September is a lesson about money for families

Returning to school represents one of the largest financial expenses of the year for parents, with the total cost rising annually. According to the latest data from the Statistical Office of the Slovak Republic from July 2026, the prices of stationery and drawing supplies rose by 2.7% year-on-year, while the costs of primary education increased by 5.4%, and secondary education jumped by as much as 12.2%. According to experts from VÚB Bank, September school expenses constitute a major hit to the family budget that must be planned for in advance.

After managing the increased expenses for children's summer holiday programs, September brings another round of financial pressure for parents. Buying school supplies, paying class funds, or covering extracurricular activities means expenses running into hundreds of euros for a family.

"Data from the Statistical Office of the Slovak Republic confirms that Slovak families face rising costs every year in connection with the start of the school year and education. With the current average net salary in Slovakia at 1,416 euros for the year 2025, this represents a significant hit to the monthly budget, especially for families with two or more schoolchildren," says VÚB Bank analyst Michal Lehuta.

Štefan Hronec, a financial education expert at VÚB Bank, claims that the September pressure on the family budget can be prevented through long-term planning.
"Planning for periodic major expenses is an important part of a family's financial stability. If parents set aside a smaller amount for this purpose each month—for example, 30 euros per child—the return to school in September won't catch them by surprise. We offer our clients the Personal Financial Plan service, which includes an analysis of income and expenses throughout the year, as well as setting up savings for specific goals," explains Štefan Hronec.

September as a lesson about money

According to Štefan Hronec, the start of the school year can serve as a financial awareness lesson not only for parents but also for the children themselves. Children learn to better understand the value of money through a regular allowance, which parents can send directly to their accounts.

According to VÚB Bank data, parents open accounts for their children at an average age of 8. It is precisely during this period that having their own allowance, making their first card payments, or saving money becomes a natural part of daily life for many children.

"Instead of cash, we recommend that parents set up a regular allowance directly into the child's account. It can be sent weekly for younger children and once a month for older ones, helping them naturally learn to plan their spending. With the VÚB Junior Banking account, children aged 8 to 15 receive a Visa payment card as well as a mobile app that helps them build healthy financial habits, track their money, and save for their own goals," says Štefan Hronec.

The VÚB Klasik account with the Junior benefit is designed for children from birth until they reach the age of 15, and its maintenance is free of charge. A savings account can also be linked to it, allowing parents to simultaneously teach their child to set a portion of their money aside.

Furthermore, until December 31, 2026, young users will find a Financial Education contest module directly in the VÚB Junior Banking app. In it, they complete four fun exercises with 10 questions aimed at developing financial literacy. They can win 5 euros for each exercise, earning a total reward of up to 20 euros.

Tips for developing children's financial awareness

VÚB Bank financial education expert Štefan Hronec recommends that families start with their children's financial education as early as possible, ideally in preschool. Parents can use some of the following specific methods:

• Set a fixed budget: Give your child a specific amount of money to buy a pencil case and art supplies. If they want a more expensive design, they must find savings on other items themselves. This teaches them to make smart compromises.
  
• Regular allowance: Set a fixed weekly or monthly allowance for the child to manage. If they spend the entire amount in the first few days, do not top up their funds prematurely. Experiencing a shortage is a lesson in responsibility.
  
• Teach children to save: Teach your child to divide incoming money between everyday spending and savings for a specific goal. This helps them realize that saving for their dream sneakers takes time and discipline.
  
• Digital finance: Utilize a children's account and mobile app where the child can see their balance, payment history, and a visual representation of their savings goals. At the same time, as a parent, you have an overview of what is happening in your children's accounts.
  
• Need vs. Want: During every shopping trip, talk about whether the child truly needs the item or simply wants it. The ability to perceive the difference between a need and a want will stay with them for life.
  
• Pay only for "extras": Never exchange regular household chores for money. Find other extra tasks for your children—vacuuming the car, helping clean out the basement, or painting a room. This helps the child better realize the direct correlation between effort, time, and earnings.
  
• Play the family shopper game: Once a month, put the weekend grocery shopping in the hands of your child. Give them cash or a card and a shopping list. If they make smart choices and shop cleverly, half of the saved amount is their reward.
  
• The home bank: Become a bank for your child and show them the power of compound interest in practice. If the child puts their allowance into your "vault" and doesn't spend it, you will pay them an agreed interest rate at the end of the month. Once they see how their money grows over time, they will quickly grasp the principle of investing.
  
• A bicycle on credit: The child borrows part of the money from you to buy a more expensive item. Subsequently, they will pay off the debt to you monthly; if they fail to pay in a given month, the bicycle might remain locked, for example. Personal experience with failure is invaluable, and notably cheaper than with real loans in adulthood.