Funding your child's education

 

Funding your child’s education

Do you want your child to have the best possible education?

School is a central part of a child's development, and the right one can give them better life opportunities. But education can be expensive. Providing for your child's school and university education requires a lot of planning and some big decisions.

Saving for their future

Saving for your family will give them more choices in life, especially when it comes to education. There are a lot of costs you will need to consider: school fees, uniforms, textbooks and school excursions. Have it covered with a separate savings account, which will help you to budget and put money aside regularly. The earlier you start, the more you will be able to contribute to your child’s education in the future.

Public or Private?

The choice of public versus private schools is a contentious one, and you’ll find a lot of strong opinions on both sides. While the private sector has its advantages, it is an enormous financial undertaking. If your child is academically inclined, they could sit the exam for a select entry school or scholarship test for a private one.

Public schools can provide your child with just as good an education. To get into a public school, you will need to live in their enrolment zone. House hunting? Check what schools the location will enable your child to attend and consider buying into your preferred school zone.

Get them involved

When talking about your child’s education, don’t be afraid to involve them. Your child may not be able to contribute to much discussion about preschool or primary school, but higher level education is a choice they might want a say in. Children will often just want to follow primary school friends to secondary school, but you can get them involved. Take them on tours of their potential schools, so they can get excited about what you choose.

Further down the line, you might be in a financial situation to support them through university. However, a lot of young adults who pursue tertiary studies will rely on HELP fees and will need to manage their debt one day so it is important to educate your children about money and to instill good saving habits.

As a bank customer-owned by members of the education sector, we understand the importance of a good education. Do what you can now, to support your child’s learning.