Education
Saving for your child’s education By Jo & Carl Violeta
D
o you have a spare $370k in your bank account?!
We certainly don’t… but according to research that’s roughly how much you’ll need to pay for your child’s education. ....Yikes!
Research conducted by the Australian Scholarships Group’s (ASG) shows that on average the cost of sending your child to private school from Prep to Year 12 is approximately $367,569 per child or $244,822 if you choose a public school. Your child’s education is one of the most significant and important expenses you’ll face. Whether it’s the transition from pre-school to primary school, a shift to a private school, or a move into high school or even university, the financial balance changes. Being prepared for these expenses and the change in your family’s financial situation AND having a plan in place to mitigate them, can help ease the burden. 66 Peninsula Kids – Summer 2022/23
Preparing for education expenses The first step is to estimate how much your child’s education is likely to cost. Whilst this may seem overwhelming or unknown, just come up with a rough figure so you have an idea of the range of savings you might need. Look at the average cost of school fees for schools in your area. Remember to factor in additional costs including tutoring, uniforms, camps and stationery. Usually primary schools will provide school books and some stationery supplies; we didn’t need to start purchasing school books and stationery until our daughter Eva started high school.
Saving for education expenses You might like to consider a proper savings plan for your child’s education.