Saving for School Fees
One thing that is often over looked when it comes to planning for your children’s future is the cost of schooling.
More often than not we find that people are struggling to allocate money for the school they want to send their kids to. This could have easily been put into savings and invested earlier to increase the amount that you have before the kids even start school.
I can speak from experience as I have recently done this for myself and wish I had of been more proactive myself and started this when my first was born, or even earlier!
If I was to put my children through catholic private schools I have estimated I need to start putting away $130 per week with a deposit of $2,000, with an assumed return of a conservative 2%. If you are looking at more expensive private schools this could easily be well in excess of double this amount.
The decision between private and public school has a large influence on what preparations need to be done, but there are always costs involved and it is better to be prepared rather than surprised. Never under estimate the cost of uniforms, laptops, books, excursions, camps etc.
A Financial Planner will be able to sit down with you and work through the projected school fees contrasted with savings (and the project interest on those savings). This will help to work out an amount that you should be putting away each week to see them all the way through to university.
Call one of our Financial Planners today to book an appointment in person, over the phone or via video call.
Latest News
