Education Fees & Planning

Planning for your child’s education costs is a crucial part of managing family finances, especially as these expenses continue to rise in Australia. From public to private schooling, the costs can vary significantly based on your choice and location. By understanding what to expect and starting early, you can reduce the financial stress and ensure your child gets the best education possible.

What to Expect

The cost of educating a child can add up quickly, even for public schools, which many assume are free. For a complete 13 years of public schooling, parents can expect to pay significant amounts due to costs like uniforms, extracurricular activities, and school excursions.

Public Schools: The expenses for public education include various associated costs beyond basic tuition.
Catholic Schools: The total cost for a Catholic education is notably higher, and varies depending on the city and region.
Independent Schools: Choosing an independent school can be a significant financial commitment, often involving considerable additional expenses over many years.

Tips for Managing Education Fees

To plan effectively, consider these strategies:

Start Early: The earlier you start saving, the easier it will be to manage the overall cost. Setting aside a regular monthly amount from your child’s early years can help reduce financial stress as they progress through school.
Explore Investment Bonds and Funds: Investment bonds are a tax-efficient way to save for education. They grow tax-free if held for 10 years and are not included in your income tax return, which can preserve access to family tax benefits.
Research Scholarships and Financial Aid: Many schools offer scholarships based on merit or financial need. Taking advantage of these can significantly offset costs, especially for high school and university.

Conclusion

Whether you’re planning for public, Catholic, or independent schooling, it’s essential to have a structured plan in place. Start saving early, explore your investment options, and adjust your approach as needed. By understanding the costs and setting up a plan, you’ll be better equipped to manage school fees and ensure your child’s education is a priority without compromising your financial wellbeing.

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As “Wealth Stewards” for our clients, our team works hard through strategy and wealth advisory services to ensure we make the right decisions for you.

At Cadre Capital, we help our clients make informed financial decisions and achieve their financial goals and aspirations. We empower our clients to feel confident about their financial future, knowing they are on track to achieving their financial goals thanks to the solutions, guidance and advice provided by Cadre Capital Partners.

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Phone:

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