We can help you create a tailored financial plan that’ll help you save for your children’s school fees
School fees can be expensive so it makes sense to start saving before your children are ready to go. Deciding on a school for your children can be a very personal and difficult decision, with the fees being only one of the factors you’ll need to consider.
You will need any money you save for school fees to be accessible, so putting it into super is not an option because you can’t withdraw it easily until you are older. Of course, if you’re a grandparent who wants to pay for your grandchildren’s school fees, then saving in super could be an option.
There are a range of ways you can save money for school fees but the best option for you will depend on your circumstances.
Common methods people use to save for school fees are:
- High-interest savings accounts
- Invest in shares or managed funds
- Using an investment bond, like IOOF WealthBuilder
- Pay school fees in advance – as this could make them cheaper
All the methods mentioned above have advantages and disadvantages that need to be considered in light of your own personal circumstances.
School fees should be part of your financial plan
You should discuss paying for school fees with your financial adviser who can look at your situation and suggest ways you can pay school fees in the future. If you don’t have a financial adviser, we can help you find one.