We always want our children to have the best education available but the costs can start to add up over time. Depending on how you choose to educate your child it could turn out to be one of your family’s largest expenses. For example, the average costs of sending your child to a private high school are approximately $30,000pa and that’s not taking into account things like uniforms, computers, excursions, sporting gear, private tuition and the year on year increase in fees! Even if you elect to decide to send your child to government schooling, the total costs could be around $4,500pa during high school once you add in all the extra costs.
Regardless of where you intend to send your child, parents need to start planning for education from birth to avoid financial stress later on.
Some things you should consider:
- Where do you plan on sending your kids to school and what are the school fees?
- When do you need to draw down on these funds? Is it now or do you require these funds much later on?
- What investment vehicle are you going to use for your savings? Will it be using the offset account on your home loan? Are you considering using a high-interest savings account or even a combination of growth assets like managed funds or investment bonds?
- What tax liabilities are associated with your savings funds?
Speak to us today and we can help you put together your plan to help you achieve this and many of your other goals.
Let us know how we can help