Q What childcare help am I entitled to when my child starts school in September? Can I still claim free hours? 

A The Government’s ‘free hours’ childcare scheme ends at age five when children start school. This system allows most parents to claim free hours of childcare during the school term time.  

It’s currently undergoing a massive overhaul, allowing parents to claim these hours from nine months. The system is set to be fully rolled out by next year, and is available to working parents.  

But when children start primary school, there are still many costs to consider including before and after-school clubs. While there may not be free hours, what many parents don’t realise is that you can claim tax-free childcare until your child is 12 years old.  

The tax-free childcare scheme can save you thousands of pounds a year – as long as you or your partner don’t cross the £100k salary threshold, you are both in work and you aren’t accessing other benefits such as universal credit or tax credits.  

For every £8 you put into the scheme the government will top it up by £2; with a maximum claim of £500 every 3 months for each child. This increases to £1,000 every 3 months if your child is disabled.  

While this may not seem like much when compared to the annual costs of paying for childcare out of school hours, it is still a worthwhile benefit to signed up to. 

It can be used for after school clubs, holiday clubs, nannies, and breakfast clubs as long as they are Ofsted approved. You can sign up on the Gov.uk website and you need to reconfirm your details every three months. 

Ask our experts your money questions

Joeli  founded Pregnant Then Screwed in 2015 after her own experience of pregnancy discrimination. She is the winner of the Northern Power Women Agent for Change award, is an Amnesty International Human Rights Defender and a member of the United Nations Working Group: Women’s Human Rights in the Changing World of Work. In January 2021 she took the Government to court for indirect sex discrimination due to the way self employed mothers were being financially penalised by the income support scheme. Her debut book: ”Pregnant Then Screwed: The Truth about the Motherhood Penalty, and how to fix it’’ was published by Simon & Schuster on the 4th March 2021. 

Photo credits: Pexels

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Money makes the world go round, but when it comes to understanding how it works, many young people are still left in the dark.

Schools might teach you algebra, history, or how plants make food from the sun, but they often skip over something just as vital: how to manage your money.

And let’s be real, knowing how to handle your cash is just as important as knowing how to pass exams.

Financial literacy isn’t just about knowing how to save a few quid. It’s about understanding the bigger picture, how money works, how to make it work for you, and how to avoid getting into sticky situations.

With the rise of easy credit, buy-now-pay-later schemes, and the lure of social media influencers flaunting their lavish lifestyles, young people are more exposed to financial risk than ever. This makes financial education not just important, but essential.

Let’s start with the facts. The Money and Pensions service reported last year that only a third (33%) of children recall learning about money in school and finding it useful. In the UK, where credit is so easily accessible, this is a worrying trend.

Without this knowledge, young people are at risk of making poor financial decisions that could haunt them for years to come. The problem is also about confidence.

Many young people feel overwhelmed by financial products and jargon, which can lead to avoidance. This is why it’s crucial for financial literacy to be taught early and in a way that’s relatable and easy to understand.

Schools have a massive role to play in closing the financial literacy gap. While some schools do offer personal finance classes, they’re often optional or only cover the basics. This isn’t enough.

Financial education should be as integral to the curriculum as Maths or English. What’s the point in knowing how to calculate the area of a circle if you can’t calculate the interest on your student loan?

Teaching it in schools isn’t just about equipping students with the skills to budget or save. It’s about giving them the tools to navigate the real world they’re about to enter so they are prepared to make informed decisions that will affect their financial future.

While schools are vital, parents and guardians also play a crucial role in teaching financial literacy. Young people often learn their money habits from home, whether it’s how to save, spend, or manage debt.

If parents aren’t confident with their own finances, this can be passed down to their kids. This is why it’s so important for parents to educate themselves and have open conversations about money with their children.

But let’s face it, not everyone has parents who are financial whizzes. This is where online resources can step in to fill the gap. There are plenty of tools available that can help young people learn about money in a way that’s engaging and easy to understand.

From budgeting apps such as YNAB (You Need a Budget) to online courses like some at The Open University, there’s no shortage of resources out there.

We’re living in a digital age, and that comes with its own set of financial challenges. With the rise of cryptocurrency, online trading platforms, and digital banking, the financial landscape is changing fast.

While these innovations bring new opportunities, they also come with risks. For young people, who are often early adopters of new technology, understanding these risks is crucial.

Financial literacy is about understanding how to protect yourself online, avoid scams, and make informed decisions in a world where money is increasingly digital. This makes financial education more relevant than ever.

Investing in it isn’t just about preventing young people from making mistakes, it’s about setting them up for success. When young people understand how money works, they’re more likely to make smart financial decisions that lead to long-term financial stability. This can have a huge impact on their quality of life, from reducing stress to giving them the freedom to pursue their dreams without the burden of debt.

Financial literacy also contributes to a healthier economy. When individuals are financially savvy, they’re more likely to invest, save, and spend wisely, which benefits everyone. 

In fact, a recent study from business group CBI found that prioritising financial education could add nearly £7 billion to the UK economy each year. In this way, financial education is both a personal issue and a societal one.

In a world where financial decisions are becoming increasingly complicated, the need for financial literacy among young people has never been greater.

Schools, parents, and the wider community all have a role to play in ensuring the next generation is financially savvy. By making it a priority, we can empower young people to take control of their financial futures and avoid the pitfalls that so many fall into.

Photo by Max Fischer

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Graduation days beautifully celebrate your hard work as a student, marking the beginning of a new chapter in your life. Then comes the post-graduation transition – which is difficult because no one really prepares you with money lessons for embracing the changes brought by adulthood.

As someone who very recently underwent this transition, I realised that we (students) know much more about quadratic equations than we know about personal finance. 

Being a business graduate, I presumed (wrongfully!) that I knew enough about money management, investments and savings. It wasn’t until I started earning and managing my own money that I realised that the most crucial personal finance aspects were never taught to us. Instead, you are expected to know it all right from the beginning of your career!

So, here are some of the many money lessons I wish I learned in school.

Read more from Richa Ved on Mouthy Money

Budgeting

While budgeting is introduced as a concept at a basic level in school, it gets far more complicated when you’re trying to spend appropriately, pay off debts, and save more – all at the same time.

And while most budgeting skills are taught for when you HAVE money, not much is taught about how it works when you don’t have a lot of it.

Budgeting at a personal level is step 1 of learning how to manage our money. We must calculate our respective disposable incomes, understand our spending patterns, and learn to prioritise our needs (rent, utilities, food, transport) over our wants (luxuries, travel, gifts, entertainment and other activities).

The 50/30/20 Budget Rule is a good thumb rule I started with – allocating 50% of my disposable income towards my needs, 30% towards my wants and 20% towards saving.

The taxation system

The taxation system was certainly an eye-opener for me in my adult years. Growing up I always understood what ‘tax’ meant but as I navigated through the entire tax system, I realised I didn’t know much about it.

From learning how to calculate my taxes and understanding the various tax bands to accounting for my personal allowance (or other benefits) and learning how to file year-end tax returns – it was a whole different world.

How to save right

Yes, savings are important and yes, we need to save some of the money we earn – But how? What’s the right amount? Where do I save? And why?

Sometimes it’s too late till we realise we should not just be saving towards our short-term pleasures (like Christmas gifts, a new gaming console, or a swanky car) but also towards long-term goals such as childcare and retirement.

A good tip is to automate your savings for your various financial goals to prevent yourself from overspending it right now.

The basics of individual investing

While saving your money is crucial, it’s most important to learn how to multiply it from the very beginning. Remember, the earlier you start investing, the larger your pot will grow.

Set a realistic timeline to achieve your financial milestones – like building your career, becoming financially independent, buying a house etc. – and find the best avenues for investing and growing your money as per your requirements.

Avoid any quick money-making scams and frauds and be sure to do your due diligence before putting your money anywhere.

The ins and outs of credit and debt

Loans and credit cards are wired into the system as common earning and spending methods. 

But the term ‘debt spiral’ isn’t heard as often. No one teaches you what it is, how to prevent it, or (god forbid!) how to deal with it. The same goes for student loans. So many students get into these without having a clear idea of the repercussions and potential impact. 

All these credit methods eventually count towards your credit score – an important indicator of your creditworthiness (ability to repay your debts) that companies use to offer you a mortgage, insurance, credit cards, or business loan.

Photo credits: Pexels

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Teaching children about debt is a tricky topic. In today’s financial climate, it is crucial that children understand money management from a young age. In the UK, many parents recognise this and are taking steps to educate their children about financial matters. 

Research indicates that financial habits form early in life, with many children developing their attitudes towards money by age seven. This early development highlights the importance of parental involvement in teaching financial literacy.

A Money and Pensions Service study found that 81% of children aged 7-17 learn about money management at home, demonstrating the pivotal role parents play in this aspect of their children’s education​. 

Understanding debt is an essential life skill. By teaching children about debt early, they can make informed financial decisions and be better prepared for managing their finances as adults. This blog provides useful tips to help you teach your kids about debt. 

More from Tolu Frimpong on Mouthy Money

Understanding the basics  

What is debt? 

It’s important for parents to explain to children that debt is money borrowed that must be paid back within a specified time period, and oftentimes with interest.

To make it easy for children to grasp, use simple examples, like borrowing money from a friend to buy a toy and repaying more than the borrowed amount due to interest. 

The different types of debt 

Introduce the concept of good debt versus bad debt. Good debt includes investments that provide long-term benefits, such as a mortgage for a home or a loan for education.

Bad debt, on the other hand, is money borrowed for non-essential items, like the latest gadgets or trendy clothes, which can lead to financial trouble. 

Understanding interest 

It’s important to help children understand how interest works by speaking to them in a language that they understand.

For example, explain that if you borrow £100 from your friend with a 10% interest rate to buy a new bike, you will need to repay £110. You could also use visual aids like charts to show how interest accumulates over time. 

Creating a budget 

When trying to educate children about debt, introduce them to budgeting, a fundamental money management tool that can potentially help them avoid the pitfall of debt in the future.

Explain that budgeting involves planning how to allocate money wisely to avoid overspending and falling into debt. Use simple examples, such as managing their pocket money or planning a budget for a small event, to illustrate the concept.  

Needs vs wants 

It’s also essential to help children understand the difference between needs and wants. Yes, they may need trainers for P.E. but do they need the latest Air Jordan 4’s?

Discuss the difference between essential needs and discretionary wants and help the children understand that borrowing should be reserved for necessary expenses, such as education or shelter, rather than impulsive purchases like the latest gadgets or fashion items.  

Modelling responsible financial behaviour 

Parents have the responsibility to model the behaviour they want their children to grow up and adopt. Therefore show your children how you manage your debts and make timely payments.

Discuss your financial decisions openly and explain the reasons behind them. Having this level of transparency with your children will help children understand the consequences of borrowing and the importance of maintaining a good credit history. 

Practical tips for teaching children about debt

Choose the right time 

Pick a time when your children are alert and attentive, such as after a meal or during a relaxed weekend afternoon, to discuss debt.

Avoid times when they are tired or hungry, as they are less likely to be receptive to new information during these times. 

Open lines of communication 

It’s important to create an environment where children feel comfortable asking questions about debt and personal finance, so please be patient with them and provide clear, honest explanations.

Encourage them to express their thoughts and concerns, and address any misconceptions they might have. 

Be honest about your experiences 

Finally, share your own experiences with debt, including any challenges you faced.Doing this will help children understand that everyone makes mistakes and learns from them, humanising the topic and making it more relatable.

Your openness can demystify financial struggles and teach valuable lessons about resilience and financial recovery. 

Photo credits: Pexels

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When it comes to money management, understanding the intricacies of credit scores is essential. What’s more, grasping how debt and credit scores work together is crucial in navigating your personal finances effectively.  

Many lenders use your credit score to assess your creditworthiness when you apply for loans, credit cards, or mortgages. For this reason, it is important to manage your debt responsibly to maintain a healthy credit score.  

Debt can have various negative impacts on your credit score. In this blog post, we’ll explore different ways debt can negatively affect your credit score, plus provide insights into how you can mitigate these effects. 

Dangers of late or missed payments  

One of the most significant factors influencing your credit score is your payment history. Late or missed payments on loans, credit cards, or other debts can hurt your credit score. This is because lenders view missed payments as a sign of financial irresponsibility, which can result in a lower credit score. Avoid the late payment trap by leveraging tools like your diary and setting reminders for payment due dates. 

Be mindful of credit utilisation ratio 

Your credit utilisation ratio refers to the percentage of your available credit that you are currently using. High credit utilisation ratios of 50% and more can negatively impact your credit score. The reason for this is that lenders view high credit utilisation as a sign that you are over-reliant on credit, which can consequently lower your credit score.  

Overcome this by reducing your credit utilisation and making more than the minimum debt repayment. You could also ask the lender to increase the credit limit. The caveat here is you should only make this request to the lenders if you can resist the urge to overspend. 

Don’t default on loans 

Defaulting on loans, such as personal loans, mortgages, or car loans, can severely affect your credit score. A default occurs when you fail to make payments as agreed in the loan agreement, leading to negative marks on your credit report and a significant drop in your credit score.  

To mitigate the impact of defaulting on loans, be proactive and speak to your lenders. Many lenders offer hardship programs or repayment plans that can help you manage your debt more effectively.  

Avoid applying for multiple credit accounts  

When you apply for a new credit account a hard enquiry is added to your credit report. If you have too many hard enquiries within a short period of time, it can negatively impact your credit score. The reason for this, is lenders may potentially view multiple credit applications as a sign of financial distress, or once again, an over-reliance on credit. 

Minimise the negative impact of applying for multiple credit accounts by spacing out credit applications. Also try researching eligibility criteria beforehand for the chosen creditor as this will help reduce the number of unnecessary enquiries, monitor your credit report regularly, and explore alternative credit options.  

In summary, understanding how debt can impact your credit score is vital for a healthy financial life. By managing your debt responsibly and avoiding these common pitfals, you can protect your credit score and improve your overall financial health. If you find yourself struggling with debt, consider seeking advice from a financial advisor or debt advisor to explore your options for debt management and credit repair. 

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This week on the Mouthy Money podcast we were very pleased to have Sarah Marks, chief executive of RedSTART Educate returning to talk about the financial education charity’s first year of results in their multi-year study of the effects of financial education in schools.

During our chat Sarah raised an extraordinary idea – that financial education (and the current lack of it) could be the reason why we’re facing a major pensions crisis.

So what is this crisis we speak of? Our recent Money Matters Index data found that pensions savings are at woeful levels, leaving many facing longer years of work and less security in retirement.

But Sarah posited an intriguing reason as to why pension savings might be struggling so much – no one actually realises how much they’re going to get, and everyone thinks they’re going to get a guaranteed income.

Essentially – the era of final salary or defined benefit pensions is largely over. But the way in which we educate people about how pensions work has yet to catch up.

Fundamental changes – primarily from Government – need to be made to ensure that everyone, be they kids or adults, understands that today’s pensions are the sum of what you put into them now and for the foreseeable future.

What makes this all the more worrying is that we face an increase in the numbers of people taking their money out of pensions or giving up on valuable contributions in order to pay their bills today.

The whole situation, when couple with the slow death of the State Pension, is a deeply troubling set of events.

Have a listen to my chat with Sarah for more about this, plus the other findings from RedSTART’s research.

For the full episode: Spotify and Apple Podcast.

Photo credits: Pexels

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Today I’m highlighting an opportunity to make money from home without any particular training or experience (though if you do have some it will help and open up a wider range of opportunities). 

In today’s inter-connected world, the demand for English language proficiency is higher than ever. As globalisation continues to shape the job market, the ability to speak good English has become a valuable skill. And students worldwide are willing to pay good money to achieve this.

This rising demand has created the opportunity for individuals to earn a useful sideline (or even full-time) income teaching English online. This is a flexible, decently paid opportunity, which can offer great personal satisfaction as well.

Most people starting out in this field find work via one of the many online English teaching platforms (see below), so in this article I will focus on that. 

Getting started

Your first step as a prospective online English teacher will be to assess your strengths and areas of expertise and identify your niche. 

Different teaching platforms cater to different demographics, from children to adults, beginners to advanced learners. Identifying your best niche will help you tailor your teaching approach and materials to meet the needs of your target audience.

• While there are no specific educational requirements to teach English online, if you have no prior experience you might benefit from taking an introductory course on online teaching, e.g. this one from The Open University.

Choose the right platform

As mentioned, a wide range of online platforms connect English teachers with students around the globe. Popular options include VIPKid, TeachAway, and Cambly. 

Research each platform to find the one that best aligns with your experience, personal preferences, and schedule. Take into account factors such as pay rates, lesson formats, and support provided to teachers, as well as any reviews (from students and teachers) about the platform in question..

Setting up your work space

To teach English online from home, you’ll need to create a professional environment. Your teaching space should be well-lit, quiet, and free from distractions.

This will create a positive impression on students and enhance their learning experience. Invest in good-quality equipment, including a reliable computer, headset and webcam, to ensure clear communication during lessons.

Make good use of teaching resources

Just talking to students the whole time won’t cut it, especially if their current English skills are limited. So try to enhance your lessons with engaging materials and resources. 

Many online platforms provide lesson plans and materials, but you can also create your own or use resources available online. Incorporate multimedia elements such as videos and interactive activities such as quizzes, to keep your students motivated and interested.

This will also impress your supervisor, and hopefully lead to good reviews of your teaching skills (see below).

Build your profile

Whatever platform (or platforms) you sign up with, you will be invited to create an online profile.

Highlight any relevant qualifications and experience here. Include a friendly and professional photo to make a good first impression on potential students (and their parents in the case of younger ones)..

Set a competitive rate

When starting out you may not have much flexibility about the rate you charge. Some platforms do, however, allow you to adjust your rate based on your experience and student feedback. Research what others are charging, therefore, and try to ensure you receive a competitive and fair hourly rate for your services. 

Market yourself

Leverage social media platforms to market your services. Join relevant groups and communities, share success stories, and offer tips for language learners. Establishing an online presence can help you attract students and build a network within the online teaching community.

Request student reviews

Positive reviews and testimonials can significantly enhance your credibility and attract more students. Encourage satisfied students to leave reviews on the platform and/or share feedback via your social media profiles.

Final thoughts

Teaching English online offers an opportunity to share your language skills, connect with interesting individuals worldwide, and earn a decent sideline (or even full-time) income. 

You will not only have the satisfaction of improving your students’ language skills, you will also enjoy the benefits of a flexible and rewarding sideline you can fit in around other work and family commitments. And all this from the comfort of your own home, wherever in the UK (or the world) that might be!

If you have any comments or questions about this article, as ever, please do post them below.

Photo Credits: Pexels

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Ramit Sethi, the author of bestseller I Will Teach You to Be Rich is a little different from the finance gurus of the past.

Although he believes in the age old principles of budgeting, or as he likes to call it “a conscious spending plan”, getting out of debt, and putting away for the future, he really focuses on this idea of building your “rich life”.

And he actually puts his money where his mouth is.

When it comes to how you should divvy up your money to live this rich life he talks about, he recommends staying somewhere close to the following guidelines¹:

1. 50-60% of one’s income to go on fixed costs. These are all the essentials to live, such as your rent/mortgage, household bills, groceries, transport, or any debts you may have that need tackling.
2. 10% of one’s income to go towards investments. This could be in the form of putting into a pension or an investment account such as a stocks and shares ISA in the UK.
3. 5-10% of one’s income to go towards savings. Saving for that emergency fund. Towards the house deposit. The car you need. Those sorts of things.
4. And last but certainly not least, a whooping 20-35% of one’s income to go on guilt-free spending. Essentially, spend it on whatever your little heart desires.

Although these guidelines aren’t too dissimilar from the well-known 50-30-20 rule (50% needs, 30% wants, 20% debts/savings) I think it may be how he has phrased the fourth budget category, and how he talks about it in his podcast and Netflix show, that feels a little scandalous for the likes of me who spends less than 15% of my income “guilt-free”. But that’s a topic for another article.

After the initial shock and some time to really digest, I can’t help but think maybe this is the kind of guideline that will actually work for the vast majority of millennials and Gen Z’s who both desire and are accustomed to a certain type of lifestyle. Often a much more expensive one than our parents and grandparents.

With any budgeting guidelines, they are just that, guidelines! Everyone’s circumstances are unique and it’ll be almost impossible to have a one size fits all approach to budgeting.

But budgeting guidelines are a useful way to help you categorise your spending to see where your money priorities lie and if they align with where you want to be.

With Ramit’s guidelines, it puts into place some securities for the future by squaring away 15% into savings and investments (maybe a bit low for those who want to be more aggressive savers), but crucially it allows for up to 30% of your budget to be guilt-free. No strings attached. No questions asked.

So what do you think of the idea of 30% guilt-free spending? Does it make you a little uncomfortable – if so, why? Or do you think it’s the right amount to give you the feeling of that infamous “rich life”?

References

1. https://www.iwillteachyoutoberich.com/conscious-spending-basics/

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From the great gender pension chasm to shifting food shopping habits and women afraid of investments – here are our favourite must know money stories this week to help you get your head around your personal finances. 

Women miss out in “great gender pension chasm” 

Women’s private pension pots in the UK are worth 35% less than those of their male colleagues by age 55, according to a major government study. 

The data shows that, on average, for every for every £100 accumulated in men’s private pensions, women have just £65, leading to the possible loss of thousands of pounds of retirement income. 

Lower overall earnings, time off for childcare and other caring duties, along with the greater numbers of women in the part-time workforce, are all thought to be factors of the imbalance. 

While previous studies have revealed a gender pension gap, this is the first time the Government has revealed the true scale of the problem, reports Miles Brignall for The Guardian. 

The pensions minister, Laura Trott, said: “The success of automatic enrolment has transformed the UK pensions landscape and brought millions of women into pension saving for the very first time. However, while the participation gap has closed, the wealth gap persists. 

“The publication of an official annual measure will help us track the collective efforts of government, industry and employers to close the gender pensions gap.” 

Massive shift in food shopping habits 

There has been a significant shift in our food shopping habits since the pandemic, based on data compiled by analyst firm Kantar, reports Daniel Thomas for BBC News. 

Based on Kantar’s findings, the BBC identified five ways shopping habits changed due to soaring food prices and the cost-of-living crisis.  

• Shoppers now have less frequent supermarket visits, but data shows higher volume of sales – indicating higher spending overall.  
• The shift to online has slowed with only 11.7% of UK grocery spending online, down from 15.4% in February 2021. While many older people gave up shopping online after the lockdowns, people also enjoy taking a trip out to shops and seeing other people now. 

• Shoppers are swapping established brands for cheaper supermarket own-label products to combat food prices and their fastest rate rises in 45 years. 
• Sales at discounters such as Aldi and Lidl have soared, as customers look to save. 
• Shoppers are increasingly turning to loyalty schemes for discounts, as supermarkets revamp their loyalty cards to offer in-store or personalised deals. 

Three in four women too nervous to invest 

74% women do not invest and are therefore missing out on building wealth and long-term financial security, according to investment firm Wealthify. 

By comparison, 58% of men said they are not investors, suggesting men are less nervous about dabbling in the stock market, writes Ruth Emery for MoneyWeek.  

However, Wealthify data shows 61% of women have definite future savings goals, compared to only 49% of men.  

The research found that women did not invest because they were too nervous, lacked confidence and did not know where to start, ultimately preferring to leave their money in cash savings accounts instead.  

Kalpana Fitzpatrick, digital editor of MoneyWeek says: “But with interest rates on these accounts lagging behind inflation, it means they are not only losing out on the power of compounding, but they are also missing out on potentially hundreds of pounds in returns over the long-term.” 

Findings from another survey by Boring Money reveals a £599bn gap between men and women’s holdings in stocks and shares, ISAs, investment accounts, and private pensions. 

Photo Credits: Pexels

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From the increasing fraud cases to the cost of education and ways to save on rail tickets – here are our favourite must-know money stories this week to help you get your head around your personal finances. 

UK losing £2,300 per minute to fraud 

Victims lost £1.2bn to fraud in the UK in 2022, equal to £2,300 every minute, according to banking industry group UK Finance, report Tom Espiner and Daniel Thomas for BBC News.  

Fraud is now the most common crime in the UK, with one in 15 people falling victim each year. In 2022, around three million scams took place, down 4% compared to the  year before. While romantic frauds rose, investment frauds fell by a third amid cost-of-living pressures. Fraud involving payment cards was the most common. 

UK Finance boss David Postings said that while banks were legally obliged to refund so-called unauthorised fraud, they did not have to cover the costs of scams where victims were tricked into agreeing to send money – resulting in banks refunding only about 59% of the losses. 

The government recently launched a new fraud strategy, allowing banks to delay payment processes to allow for suspect payments to be investigated. The strategy will also include banning cold calls on all financial products to help stop scams at source. 

£39 a week to send your child to secondary school 

Sending a child to a state secondary school costs at least £39 each week, and £19 a week for children at primary school, according to a study by the Child Poverty Action Group (CPAG), reports Richard Adams for The Guardian.  

After combining associated costs of transport, lunch, uniform, school trips and learning materials, 14 years of a child’s education – at primary and secondary school – would cost over £18,000, per 2022 prices.  

Low-income families from England faced the highest costs, about £30 a week, compared to those in Scotland, paying £16 a week, owing to the Government’s wider availability of benefits – such as free school meals and grants for expenses including as uniforms. 

Kate Anstey, head of the CPAG’s “cost of the school day” programme said: “Our research shows there’s a hefty and often hidden price tag for just the basic essentials needed for school. For struggling families, it can feel more like pay-as-you-go than universal education.” 

Ways to save on rail tickets 

After rail ticket prices rose almost 6% in March, Katie Binns writes for Money Week as she rounds up the ways by which you can save on your tickets. These include: 

1. Free annual Gold Card: An annual season ticket in the south of England or an annual travelcard on the London Underground comes with an annual Gold Card – covering almost all the Network Railcard area plus East Anglia and the West Midlands. With this, you can receive a third off pay as you go (PAYG) off-peak fares on the Underground and Railways, or buy another one-year railcard for just £10, subject to eligibility. 

2. Cashback offers: Certain credit cards offer cashbacks when you buy train tickets. LNER currently offers from 12% on some American Express cards to 5% on cards from multiple other banks such as Halifax and Barclaycard. Cashback offers are generally time-limited, but some train firms let you buy vouchers that can be used later. 

3. Split ticketing: Splitting a ticket involves buying two or more tickets, via an intermediate station. There are multiple sites that calculate split tickets such as myTrainPal – which is free – or  Split My Fare, TrainTickets.com,  Split Your Ticket, TrainSplit and TrainSplitting which take around 10-15% of what you save.  

Photo Credits: Pexels

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