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5 Tips For Financing Your Children’s Education

Posted on Nov 7, 2018 by CFL

With private school fees reaching tens of thousands in the large capital cities, many families are keen to look at ways to provide for their kids’ education.  There are a range of strategies of different shapes and sizes when it comes to funding the expense of school fees.

Here are 5 of the best to help get you started:

Find out the school fees and expenses you’re likely to incur, the number of years you’re likely to incur them (say, years 7 to 12) and consider your time frame – the difference between your child’s current age and the age at which they start at your chosen school. This may be able to help you work out how much you need to save, which you can then break down into annual, monthly or weekly increments.

Managed funds are a relatively easy way to build a diversified, liquid pool of funds that can be drawn on when and if required. The ability to contribute small amounts on a regular basis makes this a flexible option for many families. The value of the compounding returns means that starting early, and small, leads to it being a viable option for many. This type of strategy gives you much more control than others, by giving you access to the funds when you want it without many penalties.

Perhaps the simplest way to “save” for a child’s education is to accelerate or increase mortgage repayments.

Where the mortgage has a redraw facility, or an offset account, amounts can then be withdrawn to meet the education expenses when they fall due.

Parents who are expecting an inheritance can achieve advantages by having that inheritance “skip” a generation and be applied directly towards the education of their own children.

For example, a client may arrange with their parents to leave a bequest to their children, which could be held in trust by the parent or placed into a testamentary trust and then have the trust income pay for fees when they fall due (this may be a conversation for another time)

Education bonds are specifically tailored for education expenses. Each plan has a sponsor and a student beneficiary.

There are two accounts within a plan. The first is a contributions (or capital) account, from which you can make withdrawals for any purpose tax free; the second is an earnings account.

There are pros and cons with education bonds and may need to be researched further to see if they will deliver you the outcome you are hoping for.

Trying to fund your child’s education can seem daunting and out of reach. But with the right planning and time on your side, breaking the savings plan down into smaller pieces over the years leading up to your little one starting school, can make it much more achievable.

 

Sources: MLC & Asteron

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

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The Retirement Prosperity Guide™

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If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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