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Finance Friday - Mail's Mission, Gadgets Galore & School Spending

We can all nearly taste this bank holiday, as we count down the seconds to our last long weekend of the summer before that time comes…parents know what we’re talking about; back to school! But before we get too much into that, let’s give you a bit of a breather. Here are the latest stories that caught our attention this week:

An opinion we can get behind: Sam Dunn: "We must tell kids about cash if we want them to use it properly"

The Mail Online’s 'This is Money' columnist Sam Dunn has a simple plan for teaching his children about financial responsibility — to get them to understand that money doesn’t grow on trees. "As my son gets older, my plan is rather stark," says Dunn. "For them to grasp that once money is spent, you can’t spend it again." The best method for getting kids to comprehend such a concept? Communication. "The key is to talk about money," says Dunn. We couldn’t agree more and that’s why, as parents, we founded goHenry. Let’s make sure having the chat’ happens at a young age and dialogue continues through our children’s formative years.

We’ve avoided it for as long as we could…but here goes. The back to school warnings lie ahead…

Sign of the times- children’s back-to-school baskets costing around £550

We’re encroaching upon that time when supermarkets and other shops become packed with flurries of children begging for that One Direction lunch box or Thomas the Tank Engine rucksack. Except these days, such 'petty' items pale in comparison to the digital gadgets our children now need in the classroom. According to Matt Leeser, head of buying for communications technology at John Lewis, the store expected to sell two computing devices every minute over the past two weeks. This, combined with smartphones, which cost an average of £362, and other gadgets like headphones, tablets and MP3 players, the costs add up quite quickly. Compare this to the 1980s where average back-to-school costs were around £252.40, or the 1960s when they were a mere £45.10, adjusted for inflation. Oh, how times have changed!

It’s not just the gadgets that are costing parents money…school uniform prices soar

School uniforms are as much a British staple as beans and toast, but are they a waste of parent’s money? On average, parents spend up to £285 to match an 11-year-old child with a uniform, coat and bag. The numbers come from The Big Stitch Up, which surveyed 13 state schools by the charity Family Action, which is calling for an end to branded uniforms, and instead insists parents be allowed to buy plain standard garments instead. Or there’s always the option of forgoing school uniforms altogether.



goHenry, a unique earning, saving and spending solution. Perfect for parents with children from 8-18.

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