Many parents face a tricky decision about where and how they educate their children. If you would like your children to be educated privately, you'll need to think about how you finance this.
With private schools, fees need to be paid regularly, so it’s best to make plans to ensure you can maintain those payments. While you can choose to pay your children’s school fees out of your ‘after tax’ income, it might not be the most efficient way to manage the payments.
School fees plans can be useful in helping you to save money as they offer an alternative, more tax efficient way of paying school fees. Many school fees plans also offer some form of protection for your money.
An independent financial adviser will provide you access to advice on safeguarding and investing your money for that important, specific goal – and insights to arrangements that could help you save money, by making your savings and investments as tax-efficient in the process. Find an IFA here.
Questions you might like to ask a financial adviser…
- What are the risks involved with these school fees plans?
- Will I be able to draw the money I need, every term?
- If school fees increase, will my savings cover those costs?