It’s a well-known fact that having children increases our expenses. When a baby comes along there’s another mouth to feed, a nursery to construct, and clothes, car-seat, change tables and more to buy.
Then, when the baby grows into a child and then an adolescent, you still need to support them financially.
The next biggest business entrepreneur, award-winning artist, accounting and finance guru and astrophysicist are all just little children now or may not even be born yet. So, whatever your child grows up to be, nurture their education and increase their opportunity – and start planning for it today.
Read on to find out how a Gold Coast Accountant can help you plan for your child’s future.
Public or Private Education?
In the public system, parents are asked to pay for uniforms, textbooks, school excursions and digital technology aids like laptops and tablets children use in the classroom.
The Catholic and Independent Private system are more expensive, with kindergarten to year 12 costing around $229,640 and $556,472 respectively. Whether it’s an elite private school or a local public school, parents should plan ahead to ease the financial burden of education.
- A rough ballpark of how much you need,
- How much you can regularly save, and
- Where is the money going?
Whatever schooling you decide upon, it’s never too early to start saving for your child’s future. They may not be grateful for it now, but you will be!
Your kids will thank you when they’re old enough to understand the importance of education (we promise).
Be realistic and keep an open mind
With the expenses involved in schooling, you need to be realistic about which school you can afford. However, with a Financial Planner and Accountant by your side, you don’t have to be a high-income earner to provide your child with educational opportunity.
It doesn’t hurt to ask schools if they offer payment plans either. Most schools do, and the worse they could say is no. Flexible payment options as well as multiple-child discounts are common in some schools too.
Don’t be afraid to ask – and this applies to financial aid and scholarships, too.
Explore your financial footing with your accountant and financial planner, sooner rather than later.
Financial Planning for Education
Planning for your child or children’s education may seem off-putting, but anything is possible with the right advice. Along with your Accountant, a Financial Planner can help. Crest Wealth are Gold Coast’s trusted financial advisors and are ready to help you shape your future.
Investment and education bonds, a dedicated savings account and the beauty of budgeting – these are just some of the areas to discuss with your trusted partners in financial planning.
Nothing is impossible with financial planning and good saving habits. Don’t be embarrassed of your finances or be afraid to ask for financial aid or payment plans – they exist for a reason. Most schools are happy to help, and financial planning with Crest Accountants can ensure you’re well-equipped for your child’s future.