A key expense in most family's financial planning is that relating to childrens education. And this is not just when the children are getting 'private' education.
A number of our clients are interested in assisting their children by providing private education, or assisting with some funding at Tertiary level. But recent research shows that even 'free schooling' is costly.
According to ASG Education Programme research it costs $35,000 per child to participate in New Zealand's 'FREE' School programme
This is the average cost per child of a state education in New Zealand. This is broken down into $16,000 for a primary education over eight years and $18,000 for the cost of secondary education.
In comparison, the survey estimates thata Private Education will cost roughly 7.5 times that of a state school education - $262,310.
These costs incorporate 'donations', uniforms, books, school trips, sports supplies. Some schools are now requiring students to supply their own laptop computers.
It is important that you plan well for these years, whether you are providing for a state school or private education. This is a core part of your cashflow analysis in your financial plan.
If you are ready to talk to Moneyworks about developing a personal financial plan for you, contact us by emailing Carey on firstname.lastname@example.org.
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By Carey Church