“Education is the most powerful weapon which you can use to change the world.” – Nelson Mandela
Education is not about learning what to think, but rather it’s how to think and thrive in the world. Whichever route you decide to take, it’s going to involve spending money. Whether you send your children to a public or private school, or choose to homeschool or unschool, there are financial obligations that can cause immense stress and pressure if you haven’t had a chance to think and talk about them in advance.
There are many things to consider when choosing a plan to save for your child’s education.
Ideally, saving as soon as possible is important to making the challenge of providing your children with the best education a manageable and accessible goal.
Tuition fees may be the first in mind but you also have to think about the larger implications and costs of the learning journey. It’s helpful to consider how much effort you would like to put into developing and nurturing your child’s emotional and physical well-being, not just academic excellence.
Extramural activities like sports, cultural activities as well as school outings are an important aspect of engaging in a more holistic education. It’s important to talk to your kids and your partner about what types of activities your children might want to be involved in, and which of those are affordable. Horse-riding and mountain-biking might be too costly for your family budget, but athletics, drama and chess might be workable. Every family is different – so talk to yours about what will work for you and don’t feel pressured to do what everyone else is doing.
Stationery and uniform costs add up every year too, these may also include high-priced items like a laptop or tablet. Make sure these are added into your insurance policies as replacing them is costly!
Do your homework on the schools that you believe will be ideal for your children’s future. It’s an investment in time, energy and money.
Traditional schooling is also a long time – especially when you have more than one child attending. Having a number of flexible, affordable investment plans and growth assets can help make sure those 12+ years don’t decimate your other financial plans.
At Wellsfaber we make it our mission to give the best advice that will help you and your family have a fruitful and prosperous life. We advise, you thrive.