If you’re sending your kid to a private school, you would probably have to think twice before deciding to get a new sofa for the living room or get the walls of your bedroom redone. Every parent wants to give their child the best education there is. Putting your kids through private school can be an eye-watering experience and can blow a big hole in your pocket, but for the sake of your children, it’s always worth it.
Surveys have shown that private schools have become difficult to afford for parents with higher salaries as well. Only seven percent of British parents send their children to fee-paying schools costing them an average fee of £15,000.
1. Plan Early:
You might have heard the saying ‘If your children have been born, you have left it too late to save.' That's right. Raising a child may be the second largest expense you will have to bear after buying a house. It isn't easy to be able to afford £15,000 a year if you do not plan.
2. Financial assistance
You should never close a door just because you decided you can’t afford it before you have done enough research. Many established schools offer several scholarships and financial aid options to facilitate parents during this economic crunch. The process usually requires students to write an impressive essay. Because the process is lengthy, it is important that you leave nothing down until the last minute.
3. Take a loan
If you haven't been smart and planned, you can always take a personal loan, and use or mortgage redraw to put money aside for education expenses. The greater amount of money you will have in your redraw account, lower will be your daily interest charges, and the quicker you can repay your house loan.
4. Research about government support:
You will always find many programs about government research if you look in the right places. Students who are approved for funding may also be eligible for an additional grant to cover miscellaneous expenses.
5. Get a savings account
Open an account for the sole purpose of education savings. This way you will bear no entry costs and your ongoing fees will be minimal if you are not making regular transactions either.
Private schools are not cheap and contrary to popular belief, you do not have to be part of the elite class to give your kids a top-notch education. Paying close attention to your finances and planning can make private education a lot more accessible.