Every parent wants to ensure that their child gets the best possible start in life. Ensuring that start with a quality education requires research and planning.
Private school fees, boarding and studying overseas can make the cost of education considerably higher. Your child’s satisfaction with their new educational environment will also have a marked impact on your family’s happiness. Here you can find out how to correctly plan education fees so that you achieve the best outcome for both you and your children.
Why It Is Important To Plan Ahead
Planning for your child’s education is one of the most important considerations as a parent. It is important that you plan for your child’s future educational costs including university as early as possible. Early planning minimizes the impact of the investment and provides peace of mind that this essential aspect of your child’s future is in hand. Additionally, regular contributions to a tax efficient savings vehicle can make the cost of a quality education much more affordable.
Determining The Costs Of Your Childs Education
The first step in planning for your child’s education fees is determining how much it is likely to cost you. The cost difference between day schooling and boarding can be significant, so this is one issue that you will need to consider. The cost of education will also vary considerably depending on the location in which you will be working. While developing countries often offer lower cost educational options it is important to check that the meet the standards of a properly accredited international educational body.
Tax Advantages For An Overseas Education
While the cost of educating your child abroad can be higher, there may be tax advantages which help to offset these costs. Depending on your specific circumstances, there may be investment vehicles which are highly tax efficient and in some case incur no tax. Royal Crown can help to guide you towards a savings option that minimizes your tax liability so that you are able to save for your child’s education as efficiently as possible.