54 Answers

Family savings plans for private school expenses?  We have five children and would like to send them to a private high school. I have heard about family savings plans offered to help save for this expenses. Has anyone used one of these plans? Would you recommend them?

Posted by anon,7/10/13

Want more real mum questions sent to you?

You'll need to check this email to complete your signup.
Ask your question
  • We looked into them, but concluded that they really only work for people who don’t have the self control to save. Otherwise you’re better to do it yourself, and leave yourself more flexibility.

  • My kids went to catholic schools so there is a discount after the first child . The plan is negotiated with the school that you must pay a certain about per month or whatever is agreed upon . I would discuss this with them first about the 5 children and decide if it is good for your circumstance . The good thing is they don’t charge you interest so if the school is worth putting them into after much research so why not ask them to help you . Our school had flexibility ( cash , credit or debit ) so it was great for our 2 children .

  • I have just read a post on here about a similar thing and the consensus seems to be you’re just as well off saving the money yourself

  • I would look at developing your own savings fund. there is certain criteria for the education funds

  • I like the idea of fixed saving account as well.

  • I haven’t used them but am aware of them, they are usually just known as Education Funds. You will need to check out what fees you will be charged, if you can no longer contribute to the fund, do you lose any money, what if you need to get access to the funds early are there any fees etc… it’s a lot to think about. All the best.

  • there are some good comments here

  • no but it should be good shouldnt it?

  • What did you end up doing?

  • Very interesting, and a a great idea :)

  • Private school r so expensive

  • I hope your going well with your savings :)

  • My new plan is to use the redraw off our home loan as the saving on the interest is better than the interest earned in a different account. So pay more off the mortgage which you can then redraw when you need to. Of course check the specifics of your loan if you are going to try this.

  • Hope you have found some advice that will help.

  • Hope some of the answers below helped you.

Post you answer
Like Facebook page

LIKE MoM on Facebook

What is your answer to that question?
Would you like to include a photo?
No picture uploaded yet.
Please wait to see your image preview here before hitting the submit button.
Your MoM account

Lost your password?

Enter your email and a password below to post your answer and join MoM:

↥ Back to top

Thanks For Your Star Rating!

Would you like to add a written rating or just a star rating?

Write A Rating Just A Star Rating