HOW TO BE FINANCIALLY READY FOR PRIVATE SCHOOL FEES.
As parents, our kids are our number one priority, so giving them the best opportunities in life, like a great education is paramount. As life goes on, more commitments, pressures and unexpected events come up, which can make finances a bit unpredictable, but there are ways to plan for your family’s future to ensure they are well provided for and will receive the very best education.
If you are keen for your children to attend a great private school, here are some tips courtesy of Rise High Financial Solutions to help you achieve your goals:
Understand the costs and options of private schooling
There are many great schooling options in Australia, but many parents like to have an option to consider private schooling. However, this can be costly and can burn a hole in your pocket, with some families spending over $250K per child over the course of their schooling. While this sounds like a big investment, it is not out of reach. If you plan and prepare, paying for private schooling can be achieved in a number of ways. The first step is to understand the costs and then make a plan for how you will fund these costs. These tips and those outlined in the following video will help you to be well prepared financially so you can make a choice that is best for your family.
Save money by refinancing your mortgage
Refinancing your home loan is an excellent way to save money, and free up your cash to finance private schooling for your children. If your mortgage is more than two years old, it’s time to speak to an expert about refinancing. Since taking out your mortgage, your situation has probably changed and the market has definitely changed, so speaking with your mortgage broker about a lower interest rate, a better loan product and access to equity will help get the most out of your money and may free up cash to fund more important things, like your children’s education. Competition is at an all-time high at the moment so there has never been a better time renegotiate your interest rate and start saving.
Consolidate your debts
Like refinancing your mortgage, consolidating your other debts can reduce your interest payable, reduce your overall monthly repayments and save you huge amounts of cash. Doing this allows you to have more money to put towards private schooling you might think is otherwise out of your financial reach. Rolling your debts into one easier loan will help you pay it off faster, leaving more money for you and your family’s future.
Improve your financial literacy
Sometimes, when situations change or a relationship breaks down, many things need to be altered, but your children’s education doesn’t have to be one of them. The first step to getting back on track is to have your finances in order. Rise High are the experts in helping women to access their finances, regain their confidence, and continue to support themselves and their children’s education. Knowledge is power and understanding where your money is at will go a long way towards taking control of it and making it work for you. By seeking financial advice tailored towards empowering women, you will be able to work out how you can afford the private school you would love to see your children graduate from. Rise High Financial Solutions is committed to aiding women with overcoming financial stress by helping them understand their money situation and educating them to make good decisions.
Invest for the future
Investing is a great way to secure your financial future and give you choices that will best serve you and your family. One great low-risk investment strategy that works well to help build wealth and income that can support private school fees in the future is property investment. Investing a regular percentage of your income into property investment will ensure that more of your money is working for you and that you and your family will have more choices later in life. As well as being able to support financial decisions like private schooling, a well balanced and well-planned investment property portfolio will also give you the ability to make important lifestyle decisions including when and how you retire and the lifestyle you want to live. Speak to Rise High Financial Solutions about how to build a property investment portfolio that will help you to achieve your long-term goals.
With the right financial advice, you can free up more of your money and make sure your children get the best education they possibly can. Rise High Financial Solutions are committed to educating and empowering people to get the best from their money and investments, and they want to help you get the best for your family. If you are looking for a better solution in securing a future for you and your children, get in touch today.
