Most parents struggle not to blow out their back-to-school budgets – but for some lucky children, cost is no question. Here’s what the offspring of the super-rich might be taking with them on their first day of school.

Gold-plated lunchbox

The most expensive lunchbox in the world is probably this gold-plated Oscheriyori, at a cost of around $266,000. On the downside, its 3.3 kilogram weight may be on the heavy side for your child. But on the upside, the meal is included – and it’s pretty healthy food, with all that sushi!

Diamond-studded pencil

With three diamonds to “symbolise the third millennium”, the priciest pencil in the world is the Graf von Faber-Castell Perfect Pencil. Crafted from 240 year old olive wood and white gold, it costs over $15,000. But you’ll save money on stationary accessories, as it has a sharpener and eraser built-in.

Italian parchment journal

If A4 paper in a plastic ring-binder doesn’t cut the mustard, try one of Epica’s one-of-a-kind Italian Parchment & Leather Journals. The notebook features “genuine parchment made from real hides”. A steal at just under $4,000 – and, as no two are alike, you can be sure your child won’t mix up their homework with a friend’s.

Crocodile backpack

If Mary-Kate and Ashley Olsen’s original crocodile backpack isn’t good enough to wear to school, perhaps one of their limited edition Damian Hirst models will do? At over $62,000, the carryall may encourage your child’s interest in art. We recommend, however, that you avoid the one decorated with prescription pills, in case it breaks school rules.

Louis Vuitton satchel

The more fashion-forward child may prefer a satchel for their schoolbag, in which case look no further than Louis Vuitton’s $150,000 Urban Satchel made of assorted junk. A note of caution, though: While it’s a wonderful example of recycling and environmental awareness, your kid’s teachers may frown at the old cigarette packet stuck on the side.

Gold-dipped Nikes

If you really want your child to make the school sports team, they’re going to need some inspiration – and what better way than some gold-dipped Nike Dunks? Costing around $6,000, they’ll also match all those Olympic gold medals that your indulged offspring is sure to win.

Rolls Royce pencil case

To get your hands on a limited edition Rolls Royce Phantom pencil case, hand-crafted in aluminium and leather at Rolls-Royce’s Goodwood workshops, you also have to buy the car – at a sticker price of around $1,000,000. Still, at least you’ll be able to pick up your little prince or princess in style at the school gates.

If you were planning a slightly more frugal 2014, you can probably find cheaper items online. Mumgo’s recent survey of Australian parents found that over 50 per cent shop online to save money on school gear, and four in five parents are capping their spend at $400.

Guy Polak is the general manager at Mumgo.