You are here: Home - Household Bills - News -

Freshers’ week proves pricey for parents

0
Written by:
04/09/2017
As if tuition fees and accommodation costs weren’t enough, parents spend an additional £3,662 during the course of their child’s degree.

This extra cost incorporates everything from bedding and books to groceries and gadgets to ensure their offspring have the best campus experience possible, according to research from American Express.

Most expensive is keeping fridges stocked up with food and drink, which costs an average of £1,194 over the course of a university degree, even more than the average £896 spent on electronics such as laptops and smartphones. Parents spend more on clothes and shoes for their children (£516) than books and study materials (£388), while new home essentials such as duvets, pillows and towels cost on average £236.

Jenny Cheung, director at American Express says: “September can be a costly month for all parents, particularly those with children attending university who often have many more costly items on the shopping list such as living and household expenses. As students knuckle down to their studies, parents can make sure they are equally as smart with their spending. Shopping around for offers, and using rewards and cashback are just some of the ways parents can be top of the class with their spending.”

Top tips for parents:

1)    Do your research: Make sure you look into the best bargains and offers before you hit the shops so you don’t miss out on any deals. Many shops offer student ‘bundles’ comprising bedroom or kitchen essentials.

2)    Check what they need: Your children may want everything to be brand new but this isn’t always practical. Take a quick look around at home for items that don’t have to be newly bought, such as sheets and towels or duplicate electrical items.

3)    Educational gifts: For your child’s next birthday, why not ask family members to buy educational items or give your children spending money to put towards a new laptop or other gadgets.

4)    Inspire a smart approach to money: As your child starts a new life chapter, try to inspire some ‘best practice’ behaviour by being smart about the way you spend. Set yourself a budget and try to stick to it as much as possible – and encourage your children do the same.

5)    Be a savvy spender: Using a credit card that gives you cashback or rewards is a great way to make your money work in your favour.

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week