If the cost of sending your child to school is stressing you out, you’re not alone! A good education can be a big financial commitment.
For some parent’s, the start of the first term is their child’s first day of school and for others it’s just another year. It can come as a relief for some and an emotional, stressful time for others.
Either way, I think we can all agree it’s not just the fees that start to pile up. Extra-curriculars, uniforms, stationery, excursions, the list just keeps going!
Budget, budget, budget
Just like any finance in your life, it’s important to budget!
Budgeting for your child’s education can take the stress out of the start of the new school year. Even if you child is already well and truly into their schooling it’s never too late to start a savings plan.
The difference in public school and private school fees can be massive. I think we can all agree that no matter which you choose, it’s not the only cost associated with a years worth of education.
Your school might not always give you an annual calendar of events you can expect to be paying for. So, make sure you leave some extra room in that budget for any unexpected costs.
If you don’t already have a budget planner, don’t worry, you can find ours here!
So how do you get in front?
We can’t stress the importance of budgeting enough, but you could also make savings in some areas.
You may be able to save money by paying fees up-front each term or year. Upfront payments can attract a discount and you can earn interest on the money while it sits in the account.
If you have an offset account on your home loan you could put the money into that account and offset the interest on your mortgage while saving for your child’s education.
If your child hasn’t started school yet, now is the time to make a budget and start saving. You may even be able to invest the money so that when your child is due to start school you are ahead financially. This will really help take some stress out of the situation.
If you would like to chat to someone about your finances and the cost of sending your child to school, contact the team at Rise High Financial Solutions. We will make sure we put you in touch with the right people to get you the advice you need!