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Back to school budgeting

03/01/2023

3 simple ways to help plan and save for the year ahead.

The Christmas tree is packed away, the New Year celebrations are done and the holidays are coming to an end. If you have school age children, it’s time to get organised for the new school year. Uniforms, school shoes, backpacks, books, pens and pencils, lunchboxes, computers - the list goes on and the costs can add up.

1. Make a back to school list and budget with your kids

When you and your child are working out what they need to head back to school, use this as an opportunity to teach them about money and budgeting. If your kids are older, agree on a budget and then let them do the shopping.

Even younger kids can be engaged in thinking about opportunities to be money-smart. After the wish-list has been drawn up and before you hit the shops, help them to check what is worth recycling and re-using for another year. Or who doesn’t love reading through all the catalogues to see who has the best bargains and their favourite character lunchboxes!

2. Government assistance

The NSW Government has announced the Back to School NSW Vouchers program will return for 2023 and will be available through your MyServiceNSW account. This is to help families with children in NSW primary or secondary schools with $150 worth of vouchers per child towards the cost of school uniforms, shoes, bags, textbooks or stationery.

To be eligible, you must have a child who is:

  • a NSW resident;
  • enrolled in a government or non-government school, or registered for home-schooling in 2023; and
  • listed on a valid Medicare card.

You may also be eligible for other vouchers. Check Service NSW for other opportunities.

For other states, check Moneysmart for vouchers available in your state.

3. Give your kids a head start

We have a range of savings products available so your child can learn how to save and spend wisely. Depending on their age, we have accounts for just saving their pocket money for something special or a transaction account with a card to use with eftpos or at an ATM. You can open an account online in 10 minutes.

Helping your child learn the value of money is a great life skill to give. Who knows, maybe next year they might offer to spend some of their own savings on that super hero lunchbox they really want.

This article is intended to provide general information of an educational nature only. Information in this article is current as at the date of publication. We do not recommend any third party products or services and we are not liable in relation to them. Any links to third party websites are for your information only and we do not endorse their content.

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