Saving for private highschool..

[Olive]

we've started saving for our DD's highschool education, putting $30 each into their accounts each month plus all my income (which isnt much as im only working a few hours a week atm)
We want to send them to private schools if we can and if thats the way they're heading.
just wondering if anyone is doing the same? i know what we're saving really isnt much atm but i guess every little bit will help

[toomanyshoes]

We've started putting $1000 aside every month. Plus we add DH's bonus every year to that and anything we get back on tax and thats without me working. When I'm working again I'm not sure what we plan to do with my income.

Our plan is private high school as well. But in stead of just having money sitting there next year we're going to invest some, put some in a term deposit and leave the rest in our high interest account. Not sure how it's going to go but will know by the end of next year.

Maybe thirds, haven't really nutted out the details yet because we were only talking about it the other night.

It also isn't going to be exclusively for school, we're putting off buying another house for a few more years because we want a bigger deposit so that will come partly from that as well.

I think that main thing is you make a start and keep going with it, doesn't take long for it all to start adding up.

[peanutter]

I was looking at B (as I'm in that area, too) but there's lots of pink showing on the NAPLAN

YV is a lot more exxy though, as is the school we have DS enrolled in ...

We're planning state school for primary and then private school for secondary, but all the primary schools in our area seem to be underperforming ...

Lots more research for us to do, I guess!

As for savings, we put everything on the mortgage.

[Pandora]

I have an ASG account for DS1, but I need to organize one for DS2 when I can organize it

[Olive]

thanks for that toomany!
pandora does ASG have high interest?
the girls accounts are high interest..cant withdrawal without loosing interest accounts
we also have a portfolio with axa that we cant access STILL from GFC so that will get added to it as well, we also have money invested else where but will leave where it is for now

ETA makes my small contribution seem piddly lol!!

[Roryrory]

from what I understand the main advantage with ASG is that the $$ is paid tax free into your hands - it is definitely worth checking out if planning on private schools

[Olive]

cool i might check it out!

ETA our cheapest private is currently $10k a year for yr 12

[Mak]

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??

[ladybird11]

I've been putting $400 each mth into a high interest account for a few yrs now - thank gosh they offer discounts for subsequent kids attending at the same time lol!

[Pandora]

It's kind of like super. You pit in a certain amount per month and it's invested by the scholarship fund. It's not like an account you can access easily online etc.

That said if you needed to cancel it for some reason you would be able to.

His is 70/nth at the moment, and we are struggling to manage it but I'm looking at the long term benefit and doing whatever it takes. His school is P-12 and at the moment Yr 12 is 5-6k per year. I dont want to imagine how much that is indexed by the time he's there.

Once the CCR is paid fortnightly we will be able to afford to open one for DS2

[Amity]

I'm paying down the mortgage. I'm expecting a bill of $25,000 per child per year. And I'm not expecting XH to cough up anything anytime soon as I haven't had any child support since January.

And yes, that's $50,000 per year. Scary.

[Olive]

very scary div

[OceanPrincess]

Div what do you mean "paying down the mortgage"? Just curious.

Also eta can I ask which private schools have costs that high? I have no idea about these things..

[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.

[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!