Primary School Savings: The 10 Best Ways to Save Money
Save money in your primary school with 10 ways to do more for less with your school budget. From primary school procurement regulations and free school meals to using your school buying frameworks.
If you’re a headteacher or school business manager looking in despair at what the future holds for your budget, you’re not the only one. Schools across the country are having to work harder than ever to save money.
The sad truth is that saving money is hard; schools are facing some of the steepest cuts since the 1970s. Headteachers are having to do more with less, and standards are getting tougher.
To help your school save money – without sacrificing the things that matter – we’ve put together top 10 ways to save money. So don’t start scrimping and scraping for pennies until you’ve read this post.
Primary school money saver: procurement
Assess contracts for in school
Undoubtedly you already know procurement is a big one. To save money, every school should be reviewing their contracts at least annually. Consider having a regular agenda item at senior leadership management meetings to look over the finances and performance against budget. Focus on the most important contracts such as cleaning, catering, insurance, and electricity and zoom in.
You should always keep a close eye on when contracts come up for renewal and be wary that renew automatically and then tie you in for lengthy periods. Also think about whether contracts are still fit for purpose or serve the needs of your school.
A Headteacher's Guide to Maximising Your Primary School Budget Includes insights on raising and saving money; from using business in the community for a free school makeover, to saving thousands on your intervention system
A Headteacher's Guide to Maximising Your Primary School Budget
Includes insights on raising and saving money; from using business in the community for a free school makeover, to saving thousands on your intervention system
If you’re unsure whether a contract is still fit for purpose, value for money, and serving the needs of your school, consider these questions looking at what other schools are doing or run a benchmarking exercise. Visit the government’s Schools Financial Benchmarking site to get started.
Check primary school procurement regulations
As primary school procurement spending comes from public money, your school must adhere to basic procurement regulations. This safeguards your school and funds, ensuring they are spent in a fair and open way.
Obviously, make sure procurement decisions are just and transparent. Making ineffective decisions or failure to conform with procurement legislation could end in legal challenges from suppliers and cancelled contracts. This, in turn, will lead to financial penalties which are hugely expensive and will tarnish your school’s CV.
Increase your primary school’s purchasing power
To increase your buying power and save money, form buying groups or join an e-procurement site. Procurement sites can also help you achieve value for money as they encourage fair competition between suppliers.
How primary schools save money with Third Space Learning
When you choose our 1-to-1 primary maths intervention you can be sure that your pupils are being taught by maths specialists who understand the KS2 curriculum inside out and have been trained to teach towards developing mastery in Maths. As Louise Yarwood, headteacher of Trent Primary said “Having 18 children doing a Third Space session at the same time at £16 per child is more cost-effective than hiring a mid-range teacher for a day a week to work with individual pupils.”
Find out more about our low cost, high impact, and cost effective school Maths programme by booking a demo here.
Primary school money saver: census days
As a school, you should make sure everyone knows how important census days are. Core funding is based on autumn census returns and so are ESG allocations, plus pupil premium allocations are based on spring census returns and UIFSM is based on average pupil numbers.
Ensure that children are in school on census days or you school will suffer financially. Unbelievably, schools do not actually receive money for the number of pupils on roll but only for the number of children physically in school on census day. Aim for 100% attendance on census days.
Primary school money saver: sustainability
Sustainability is a long-term money saver for any school. Consider what practical ways have you considered to become more sustainable whilst at the same time saving money? How can you reduce your carbon emissions? Are you school projectors cost efficient?
If you aren’t using sensor technology (e.g. motion-activated lights), then it could be worth the investment in the money you will save long-term.
Primary school money saver: use your site
Are you making the most of your school site? Every school has the potential to generate money by providing some part of its site or facilities for use.
Sports facilities, rooms and hall spaces can be hired out for one off events or classes. Consider looking around for scout groups, training sessions, evening classes, parties, or business meetings that need local space. Also think about if the car park be utilised as a charged car parking space for local events? Car boot?
Primary school saver: smart staffing
Is it possible that you could make savings by working with neighbouring schools so that you share some services such as site and finance? Look carefully at the expertise you have in school and consider whether you could outsource their skills to another school.
Also, how good is your school at hiring volunteers? Are there some services that individuals or companies would provide for free or on a voluntary basis? Is your ICT manager only needed one or two days a week? This can help you out financially and give other schools much needed resources.
Primary school money saver: advertising
You might be spending a small fortune on advertising your school. Take a step back and think again about its value. Do you need to advertise if you are over-subscribed.
Primary school money saver: per-pupil funding
How good is your marketing plan? If you aren’t oversubscribed, are you utilising social media to attract more pupils. Higher pupil numbers means you will receive more funding.
For more on maximising your per pupil funding, download our free guide to maximising your primary budget.
Primary school money saver: free school meals
Make sure your school has as many eligible pupils as possible on for free school meals, remember pupil premium funding is based on the number of pupils who qualify for them. Since the Universal Infant School Meals (UISM) initiative was launched the number of parents registering for pupil premium has dropped by as much as 50% for some schools. Pupil Premiums are a significant source of funding for schools so make sure you ask parents to claim their FSM.
Primary school money saver: bring services in-house
This could be something as simple as signing the caretaker up for a PAT training course. You will of course have to buy the necessary equipment but you’ll be saving money on PAT tests every year.
Primary school money saver: make the switch
Is your school still wasting money on paper and printing supplies? If you haven’t made the switch to text and email communications yet then you are wasting thousands of pounds every year.
Text and email communications to parents, pupils and staff definitely save money and of course time.
There are lots of ways you can save money and a great place to see what other schools have done is by watching any of these 20 archived videos.