Some may know that I have young kids, with one looking at starting primary school next year. Anyone in that position will know that the idea of coming up with money for education costs can be very daunting, especially with everything else getting so expensive at the moment.
As an advisor, I have always been a strong advocate for getting in front of this issue as soon as possible.
We have calculators that we can add estimated school fees, assuming you know which schools you are considering, and it will spit out how much you need to put away each week to cover those fees all the way through until they graduate. It can be good to add estimated costs of uniforms, books, etc.
The idea of putting $100 per week into an investment, when your child is born, rather than coming up with $10-20,000 when they are in year 12 is a lot more palatable.
The best thing about this plan is it works off investing this money so it is working for you while you are saving, compounding nicely during the early (cheaper) schooling years so you have more when you need it.
We will also ensure it is invested in the most tax-effective way.
Be sure to reach out to us to do these calculations for you!
For any Financial Services assistance, please speak to a Financial Planner now at BW Private Wealth Financial Planning | Ballarat | Ararat | Surrounds
