Well I've done an about face on private education and we're now seriously looking at sending the kids to a local Steiner school. It's freaking expensive, though.
How do you save to pay for it? Have you found a good educational savings 'product'?
we've bought some shares and we're hoping they come good in about 8 years time when ds1 starts high school!
it's very hard though isn't it? i guess we're just hoping that by then (with 2 wages) we will be ok
We have an investment bond through one of the big 4 banks, pm me if you want to know who. We put money in every month and top it up when dh gets his bonus each year. The bond is tax free after 10 years. Not sure if that helps at all! I think it can really help to see a financial planner on this issue, it certainly helped me!
Thanks Janie, I'll look into that for high school maybe. I don't think I'd want to rely on stocks for hat sort of thing.
Looking at a regular savings thing to ppay for kindy-yr7 at the moment, so need to start now and be able to draw on it as we go.
Mine might be attending our local Steiner school soon & its actually not that expensive.
Though they are only a school of 27 so far, so I think if they want to stay open they need their fees to stay down.
I'm whacking every spare cent into the mortgage and will be redrawing on the mortgage to pay for their education.
It will be $25K in fees, plus books and uniforms etc, for EACH child. That's $50K an year I have to find for six years. And XH is unlikely to lend a hand... so it's going to be me.
All I can do is save, save, save and hope my house has gone up in value enough to be able to withdraw $300K in five to eleven years' time.
25k PER YEAR!? For real? Well, um, I guess Steiner isn't taht exxy after all
We don't have a mortgage, but that's a good idea. Will keep it in mind if we ever buy. sorry, but willing property market to tank...
MadB - I'd love to send my son to a Steiner school, by the sounds of it I had better start saving now! I hope you don't mind me asking, how much per year is the one you are looking at?
1-7 is $950/term at the moment. The STeiner high school is $1,200/term I think. I imagine it varies a fair bit though, depending on all sorts of things.
We're winging it :/ Actually, I've got some shares and a managed fund that I've been putting $100 a month into for the last 6 years so that's kinda our education fund so far. Don't really have a specific education savings product, just throwing every spare cent into the mortgage like Divvy. We should have it paid off by the time they hit high school (assuming we don't sell and upgrade).
It's currently looking dismal but as I've had it a while, I'm still ahead. Have no plans of withdrawing it yet so it should get better in a few more years.
After the threads on this topic recently we had a chat to our accountant about it when he came to do our tax.....He is of the opinion that the first option should always be to sink extra into the mortgage and redraw so if you do buy in the future this is the way to go...second on his list was an ASG account.
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Saving for private education
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