How to prepare your finances for going back to school

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

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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.