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Thursday, January 31, 2013

School Fees Planning

Should you be an expat with children, and also you need or decide privately educated, or indeed should you expect them to head to university, then you should think about planning the financing of the education.
You might like to have your son or daughter educated locally or with a boarding school within your country of origin. In any event it’s really a costly experience, as well as the costs of educating children are increasing, and also the rate of increase is significantly more than inflation. Quite similar pertains to the price of an university education.
The expense of school fees varies, and will depend on the college and site. A figure of £4, 000 per term for a day pupil would be typical in the UK, and £8, 000 per term for any boarder. To the even more exclusive private schools the expenses could be significantly higher.
Choices for funding school fees and university costs
Regular cost savings
You will find quantity of companies who offer monthly savings plans to assist in order to save to purchase school fees or university costs. These can be handy for those who have pre-school children, or expect your private education costs to improve down the road and wish to put aside spare cash in a tax efficient environment which could offer excellent returns.
One time purchase
For those who have an one time of cash available it is easy to invest this, and make use of the profit to cover school fees. Many plans and investments have specific possibilities to allow income to get paid at the beginning of each school term. What’s more it is possible to invest offshore to protect your funds from paying tax. You can also get low risk and high risk investment strategies available.
Funding
Sometimes you could have no option but for take out a loan to finance school fees. One of many cheapest means of doing so is always to increase or arrange a mortgage. If you’re living or working overseas then it is even possible to set up a home loan by using an offshore bank, to get the mortgage you want in the currency which you have chosen.
Pay-as-you-go
It might be the truth that you can comfortably afford to protect the cost of school fees from the salary. You need to however think about the future associated with school fees as well as the rate from which these are increasing, or should you is expanding then you definitely have to consider how you will fund any additional school fees.
Furthermore you may want to think of how your funds could be affected if you were die or become too ill to be effective. Then you should consider protecting your family via a protection policy.
Frank Furness CSP CFP is a professional speaker specialising in sales and social media. He has educated, entertained and inspired audiences in 52 countries. His publications and sales CDs have been sold globally. For more information or to sign up for the free ‘Sales Tips & Ideas’ newsletter, email frank@frankfurness.com or telephone+ 44 (0) 1923 248200. http://www.frankfurness.com

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