Big W's Annual 'Back to School Report' revealed the national average cost to get one child ready is $538, up 13% on last year. 

It's the most expensive in Victoria, where parents spend $608, while Western Australia is the cheapest at $506. 

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Macquarie Savings Account (<$250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
More details
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
Disclosure

Save Account

  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
More details

Savings Accelerator

    02501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
    More details

    Future Saver

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
      More details
      • Deposit at least $1,000+ each month from an external source
      • Make 5 or more eligible transactions
      • Grow your savings balance each month
      Disclosure

      Savings Maximiser

      • Deposit at least $1,000+ each month from an external source
      • Make 5 or more eligible transactions
      • Grow your savings balance each month
      Disclosure
      Important Information and Comparison Rate Warning

      All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of October 11, 2024. View disclaimer.

      Important Information and Comparison Rate Warning

      The report found the most important factors when shopping for back-to-school were affordability (54%), quality (43%), one-stop shop (37%), convenience (35%), and wide variety (33%). 

      Joel Gibson, author of 'Kill Bills!', said planning what to buy in advance would save parents money and stress, with early shoppers typically spending less.

      “Just as you would with any other big ticket item - like a holiday or a new computer, do your research, look around and compare brands and prices," Mr Gibson said.

      "You’ll be surprised at the savings that can be made by shopping early - both on your hip pocket as well as your mental load by ticking off your to-do list.”

      back2school1

      Source: Big W

      Back to school costs can often be harder to pay for given their proximity to Christmas and school holiday costs. 

      Mr Gibson urged families to consider budgeting for back to school early, rather than using buy now, pay later services like Afterpay.

      "For next year, I suggest you try a new service - it’s called ‘before pay’.

      "Here’s how it works: write ‘before pay’ on a large jar, stick $10 in it every week and by next January, you’ll have $520 and Back to School will be a breeze.”

      Big W found it may be better to leave the kids at home when shopping, as 65% of parents said they overspend on non-essential items due to nagging from their children. 

      “To curb unnecessary spending, consider teaming up with another parent and shop for both families whilst the other one holds down the fort," Mr Gibson advised. 

      Back to school online shopping was up 9% from 2019 to 2020, and Mr Gibson said this was a geat way to reduce costs and stick to your budget. 

      “A third of families are shopping online for back to school essentials which is a brilliant strategy for those wanting to stick to the essentials on the list.

      "I suggest doing some internet browsing with your kids first so they know what you’re planning to buy.

      "In store pick-up options are another great way to save on any delivery costs - you can also avoid the crowds.”

      Photo by Element5 Digital on Unsplash