When it comes to saving for your child’s education, parents often focus on university. However, there are a few expenses that come with high school and you might want to bear that in mind. Here are three important expenses that people tend to forget about until the bill hits them in the face.
Sports trips/extra curricular activities
If your child is a sports nut and plays everything and anything, then you have to be aware of how much sporting events cost. A lot of them are paid for by a combination of school contributions, fund raising and a little help from the parents. Your child may have to pay for accommodation, travel expenses, food and activities along the way.
Why not, for good measure, start putting away a small amount each month so that when these events do pop up you don’t have to stress, or worse, tell your child they cannot go. Create a specific savings account just for school activities and events and it should take the worry away.
Technology is transporting kids across the world with a click of the button and exposing them to different cultures, information and sights. It gives them access to more information in a few seconds than what a lifetime of reading in the library would do. The huge surge of technology reliance has been building within schools for the past few decades, but it is even more vital these days.
Your children must have access to a computer and the internet to continue their education at home. Therefore you should consider that by the time high school rolls around, your child may need a computer, tablet or iPad. iPads range from $850 – $1,200 and that is a lot to spend unexpectedly. A personal loan can fit the bill and help you out in with school expenses or again, tap into that special savings account.
If you are considering sending your child to a private school, then it is a whole new kettle of fish. According to the Australian Scholarships Group, the average cost for sending your child to a government school from pre-school to Year 12 will be around $5,400 in ACT. Compare that to a private school that averages $422,000.
The difference is huge and therefore it is not just University you need to think about, it is public versus private schools as well. Talk to a financial advisor when deciding between public and private, but don’t let the numbers scare you, just seek sound advice before you send your kids off to school.
For advice in saving for your children’s education before they go to University, talk to the helpful team at Border Bank.