Saving for private school

[carmen]

Hello

We are thinking about sending Luke to private high school and have talked about setting up a saving scheme.

We talked to Australian Scholarships group but i wanted to know if you have any savings schemes/ plans which you are in and the advantages/ disadvantages

Thanks

Carmen

[Phteven]

Hi Carmen,
DH really doesn't like banks so rather than opening any kind of savings account we are just investing money on the stock market. I don't know if it has any advantages. We can access it quickly if we want or leave it for ages if we want.

[Bathsheba]

Hi, regarding saving schemes for private schooling: my husband is a bank manager and has doubts regarding most schemes of this nature. We don't profess to know everything about them though. We have been sending our daughter to a private school since she was 4 (started in her school's Early Learning Centre), she is now in grade 5. We have done this by simply living frugally and somehow finding the money each term (currently about $9,000 per year). We have done this on a single wage (I have been at uni/pregnant/at home with new baby). Yes, we have shares that we occassionally need to sell and this has worked well. For our youngest we will probably set up a savings plan with the bank... one that offers a high interest rate if you have regular deposits and no withdrawals which are available at most of the major banks. Good luck! BTW despite the financial sacrifices we agree that private education is definately worth it and one of the best investments!

ETA: two years later: she is now in high school (same girls' school) and we're now paying $12,000 p.a. Still no regrets!

[Rouge]

We are doing ASG and it works well for us, they take about $100 a month up until she's 6 I think. Then in high school she'll have roughly $5000 or more a year to go towards private education. After this one has paid off, we'll be starting the university one.

*hugs*
Cailin

[kelly2202]

We have ASG scholarships for all Em, Jack & Asha which Mum & Dad have set up and are paying for!!! We did look into the University one but you do need to be careful and make sure you fully understand what it means for your money if for some reason Paris doesn't attend University (it is not for everyone). I am pretty sure they will pay out for TAFE but there was a reason we decided not to do it ... and my Dad said the same thing to us (I just ask him he is the accountant/tax man in our family!!). Please be careful!

Cheers

[*Rachel*]

We talked about this at home a while ago. We were thinking of getting our Superannuation guy (also does our life insurance etc) to start a similar fund for Keenan. Apparently he just needs to know what school we want to send him to and he works out how much we need to add/invest based on the fees.

We haven't started yet - it's too hard to pick a school at the moment !

[kelly2202]

Prada

Em & Jack are both enrolled at Adelaide schools still, even though we live in Perth now but you just never know.

Ema is enrolled at Annesley (where I went to school) and Jack is enrolled at PAC (where my brother went to school).

There are some great schools in Adelaide ... my cousins went to Mercedes and St Peter's Boys.

Good luck in deciding and don't forget to go to the open days!!

Cheers

[*Rachel*]

Thanks Kelly,

Those are great schools. We just have to get off our backsides and decide! Open Days are definately a must, I agree.

[clucky]

Ema is enrolled at Annesley (where I went to school) and Jack is enrolled at PAC (where my brother went to school).

I went to Annesley from reception right up to the end of Year 12 and I loved it. It really is a great school, and there's a strong community atmosphere there that I really like. If I have daughters and we live in Adelaide, it'll be where they go to school

Kelly, what years were you there?

[mummy_2_4]

we have the under the pillow scheme the best kind i think heheheheh
we put a certain amount in an envelope marked schooling and put it in our safe and hope for the best. we have 4 kids and its very expensive but education is everything so its well worth it

[Bathsheba]

An issue that you also might want to consider is the cost of private school uniforms. They are expensive. It's a misconception that the schools are ripping off parents but from my experience (my DD has attended 2 private girls' schools) the reasons for the expense is this: the schools often engage local clothing companies to make the very limited number of garments. So the fact that the items are not made in an Asian sweatshop by a 12 year old child, that an Aussie wage is paid, that the garment is made from good quality fabric eg %100 wool blazers, add the cost of embroidery for the school logo and you end up with a price that freaks out a lot of people. However the garments usually last very very well. Just thought I would highlight this issue.

[Pandora]

I am looking into the ASG one and the Commonwealth bank one as well.
I think the CBA one can be used for any schooling, primary, secondary etc
Unitl then I am going to open a Bankwest 10% interest savings acct.