Your child’s education is one of the most important things you will ever have to budget for and whilst public schools certainly have their benefits, a private education will always be worth the cost further down the road thanks to the extra resources, the smaller class sizes and the greater prestige. Think of it as an investment in your child’s future.
Of course, private school is not cheap, but with the right mindset and a few cut corners, you could soon be setting your children on course for a very bright future indeed. Here we’ll examine just a few tactics you could be using to help pay for your child’s private education.
There are numerous corners that can be cut in order to make a lot of money quickly. One of the most common luxury items found in many family homes is the family car and that’s one easy corner to cut if you’re willing to make a sacrifice. Trade in the big, flashy, expensive family car for a second-hand alternative. Cars always depreciate in value so buying new is throwing money away. Family holidays are another easy corner to cut. Consider holidaying locally and exploring what the UK has to offer instead of expensive international holidays. Finally, put a spotlight on mobile phone usage in your family and see where it might be possible to switch to cheaper tariffs.
If you share money with your partner but have separate accounts, pooling your financial resources into one joint bank account will allow you to budget smarter and manage your household bills more easily as you won’t need to work out who has paid for what. It will also allow you to have greater control over your day-to-day spending.
An entire year’s worth of tuition can seem intimidating, but if you request a payment plan, you’ll be able to spread the cost out over the year. Families that might not be able to afford even these payment plans, meanwhile, might be able to apply for financial aid.
It’s always awkward to ask for money, but consider the money that grandparents, uncles and aunts might spend in the space of a year on toys and games for Christmases and birthdays. Instead, ask them to redirect those funds and swap a Christmas gift for a donation towards their schooling. The children might baulk at first, but they will almost certainly appreciate it in the long run.
The mortgage is perhaps the most important regular bill for most families with private schooling aspirations. Do some research and you might find a little flexibility in the amortisation of the loan – reducing your monthly payments. Also, a second mortgage is always a potential last-ditch option.