travel to and from school. Children with a medical card can apply for an exemption. There are special provisions for children with special needs.

Rates: Primary school transport:  €100 per child  Post-primary school transport: € 350 per child

Rules: Primary School : Your child must live more than 3.2 km from the school. Post-primary  School : Your child must live more than 4.2 km from the school.

Application: Closing date for Applications for new pupils is Last Friday in April -    https://schooltransport.buseireann.ie/Account/Login

 3. Create a Back-to-School Budget

Start by listing all the expected expenses such as uniforms, books, stationery, and any extracurricular activity fees. Estimate the costs and set a budget. Check if you can afford to cover your costs from your income. If not, look for any possible savings.

Factor in a loan repayment to your budget if you are getting finance from your local credit union.

Keeping track of what you need to buy versus what you already have can prevent unnecessary spending.

4. Shop Smart for School Supplies To reduce your costs

• Compare Prices: Take advantage of sales and compare prices online and in-store to find the best deals.
• Buy in Bulk: Items like notebooks, pens, and other stationery can be cheaper when bought in bulk.
• Other costs and the voluntary contribution: Check with the principal on other costs that come up over the year and plan for them. These can include arts and crafts, photocopying, sports and school trips. Remember the voluntary contribution is voluntary – speak with the principal if you have any difficulty meeting this cost.

5. Use Financial Products Wisely

Synergy Credit Union offers several financial products and services that can help manage back-to-school expenses:

• Personal Loans: Synergy Credit Union provides personal loans with competitive rates which can be used to cover back-to-school expenses. These loans offer flexible repayment options to fit your budget. If the loan is solely to cover educational costs , use the Education Loan as it is at a reduced loan intertest rate
• Educational Loans: Specifically designed to help parents manage the costs associated with the new school year, these loans can cover everything from uniforms to laptops and they are at a reduced loan interest rate.
• Savings Accounts: It is never too late to start. Start a savings account for school expenses. Even small, regular deposits can add up over the year and ease the financial pressure when the new school year begins.

6. Involve Your Children in Budgeting

Teaching children about budgeting and money management is a valuable lesson. Involve them in the process by explaining the costs and helping them understand why it’s important to stick to a budget.

7. Support from local community organisations

The Society of St. Vincent De Paul has a range of supports for people who are living on very low incomes. They may be able to give some help towards the cost of essential household items, such as food, clothing, heating or other household bills either once-off or for a short period of time. They can also help towards the costs of education.

Contact The Society of St. Vincent De Paul Here: https://www.svp.ie/get-help/how-we-can-help-you/

8. Review and Adjust Your Budget

After the school year starts, review your budget to see how well you managed. Adjust your spending plan based on what worked and what didn’t, and apply these insights to future budgeting.

Financial Support from Synergy Credit Union

Synergy Credit Union is committed to supporting families in our common bond. We understand the financial strain that back-to-school season can bring. Our range of financial products, including personal loans and savings accounts, are designed to help you manage your expenses effectively. For more information or to apply for a loan, visit our website or contact one of our friendly staff members on 0818 272927

Preparing for the new school year doesn’t have to be stressful. With careful planning and the right financial tools, you can ensure a smooth transition back to school for your children while keeping your finances in check.

Disclaimer:
The content provided in this blog is for informational purposes only and is not intended as financial advice. While we strive to offer accurate and up-to-date information, Synergy Credit Union and the author are not financial advisors, and the insights shared here should not be construed as professional advice. We recommend consulting with a qualified financial advisor or pension specialist before making any financial decisions. Synergy Credit Union assumes no responsibility for actions taken based on the information provided in this blog.