Let’s face it, going to school is an essential – and let’s be honest, compulsory – part of growing up. School allows children to absorb academic knowledge, learn about social interactions, foster friendships and develop life skills.

At times, students will be elated about school and rush to arrive at the gates. At other times, they will loathe school and everything about it, daydreaming about the next term break rather than soaking up knowledge.

When I was growing up in Australia, our long summer break was at Christmas time. The school year ended around mid-December, and we headed back to school around mid-February.

I remember loathing the beginning of February; it was still so hot. Mum’s nerves were thoroughly frayed, and I am sure she was counting the days until we were back in school.

As the final week of summer holidays came to a close, we traded our swimsuits for school uniforms, hanging out with neighbourhood friends to getting to know our new classmates, and our freedom (as I perceived it as a child) for routine-based learning in a structured environment. I was often convinced there was one teacher who “had it in for me”. My feelings back then are a perfect example of the “back-to-school blues”!

Fast forward to today, and not much has changed for children and probably parents. The end of summer nears; children begin lowering their heads, mumbling under their breaths and dragging their feet, knowing that school is about to begin again.

However when it is a child’s first day at school, it is often filled with tears, and for parents, saying “goodbye” does not come easily after spending every day together for the first five years of a child’s life – a different type of back-to-school blues.

On the other hand, many parents breathe a sigh of relief at getting back into a routine when their children are back in school and out of their hair (as mine certainly did), however for some parents there can also be a worry about affording another year of school and its associated extras – yet another side of the back-to-school blues!

When you really think about it, the back-to-school blues affects three groups of people: students, parents and teachers.

I am sure teachers wonder whether they are going to have good students this year, students who remain interested, participate and are respectful to adults. Furthermore, since some schools only provide limited classroom resources, some teachers know that if they need more, it will need to come from their own pockets – yep, another case diagnosed with the back-to-school blues!

Beyond its emotional impact, the back-to-school blues reflects a glaring reality: schooling costs money, and the more children you have, the greater the costs are.

Choosing public or private schooling is a personal choice, one sometimes driven by finances, other times by academic opportunities or by the school’s location and the distance of the commute.

Your choice of schooling type will ultimately drive how much you need to earmark for each year. Private schooling comes with annual tuition costs, and some public schools also have a small registration expense. These expenses are standard, and you’ll know their total upfront each year, but what about all the other expenses a parent must cover during the year?

Here's a basic list:

1, Laptop

2, School uniform and shoes

3, Sports uniform (depending on the school)

4, Notepads, pens, highlighters, etc

5, Calculator

6, Backpack

7, Lunch bag

8, Sports equipment

This basic list includes the essentials, but children could need more or fewer items depending on the grade they’re attending. However, the “basics” add up to a lot that you need to afford each year (excluding the laptop, which students should use for a few years before needing an upgrade). If you have more than one child, schooling children becomes really expensive, and you have a lot to budget for each year.

One good way to try to keep your expenses reasonable is to take advantage of schools’ second-hand uniform stores. The uniforms are all in great condition and will come in all shapes and sizes at a fraction of the cost of brand new uniforms. The second-hand clothing market is often overlooked but is honestly an excellent way to accommodate a growing child without swelling the uniform budget.

Sports equipment sold by other parents at school can allow you to pick up a much-needed item for less than the cost of new equipment. As I have said in many articles, the second-hand market in Bermuda is excellent.

At the end of the day, the key to managing expenses is to budget and in doing so anticipate everything costing more than expected. A friend of mine advises “times your budget by 1.5”, because chances are that items will cost much more than you anticipated. The cost of sending your child to school can exacerbate the back-to-school blues, but planning and being a little resourceful might just take the edge off.

• Carla Seely has 24 years of experience in the financial services, wealth management and insurance industries. Over the course of her career, she has obtained several investment licences through the Canadian Securities Institute. She holds ACSI certification through the Chartered Institute for Securities and Investments, UK; QAFP through FP Canada; and AINS through the Institutes. She also has a master’s degree in business and management