Financial tips for selecting a school for your children

We’re now in the peak season of school admission. Parents, especially those who are planning to apply to multiple schools for their children, should pay close attention to the latest updates from schools during the application period.

Parents want to minimise the risks of not getting any school offers by submitting multiple applications to different schools, and decide based on the acceptances. However, as parents are busy handing in applications, they should also consider the future learning pathway of their children carefully since different schools may differ greatly in terms of learning mode and future expenditures, such as tuition fees.

While equipping children with the skills for interviews or making videos, parents should also consider their family finances. Here are three tips for parents to plan the education path and consider their family finances to avoid having to deal with unexpected financial difficulties in the future.

There is no such thing as “the best school”, but only the most suitable school for your child. Instead of blindly following what others are doing, consider carefully the needs of yourself and your child. Do some research to see if there is a match between a school’s philosophy and teaching model and your child. You should also consider the location of the school and transportation needs. If the school is far from your home, the long commute can be quite tiring for the child and school bus fees may easily cost over a thousand dollars a month, while moving home could be exhausting and costly too.

Apart from the teaching model, tuition fees and other expenses, such as stationery needs and cost of textbooks, can vary quite significantly, These expenses can add up to the family’s financial burden. Parents should set a clear limit for children's education expenditure based on their financial situation. Putting all your resources on the child is also not advisable as it may leave you feeling stressed, or you may give the child too much pressure and affect the future education path of your child.

As children grow, education expenses, such as interest classes and other activities, may vary or go up, as will other family expenses, like rent. So make sure your budget is sufficient to avoid living pay cheque to pay cheque. Other than expenses, you should also project the long-term financial situation of your family, taking into consideration the stability of family income, household budget, and prioritise your expenses and adjust or cut non-essential items as necessary.

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