Saving for Education - Now is the Time to Act
Private school education offers many benefits outside of the obvious statistical performance advantages. As much as anything it is about allowing for personal growth, developing confidence, providing opportunity and building beneficial networks and skills that will last and serve for a lifetime.
But it can be expensive, and this is why intelligent use of expat regular savings together with a holistic wealth management strategy can help both parents and grandparents make the necessary plans to ensure that their descendants are able to enjoy a first-class education with only the minimum of stress.
Of course, the cost of fee-paying schools varies depending on which school is attended, whether the pupil is a boarder and, indeed, whether the pupil is living in the same country as its parents. But regardless of whether the cost is just €5,000 a year for a single pupil or €60,000 a year for two pupils, meeting these costs is going to require you to optimise your expat regular savings towards your education fee planning needs.
Plan ahead to ease the burden
Like most financial decisions, forward thinking is paramount to making it work. Quite simply, the sooner you consider and act on the issue of education fee planning, the lower your monthly costs will be – ultimately, this means less stress and, crucially, greater leeway and greater choice.
Long-term savings vehicles are almost always going to represent the best option for those engaged in education fee planning. This is because short-term vehicles are likely to prove too risky and may even prove harmful to your prospects of realising your long-term goals.
Fortunately, there are measures that can be taken with expat regular savings and in the majority of cases this is likely to involve the creation of an intelligently diversified investment portfolio. In many cases this may be able to provide reliable yields without too onerous a monthly financial commitment.
Remember, although education fees are expensive, they can be attainable. Rather than scrimping to meet the costs as you send your child off to school, plan for them; by taking the path of investment you can get capital markets to do the lion's share of the work for you.
You may need some education for a strong regular savings plan
Just like you trust the teachers at a place of learning to impart the best knowledge to their pupils, so it follows that if you are undertaking a set of expat regular savings and investments then you may need a little expert help.
Blacktower has offices across Europe and beyond and we are able to offer intuitive advice based on your personal needs, investment goals and time horizon. To start on the road for education fee planning contact us today, to see how we can help you.