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SAVING FOR EDUCATION
How can you make education costs more affordable?
A recent report* estimates the cost of raising 2 children from birth to when they leave is $812,000. Education is a large part of these expenses, particularly for higher income families who may send their children to private school. Aside from school fees, there are regular expenses such as uniforms, equipment, and excursions that can affect your budget significantly, and with tertiary education these costs might be around for more than 15 years!
What you need to know
Putting in place a regular savings or investment plan as soon as possible is the key to making sure you can afford to give your children the education they want. There are a range of options available including:
- Managed funds
- Investment bonds
- A trust
- Education funds
Getting started
- Regular contributions are key to saving for your child's education. Work out your budget and how much you can afford to save each month
- Consider investing in your name rather than your child's name. In most cases, investing in the name of a child is inefficient for tax purposes, as penalty tax rates apply to 'unearned' income for people under 18.
Count on us
A Count adviser can help you:
- Start saving for your children's future in a tax effective way
- Put in place a regular investment or savings plan
*"The cost of raising children in Australia", AMP. NATSEM May 2013.
KW Grimes & Associates Pty Ltd is an authorised representative of Count Financial Limited ABN 19 001 974 625 holder of Australian financial services licence number 227232 (“Count”). Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange.
The information on this web page is not financial product advice and is provided for information only.
This website will always contain the latest version of our FSG
part 1 and
part 2, which includes important information about our firm, your financial adviser, and our licensee.
Information on this website is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this information, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on information within.