How to prepare your finances for going back to school

The beginning of the school year requires parents to not only get their children ready for school, but also to prepare their finances for it.

South African parents and guardians are facing the financial reality of preparing their children for the start of the school year but with many family budgets already over-stretched, the added expenses can be overwhelming.

The cost of essentials adds up quickly when you pay for fees, uniforms, textbooks and stationery and this is compounded by additional costs for sporting equipment, tech, transport, class outings and extra lessons.

According to research by the Old Mutual Group, putting a child through the public school system in 2023 cost roughly R651 313, with private schooling costing on average R1 901 549.

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School fees are expensive

Public primary school fees were around R24 408 a year and private primary schools cost around R71 496 for the year. A government high school cost approximately R36 072 per year and a private high school around R105 084.

Annual increases add to the financial burden. Overall, education was 6.3% more expensive in 2024 than in 2023, according to Statistics South Africa. This exceeded the 5.7% annual increase in 2023 and remained the highest since 2020, when the rate was 6.4%.

Sarah Nicholson, operations manager of JustMoney.co.za, a platform that helps South Africans make good money choices, says, the high cost of schooling can be tough for many families, but it is important to remember that education is one of the best investments you can make in your child’s future.

“Planning, prioritising and creativity can help you start the school year right and set your child up to succeed, without breaking the bank.”

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How to lighten the back to school load

Nicholson has these tips for parents to lighten the load:

• Plan ahead. Write down everything your child needs and make essentials a priority to avoid unnecessary expenses.
• Compare prices. Shop around for school supplies and take advantage of deals, discounts and loyalty programmes.
• Check second-hand stores and online platforms. Search for books, uniforms and sports equipment that are still in good condition. If your child has outgrown school uniforms and other necessities, sell or swap these items.
• Label everything. Personalise your child’s supplies and uniforms to reduce the risk of items getting lost or stolen.
• Assess your child’s technology needs. Source from outlets offering learner discounts or consider a bulk buy with other parents. Avoid overinvesting in tech your child does not need immediately, as devices rapidly become outdated.
• Keep receipts. Track every school-related expense. Knowing where your money goes will help you budget accurately.
• Budget for fees. Many schools offer options to spread payments over the year, which can ease financial strain. Investigate bursaries, scholarships, or fee exemptions offered by the school or local organisations.
• Assess extra-curricular activities. Choose activities wisely and limit participation to what suits your budget.

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She also advises parents to keep an eye on spending. Here’s how:

• Monitor subscriptions. If your child has been using educational apps or tools, evaluate their usefulness and cancel subscriptions that no longer add value.
• Use free resources. Explore online platforms for educational materials and support, instead of spending money on costly learning tools.
• Communicate with teachers. Reach out early to discuss any specific requirements or additional help you may need for your child. This will allow you to factor in costs for extra lessons or counselling.
• Save on transport. Consider carpooling with other parents or investigating more affordable, but safe, private or public transport.
• Organise lunchboxes. Plan simple, nutritious meals at home rather than relying on tuck-shop items. Buy food in bulk and prepare snacks in advance.
• Set up a savings fund. Start a small, recurring savings plan for future school costs. A small amount saved each month will reduce pressure next year.
• Plan for emergencies. Set aside a little extra for unexpected costs, such as last-minute projects or sports equipment. This will help you to avoid dipping into your monthly budget.

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Small steps back to school

“Being organised, exploring cost-saving options and seeking support where needed will set your family up for a smoother start to the school year. Remember, small steps can make a big difference,” Nicholson says.

“A solid financial footing sets the foundation for success, for parents as well as learners. A little planning today can create lasting peace of mind throughout the year.”