If you are fortunate enough to send your kids to private school then you may dread the idea of the annual expense this adds to your finances. You are not alone, many experience that endless forking out for school fees each year and there are ways to save money in the process.
Today we look at the best ways you can save money whilst still paying for private school fees for your children. If you have learnt any other ways that may benefit our community outside of the information here today, please feel free to share your advice in the comments section at the end of this article.
Have you ever heard the saying, ‘the early bird gets the worm’? Well that can certainly be the case when it comes to paying school fees upfront. Whether you are new to paying school fees or a veteran, it saves to always check to see if your kids’ school offers discounts on early payments. If you have nobody to ask, then always check the fine print for this type of information too. Learning this could save thousands of dollars, I’ve known parents who have saved as much as 7% on their annual fees.
These types of packages can help ease the pain of school fees and providers such as Edstart basically help you spread out the costs. This may not seem like such an issue when you are starting out in nursery and primary ages, but when your babies grow to high school age, a service like this can help you spread 6 years of high school fees over the course of 10 years.
These types of services offer flexibility too because you can customise the payments to suit your situation. A single school year can be spread over as little as 12 full months, helping you avoid the large term time payments instead. Visit edstart.com.au on the link above to receive a free estimate to further help your planning.
As with any amount of money, negotiations are always a possibility so don’t be afraid to ask for a reduction on certain school charges. If you have more than one child attending a single school then you are in a very strong bargaining position to save thousands a year off normal school fees.
Enrolment or entrance fees can cost as much as $5,000 per child and they are normally non-refundable, however they are the most common type of fee that you can expect to receive a reduction from. This information was provided by on the Edstart website.
Voluntary Building Contributions
If you have ever had a building fund contribution request, then you may be aware of the fact that they can be as regular as your child’s school report. They may appear on every invoice but this little piece of money saving advice could save you hundreds: these contributions almost always are voluntary, not obligatory.
Private schools rely heavily on these contributions to continue capital works, so it’s nice if you can afford to contribute, but when cash is scarce, it may provide valuable money saving information.
Having all of your children at the same school can also increase you chance of saving money because it makes you more eligible for discounts. If however, you have your child/children at single sex schools then more often than not, these schools will have ‘partner schools’ where a sibling discount may also be applicable.
Thank you for reading and if you have any money saving advice to offer to our community, please feel free to use the comments section below to share it.