If you’ve got kids in school, it can be an almost never-ending money pit. And with new school terms always around the corner, that usually means digging deep for new uniforms and all the other extras that go with school life. But a logbook loan could be a great way to help you out and spread the costs.
It’s estimated that many parents will need to find around £200 or more to kit out each child with new school term essentials like uniforms, shoes, stationery, books and many other items to kick start the September academic year. But that’s often just the tip of the iceberg.
Factoring in other costs across the school calendar year such as lunches, bus fares, school trips, and before or after school activities, and you could be spending around £50 per week extra. And that lot doesn’t even include any additional fuel for your car when you ferry them around to various events, or the to and from school runs. It all adds up to be a big, albeit necessary, hit to your finances.
Uniform VAT costs
With such an outlay, which can often be doubled or trebled depending on the number of children in any one household, it can hit families hard financially, taking already tight budgets to the limit – and beyond. And to make matters worse, there’s the dreaded VAT that might need to be included in the costs for uniforms and kit, pushing costs up further still.
Currently, school uniforms and shoes, and other associated clothing like sports kit, has a zero rate of VAT, and is applicable for all young children. But the issue in the eyes of VAT law is that there’s no real definition of ‘young children’. So the VAT relief you get is based on the maximum size of an average child upto 14 years of age.
That means any school uniforms and clothing for older children has VAT added at the full 20% rate. And to make matters worse, any children who are larger or taller than average and need bigger clothing will be charged the full VAT rate – even if they’re under 14. So if any of your kids have a growth spurt before they’re 14, you could be looking at even higher uniform costs.
Wear, tear and replace
We know what kids are like, and there’s a decades old theme of school kids damaging, breaking, or losing their stuff. They also have a tendency to grow quite rapidly too, so outgrowing their clothes is also right up there. With all that in mind, there will always be extra money needed to find their replacements.
According to research undertaken by Oxfam in 2017, as many as 8 out of 10 parents end up replacing many items bought for the new school term. And that could be anything from a blazer left on a bus, or shirts and trousers ripped or torn in rough and tumble, to shoes that just don’t fit anymore.
Parents can often see additional costs come in that can add up to £30 a month onto their budget. Understandably, many of these parents feel more than a little annoyed when items get needlessly lost or damaged. And with around 70% of them worrying they won’t be able to afford to give their children the clothes, kit or shoes they need, it can be an anxious time.
So when money and budgets are tight, what are you options for making sure your kids don’t go without at school? If you’re fearing the run up to the new school term and the prospect of dropping hundreds on uniforms and accessories, there are a few money saving ideas you can try.
Super market deals
Though most schools have a uniform policy for students, there might only be a few items that are a specialist purchase. These could include items like school branded jumpers or sweatshirts, and of course the school blazer badge. But other uniform clothing could be sourced cheaper elsewhere.
Though not ideal, hand-me-downs from older siblings, or friends older children, could save you a tidy sum of cash over the years. Often, shirts, skirts or trousers are outgrown rather than worn out, so with a few slight alterations in terms of length etc, they could be used for a few terms at least.
Nowadays, many of the big name supermarkets offer a range of school uniform items which can be a real cost saving boost. Standard items like shirts, skirts, and trousers are available in common colours like black, white, grey and blue, and will suit the majority of school uniform guidelines. They’re often a good place to buy, warm, comfortable and hard-wearing coats too, as well as school bags and shoes.
Normal school uniform items are only part of the equation though. On average, parents can spend up to £50 extra on PE and games kit that includes trainers and other sporting equipment. And that could be more if your kids take a particular liking to, say, cricket, where a lot of extra equipment is needed.
But focussing on just the standard kit and caboodle, these items can always be bought at reduced prices as well. So rather than trying to overcome the steep prices of a traditional high street sports shop, consider the larger, discounted stores where there are lots of bargains to be had on brand name kit and clothing items.
Also consider the supermarket angle as well. Many of the larger stores stock a whole range of sporting items, from softballs, to goalie gloves and football boots, as well as the kit the kids need to play it, including shorts, t-shirts and trainers.
But discounted or not, buying school sports kit and uniforms in bulk is expensive, especially with more than one child to consider. So having the money you need to buy it in advance can make all the difference. And that’s where a Car Cash Point logbook loan could give you the financial boost you need.
A low cost alternative
It might sound a little extreme, taking out a loan in order to buy a new school uniform. But the beauty of a Car Cash Point logbook loan is you can borrow what you need without committing yourself to large, unaffordable repayments. So how does it work?
Nowadays, most of us are lucky enough to own and run a car, and for a family with two or three kids, a car is pretty essential to everyday life. So if you’re the named owner of your car, and it has no outstanding finance attached to it, then you can apply for a low cost logbook loan to help you whenever money is tight.
A logbook loan uses your car as security and lets you withdraw the cash from it, allowing you to quickly and easily borrow cash amounts from £500 and upwards. And just because the car is used as security against your loan, you can still use it for the school runs, and those Mum and Dad taxi duties.
Available from Car Cash Point with no credit checks, a logbook loan against your car is still possible even if you’ve been refused credit in the past, or currently have credit problems. Remember, some logbook loan lenders still want an in-depth credit check, so choosing a UK logbook loan provider like us who don’t require them, can be a real bonus.
A leading UK logbook loan lender
And talking of logbook loan benefits, there’s more to Car Cash Point than meets the eye, and that’s why we’re one of the UK’s leading logbook loan lenders. To start with, we’ll never recommend lending any amount that you’ll have difficulties paying back. We’ll always work with you to find the right repayment plan that suits you.
At Car Cash Point, we pride ourselves on offering flexible and transparent loans to suit individual needs. We’re flexible because we’re the only UK lender that offers a choice of weekly, fortnightly, 4-weekly or monthly repayments that actually work for you and your own financial circumstances.
And we’re transparent because we have no hidden fees or charges and we tell you upfront about any charges that you might incur during the life of your loan. So that means you know where you stand and how much you’ll need to cover any potential fees.
We also have one of the best interest rates around – almost half that of some other UK logbook loan lenders. And we won’t penalise you if you’re able, and want, to make any overpayments. Doing this will not only reduce the amount you owe, but will also lower the amount of interest on the rest of your outstanding balance. And you can pay your loan off, in full, early with no penalties either.
So don’t fear the buying of all-new kit and uniforms for the new school term ahead. Talk to our expert advisors about a logbook loan today on 0333 122 3181. Alternatively, visit Car Cash Point to find out more and apply online.