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Raising Kids Is A Long Journey... And An Expensive One.
When you picture your kid's future, what come to mind?
Will he or she be walking in steel cap boots? Or the high sheen shoes of a judge.
We know success can come in all walks of life. And careful planning can help our kids achieve their full potential - whether it's lawyer, doctor, master builder or nurse.
Keeping pace with costs
The earlier you start to adequately plan and prepare for the future numbers, the easier you will find things when the costs really mount up. There will be increasingly expensive costs - pocket money, school trips, uniforms, music lessons, holidays and as they grow older, driving lessons and the first car, uni fees and helping them with a deposit on their first home.
Many parents paying school fees wish they had started a savings plan when their children were born. The simple fact is that the earlier a savings plan is started, the less needs to be contributed into a savings plan. A longer time frame for investment also allows investors to take on more risk and maximise returns. Private-school fees rise more quickly than inflation. Fees at most schools rise each year between 5.5 per cent and 7.5 per cent, when inflation is about 3 per cent a year.
Will your finances keep up with your kid's shoe size?
$1,100,000 |
$812,000 |
$500,000 |
$50,000 |
$50,000 |
$30,000 |
$25,000 |
50% |
45% |
35% |
25% |
5.5% - 7.5% |
3% |
cost of raising two children (high income family) |
cost of raising two kids (middle income family) |
cost of educating a child born in 2011 in private school system |
yearly cost of raising an 18-24 year old |
average first home deposit |
approx. final year fee for attending a top private school |
average university fee |
increase in cost of raising children over past 5 years |
Australians aged 20 - 24 live in the family home |
Australian children educated at private schools |
increase in household income over past 5 years |
yearly increase in private school fees |
rate of inflation |
The journey starts now
We all imagine a perfect future for our kids but it can be daunting as your children grow up and their needs change. And there are going to be some bumps and bruises along the way - that's what growing up is all about.
But as a parent you'll do your best to be with them on their journey - from their first day at kindergarten all the way through to graduation.
Take your Next Step Today!
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