School holidays are underway and for many parents, a big bill is looming – buying school uniforms for next term.
While some schools do simplify their uniforms so cheaper general items such as trousers, skirts and shirts can be bought from supermarkets and budget retailers, most do require children to wear items such as blazers, logoed sweatshirts and, in at least one case, monogrammed socks. PE kit can also be pricey, with football boots and school-specific kit something else to test your budget. Kitting out a teenager just starting secondary school with a full uniform, including uniform appropriate shoes, is likely to cost more than £200 and parents with more than one child will find their budgets stretched to breaking point.
If you are finding things hard, most schools do support children with school uniform costs via swap shops that sell second-hand uniform items in good condition donated by parents, and schools often have some budget to help with this. Schools work hard to ensure that children do not feel segregated due to the inability of their families to afford uniforms and the schools try to identify any concerns. Check the school website to see what arrangements are in place and find out how you can donate uniforms, children, have grown out of. It is a good idea to follow the school’s Facebook and Twitter pages for updates. Somerset County Council has a fund that may provide vouchers to buy basic school uniforms from high street retailers, but these cannot be spent on items which have logos or badges specific to a school.
Not everyone wants to or can afford to donate old uniforms, which have a value of their own, and during school holidays school swap shops might not be available. One way of cutting the ongoing cost of school uniforms is to sell an old kit that children have grown out of, with local parent’s groups on Facebook being a convenient way of doing this. Expensive items such as blazers are sold quickly, as are good quality lightly-worn shoes. Then parents can use the money to put towards replacement items.
But even with these options you might find you still have to lay out for new clothes and if money is tight this can be a worry. Many people feel they have to resort to payday or doorstep lenders, who can charge huge interest rates of more than 350% APR, meaning that over 12 months you could end up paying double the cost for your children’s clothes, with the smaller the loans, the bigger the cost.
A much cheaper option would be to join a Credit Union. A credit union is a community savings and loan provider. Traditionally, credit unions have been small, non-profit financial organisations set up by members with something in common, such as living in the same town, working in the same industry or belonging to a particular trade union.
By saving regularly with a credit union you also become eligible for a lower-cost loan. West Country Savings and Loans is a credit union, based in Weston-super-Mare. They offer loans at 42.6% APR, and a £500 loan over 12 months will cost £11 a week with the total amount repaid £597. Visit westcountry.org.uk.
Somerset Community Credit Union (SCCU) is based in Bridgwater and also offers members low-cost loans at a rate of 1.5% a month or 18.5% APR. You must be a member to apply for a loan. Maximum amounts start at £250 and can rise to £2,000 depending on the amount you save. Savings you make in the credit union pay an annual dividend of between 1% and 1.5%, which is better than most high street banks, and those savings are protected in the same way bank deposits are made. Visit www.somersetccu.uk.