Back-to-School: Think money and the environment While your kids didn\u2019t want the summer holidays to end, you\u2019re no doubt preparing for back to school season. Which means you might need to do some shopping. In fact, it\u2019s one of the biggest shopping periods of the year. But going back to school doesn\u2019t have to mean buying lots of brand new things or spending a lot of money, especially when finances count more than ever. In fact, it\u2019s the perfect time to talk to your kids about how we can all make more sustainable shopping choices. Reuse, rent, resell, repair and reduce Here are a few ways in which we can all think about making sustainable choices for our community, our world, and our planet.<\/p>\n
As you know, it\u2019s always worth checking what your kids actually need. If you go through their drawers and bags you\u2019ll probably find notebooks, rubbers, pens, compasses and other equipment that are perfectly good and will save you buying new.<\/p>\n
These are one of the most expensive items you will need. Rather than buying it new, look for refurbished or rental services which can be kinder to the environment and to your wallet. Since electronic items have value, selling them second hand can also be a good thing for your wallet.<\/p>\n
They will all be in the same boat as you, trying to avoid spending unnecessarily. Perhaps you could arrange a \u201cswap-shop\u201d to exchange clothes, school supplies, books, or even toys? If your child has a reading list, you rarely need to buy these new. Just speak to other parents whose older children may no longer want them, use online marketplaces or of course borrow them from your local library. If you are swapping locally, it could be a great opportunity to connect with your neighbours or meet people in your community.<\/p>\n
By purchasing your school uniform pre-loved, whether from friends, online marketplaces, social media sites or your school, you will be saving money. Fixing lightly used clothing extends the life of clothes meaning less things we need to buy and can help reduce our greenhouse gas emissions. Research from ReLondon shows that participating in the linear economy (i.e. buying new clothes and throwing them away) contributes to over 2 million tonnes of greenhouse gas emissions annually in London alone. Buy once. Waste less To help you think about sustainable back-to-school spending, have a look at the Mindful Shopper1<\/sup> website developed by ReLondon, an organisation working to revolutionise our relationship with stuff. You\u2019ll find a wide range of toolkits and suggestions to help you make more budget and planet-friendly decisions about what you buy, who you buy it from and whether you even need to buy it at all.<\/p>\n Make sure your money is safe With the kids back at school, the holiday season is just around the corner. Whatever your plans are around school holidays and the holiday season, it\u2019s important to be extra vigilant against online fraud. Whether you are traveling near or far, it is worth thinking about different ways you can protect yourself and your family from identity theft and fraud.<\/p>\n \u2022 Tell your card issuer<\/strong> \u2022 But don\u2019t tell too many others<\/strong> \u2022 Make a copy of everything in your wallet<\/strong> \u2022 Be careful when using internet cafes and public wi-fi<\/strong> \u2022 If it\u2019s too good to be true, it probably is<\/strong> Credit cards have strong fraud protections in place. When using a credit card, you may have protection under Section 75 of the Consumer Credit Act for when you use it to buy anything that costs between \u00a3100 and \u00a330,000, even when you\u2019re abroad. So if there\u2019s a problem, you may be able to get your money back. There are certain requirements that need to be fulfilled for a Section 75 claim to be available and there are some instances where Section 75 does not apply, such as when goods or services are paid for by a secondary cardholder or if you bought through an intermediary. This includes aggregators which sell on flight and hotel bookings. More information about Section 75 is available on the UK Finance website2<\/sup>.<\/p>\n What\u2019s more, if you use a Visa debit or credit card, Visa\u2019s Zero Liability Policy means you won\u2019t be held responsible for unauthorised or fraudulent charges made with your card*. To learn more on protecting yourself against fraud and identity theft when travelling visit: www.practicalmoneyskills.org<\/a><\/strong><\/em><\/p>\n The holiday season can put a lot of pressure on your finances. It\u2019s all too easy to spend more than you had intended. That is why it is so important to manage your finances carefully and think about your budget. And while budgeting may sound complicated, it can be quite simple. Ready to get started?<\/p>\n To make sure you\u2019re financially prepared for the holiday season, you need to know what you can afford to spend. The first step is to work out your expenses.<\/p>\n \u2022 Fixed expenses stay the same from month to month, such as rent\/mortgage payments or school fees.<\/p>\n \u2022 Flexible expenses change from month to month, such as big expenses or utilities.<\/p>\n \u2022 Total expenses are the combined amount of your fixed and flexible expenses.<\/p>\n Total monthly income is the income from your job or other resources including pensions, rental income and more.<\/p>\n Budgeting 1-2-3 Once you have subtracted your expenses from your income, you\u2019ll have a general idea about how much money you\u2019ll have left over to spend over the winter months. Now you may wish to think about how you can spend less to achieve your financial goals.<\/p>\n 1. Separate your \u201cneeds\u201d from your \u201cwants\u201d<\/strong>. Evaluate your situation and make two lists: one for the needs and one for the wants. As you make the list, ask yourself: Why do I want it? How things would be different if I had it? Which things are essential to me or my family?<\/p>\n 2. Set guidelines.<\/strong> Keep your budget balanced with wants and needs by setting clear guidelines. If you are making larger spends, consider cutting other costs that month to offset that large expense.<\/p>\n 3. Track, trim and target.<\/strong> Once you start tracking, you may be surprised to find what you spend on eating out, entertainment or other expenses. To lower these costs, target areas where you can cut back on spending. Reducing expenses is often a more realistic approach than cutting costs entirely. www.practicalmoneyskills.org<\/a><\/strong><\/em><\/p>\n Learn how you can take control of your money and plan for a better financial future.<\/p>\n At Practical Money Skills, you can find a range of tools to help you manage your money better.<\/p>\n \u2022 Budgeting basics You\u2019ll also be able use a range of financial calculators which will do the maths for you and help you every step of the way.<\/p>\n Making memories and having an unforgettable holiday season doesn\u2019t have to come at a cost to your finances. We hope you have a little extra in your pocket to enjoy with friends and family all while thinking about how to be kinder to the planet.<\/p>\n www.practicalmoneyskills.org<\/a><\/strong><\/em><\/p>\n <\/p>\n 1 https:\/\/mindfulshopper.co.uk\/<\/a><\/strong><\/em><\/p>\nAlways stay one step ahead<\/h3>\n
\nIf you\u2019re traveling on the coming holidays, tell your card issuer about your trip before leaving, so they don\u2019t flag unfamiliar transactions when you\u2019re using your card abroad. Additionally, make sure you know your card\u2019s daily ATM withdrawal limit, expiration date, account balance and available funds. This ensures your card will work while you\u2019re away and has sufficient funds to cover your travel expenses.<\/p>\n
\nWe all like to share our holiday snaps with our friends, but if you post them on social media then you are also letting strangers and potential fraudsters know that you are away from home and may be at greater risk. Maybe, save the social media posts until you get back!<\/p>\n
\nKeep a copy of all your card account numbers and the telephone numbers for reporting lost or stolen cards. Keep this information in a safe place, away from your wallet. Always keep your credit card number and three-digit CW2 code on the back of your Visa card confidential.<\/p>\nBe aware<\/h3>\n
\nWe often need to use a public wi-fi network when on holiday, but not all connections or signals are totally secure. Always be alert and check the authenticity of the network before logging on.<\/p>\n
\nWe all like exploring new places when on holiday, but make sure that you book your excursion with a legitimate company. Always do your research, check reviews and book through reputable websites.<\/p>\nBe Safe: Be Sure: Use a card<\/h3>\n
It all starts with a budget.<\/h3>\n
Then calculate your income.<\/h3>\n
Take your financial skills to the next level.<\/h3>\n
\n\u2022 Evaluating your finances
\n\u2022 Savings basics and options
\n\u2022 Growing your money
\n\u2022 Building an emergency fund
\n\u2022 Opening a bank account
\n\u2022 Electronic banking
\n\u2022 Credit
\n\u2022 Debt management
\n\u2022 Understanding a loan
\n\u2022 Rebuilding your finances<\/p>\n