Latest News

Receive all the latest updates in financial planning from the expert team at National Financial Advisors.

  • Home
    Home This is where you can find all the blog posts throughout the site.

Planning For the Cost of Education

Posted by on in Latest News
  • Font size: Larger Smaller
  • Hits: 2434
  • Print

It’s natural to want to give your children the best education possible, but the facts are that the cost of education can be an expensive outlay from your family’s budget. However, your children’s education is not an area where you want to penny pinch. With this in mind, how can your family prepare for the cost of education?

Even if you think your family is prepared for your child’s schooling costs, it’s important to evaluate your plan regularly. The cost of education is on the rise; between 2012 and 2013, education costs rose by 5.7%[1] compared to the Consumer Price Index (CPI) growth of 2.3%. It’s not unusual for your children’s education needs to rise as they get older, too, meaning that you may find yourself in a situation where your child’s needs are changing – and becoming more expensive! – along with the rising cost of education.

Simply put, a set-and-forget financial strategy for the cost of your child’s future may not be enough.

The Australian Scholarship’s Group (ASG) estimates that the lifetime cost of education in New South Wales for one child is as high as $71,000 in government schools[2] and $542,000 for a private school[3]! While fees are often the first expenditure to come to mind, there are many expenses that parents overlook when it comes to their children’s schooling costs such as:

  •   Uniforms
  •   School bags
  •   Excursions
  •   Computer costs
  •   Internet access
  •   Extra-curricular equipment e.g. sports, musical instruments
  •   Stationery costs
  •   Transport costs
  •   Recesses and lunches

These add up, and they can strain the family budget if you’re not already prepared.

National Financial Advisors’ financial advisors are experienced with helping people at every life stage to achieve their financial goals, including young families that are finding the cost of education a struggle. To ease the strain on your family budget and give your child the best education possible, contact National Financial Advisors for a free consultation today!


[1] http://www.kidspot.com.au/School-Tools-The-real-cost-of-education+2378+93+article.htm

[2] http://www.asg.com.au/assets/files/govtschoolschildborn2015.pdf

[3] http://www.asg.com.au/assets/files/privateschoolschildborn2015.pdf

National Financial Advisors is one of the fastest growing award-winning financial planning practices in Australia. We can help you achieve your financial aspirations with smart financial planning that addresses your life stage.

Testimonials

"Dealing with Michael was an absolute pleasure. He did not only get our super and life insurance sorted but was also able to help us wipe a $55,000 credit card that had been haunting us for years. Seeing Michael was one of the best decisions we ever made and we will be definitely recommending him to all our family and friends." - Selwyn & Jenny, QLD
READ MORE

"National Financial Advisors has changed my life! My wife and I went from being behind every month in our repayments and almost losing our home, to saving thousands every month, we're on our way to achieving financial goals that we never thought would be possible." - Michael & Jennifer, VIC
READ MORE

"Thank you to Peter and the team at National Financial Advisors. You've helped us get our affairs in order so that we can go into retirement comfortably and sustain our retirement lifestyle knowing that when the time comes, our children and grandchildren will inherit what is rightfully theirs whilst paying the minimum amount of tax possible." - James & Mary, NSW
READ MORE

From The Blog

Protecting your biggest asset – You!
If you’re in the top 95% of Australians, chances are you are not in a position that allows you to sustain you and your family’s lifestyle if something were to happen to you. One common reason amongst ...
Read More
You Need to Start Caring About Your Super
It’s important to nurture your superannuation fund as soon as possible or you could run the risk of not being able to afford the retirement you’ve been dreaming of. So, if you’re asking when you shou...
Read More
Planning For the Cost of Education
It’s natural to want to give your children the best education possible, but the facts are that the cost of education can be an expensive outlay from your family’s budget. However, your children’s educ...
Read More