Saving for private highschool..

[Olive]

i might look into that too mak!

OP the school id like the girls to go to is around $20k yr for yr 12

[OceanPrincess]

Oh my gosh, really! Incredible. DH and I should start looking into it... We talk about it but we never actually get around to doing it

[Amity]

Any of the four schools that my sons are enrolled in, will be at least $25,000 for Year 12 when they get there. Ca rey, Tr inity, Scot ch and Cambe rwell Gram mar.

[Pandora]

SC is 24k for Yr 10 (well it was 2 years ago when my boss' son was there) not sure how much difference there us between Yr 10-12
If paying it in to our mortgage was a viable option I would but I'm not sure in my circumstances that I'd end up better off that way.

[misty]

We've taken a different approach and been putting additional fund into the mortgage with the idea that we can redraw the extra when needed. Not sure if I have missed an additional benefit of these accounts tho??

That is actually a pretty decent approach - two birds, one stone. At the moment, most mortgages have higher interest rates then most savings accounts (of course there are exceptions), so it can make sense financiallly to do it this way. If you were the type of person to redraw to spend on other things, and were afraid of dipping into the money meant for schooling it may make more sense: so it really does depend on the individual.

Personally we are looking at paying off the house we live in ASAP, because that will free up money that can then be put towards High school education. We already pay decent sized fees for primary school, but are able to manage that (at the moment) from our disposable income. Thank God that they discount for each child after the first (and #4 will be free) because otherwise we couldn't afford it.

[Ginger]

Olive, by the sound of it, I think you may be planning on sending your girls to the same school that we are planning on sending the boys to. Have you enrolled them? Xo
The one I really really want to send them to is also 20k for yr 12.

[MamaPan]

My boys are going to a school that will be 25K for yr 12 too (or more!). Its scary but we have started Kinder there and he abolsutely LOVES it... in my opinion education is the best investment you can make... but the fees do sting!

[Olive]

Ginger...its L..... College thats the exxy one and no havent enrolled, ive enquired about another local private and i need to apply in 2015, but she'll need to do an entrance exam

[Ginger]

I have enrolled them at that college. The little ones would be in the same year level. I feel sorry for those teachers! Lol

[Olive]

pmsl!!! im not sure at this stage we could afford L......

[Ginger]

I know. It's a lot of money. Quite depressing really. We definitely couldn't afford it now, but once I go back to work we're hoping we can scrape the money together. Is the other one you are thinking of mt L? I should really pm you!

[Olive]

nah will pm you

[shellbell3]

We're hoping for Df to get a job at the private school we want. I "think" that teachers usually get half price fees? Because like mentioned. $50,000 year for 2 kids is alot money, if we can get it at $25,000 for them both and hopefully have the mortgage close to paid off by then we'll be in a much better situation.
The local high schools aren't too bad, one is supposedly really good but we are just outside the zone and no way to get in as its got such good rep apparantly the principal has been bribed by parents to get their kids in.

[MantaRay]

We do ASG too for both the boys. DH likes to spend so enforced savings is kind of good And with their pool of money and dedicated investors they are likely to make a better return than I could!!

I am not sure what school the boys will go to yet, but I think it's a good idea to have options.

[Roryrory]

MR I think the options issue is the critical thing. My parents had me in ASG and I knew from an early age that a university education was on the cards for me. Hang on- that sounds like the opposite of an option, but really having parents value education generally and letting a kid know that is a good thing. Lets the child know they have options (if that makes sense)

[Yeddi]

Wow, those a very expensive fees. I hope they can justify it - How do they stack up on Myschool? My DD's school is $4800 a year for all high school grades, and $3600 for primary, and it is the highest ranked school in the state for literacy etc. Has dark green boxes across the board. There are plenty of schools that charge up to 3 times the amount but simply don't deliver anything above average academically, but people send their kids there and spend the money for the prestige, which my frugal mind simply doesn't get. I'd rather save the difference and go on an overseas holiday

[Olive]

Thought id update this!

We closed our investment account (money invested in mainly low end shares etc... and not performing) and deposited the money into homeloan, we're also depositing money for the girls bank accounts and my small income in the homeloan, that way we reduce the repayment amount (now paying more off loan) so we can either redraw when the times comes or pay the loan off alot earlier!

what school is that Yeddi? are you in melbourne? you can pm me if you prefer

[Tinks]

We had an ASG account but I got rid of it a while back when we were struggling financially and never got around to opening another one.

Mt L is quite cheap compared to the other private schools around. I wanted to send DS there but there were issues with the bus from here.