Tag Archives: children

Saving for the Kids’ Education

Preparing for higher education

Like most parents, you want your children to have the best education possible, yet school and university expenses and fees are undeniably costly. The money you spend on your kids’ education could be one of your family’s biggest expenses.  Depending on where you’re based, it may be right up there with your Mortgage repayments.

Not that many of us begrudge the spend, viewing it more of an investment in our children’s futures.

Some will need to decide whether 12 years of formal schooling will be undertaken in the private space or whether just the high school years will be funded.  Others are also happy to help with University costs and some allow Fee Help (formerly known as HECS) to pick up that tab.  Whatever you choose, there’s costs attached and it’s best to be prepared.

Once you’ve worked out your family’s preference, starting to save early will help your children have a high-quality learning experience.

It pays to do your homework.  Research what schools in your area charge each term so you have an understanding of what is required.  Will you need to move to be in the catchment area of your preferred school?  Do you know other parents or students of the school you can ask for testimonials about their experience there?  Do you need to register your child years in advance to get into your preferred school?  Knowing your costs early will give you greater time to save and help avoid disappointment.

The decision to send your children to public or private schools and then to university will determine just how much you need to put aside to start saving.  Despite your wishes, it’s also hard to know whether your children will want to go on to University until they’re some way into their academic career and begin to form some idea about what they’d like to do for a living.  Will a gap year needed to figured into the equation with money for travel?  Or will they fund that by working a part-time job from when they’re able.

What will you need?

As an example… if you send two children to private high school for six years each, which costs around $20,000 a year for each child, by the time they graduate you’ll have spent $240,000 on school fees. And that doesn’t take into account any extras like school uniforms, textbooks, trips and excursions, tutoring, extra-curricular activities, sporting clinics and the like.  This could see costs closer to $275,000 by the time they’re through.

If you only wish to save only for high-school years, you’ll have around 11 to 12 years to save for each child.  If the figures seem out of reach, you may need to rethink what you have to put aside, or review the schools your child will attend.

Public schools are much cheaper but there’s still no such thing as ‘free education.  There are extra fees for textbooks, uniforms, trips, stationery and school camps to pay for. These can easily add up around $1,000 per annum.

Trade Colleges are dearer than public schooling but for those looking to enter trade’s or take over dad’s business, these can be a great option for later high school years.  Often they’re around $4 – $7,000 and only two years is required.

The cost of going to university or college can also vary. If your child is eligible for HECS-HELP (a government loan available to tertiary students) they can choose to defer payment of university fees until they’re earning a living.  Entering the work force with large student loans may not be ideal, but in many cases is unavoidable.

Even if you (or they) aren’t paying upfront tuition fees, there’s still books, textbooks and materials, union and sports fees, lunches, accommodation and transport costs. Contact the university or college and find out how much each of these things will cost each semester, so you have an idea of how much money you will need to save.  And if you’re thinking ahead, don’t forget to allow for inflation too.

The earlier you start saving for your children’s education, the better. Education costs are usually a long-term goal that can take more than 5 years to achieve so stashing early is your best bet.

Then, once you’ve got a ballpark figure in mind to reach for, work out where you’ll put that money.  Are you happy with high interest, web based savings accounts and term deposits or want to invest in education funds or bonds for the longer term?  With interest rates at historical lows, it’s hard to find good returns on conservative styles of investments.

If there’s a top tip to getting set for education costs, it would be to research, plan, track and manage your savings goals on the go.  And be sure to review on at least a half yearly basis to make sure you’re on target.

The Truth About Cats and Dogs

Did you know that 3 in 5 households in Australia own a pet?  38% of us are dog owners, 29% have a cat, 12% fish, 12% birds and 9% some other animal like reptiles, bunnies (not for Queenslanders!) or guinea pigs.

Mostly, we love our furry friends for the companionship they give us – that undying love and having someone who actually wants to see us waiting at home every night!  Others buy to teach the kids responsibility and some to keep them fit and active.

But there’s plenty of good reasons why we don’t own pets as well!  Some don’t want the responsibility, others don’t have a home that’s suitable or aren’t allowed by their body corp.  But a very large reason comes down to cost!

Have you every had to weigh up the average cost of pet ownership to see if it’s for you, or don’t know where to start?

According to one source, the average cost of owing a dog annually is around $1,475 and a cat around $1,029.  Fish would be lucky to set us back $50, depending on how luxurious our tank is, and a bird around $115 per year.

Pet insurance is still in its infancy with only one in four dog owners having cover (costing approx. $293 p/a) and one in five cat owners taking out cover (approx. $246 p/a.)

Pet insurance isn’t always available if your furry friend is getting on in  years and some breeds are dearer than others to insure.  You’ll also need to check what’s covered as some  routine check-ups, desexing and dental may not be insured events.

Having three pets, I’d decided against pet insurance, but when my English Staffy did her patella in last year, needed medication and X-rays and then emergency desexing, the average costs went out the window!  Having said that, it certainly paid to shop around with one vet offering a service for $4,000 that another did for $1,200 – and very well thankfully!

The kids were not prepared to let their beloved dog suffer or be put down and were happy to pitch in to cover the costs.

So, if you’re counting the pennies, it’s definitely worth weighing up the costs before taking the plunge into being the resident human for your new fur love.  But if you adore your fur babies more than anything, cost is hardly likely to be a factor in your pet ownership adventures.

Sources: Pet Ownership in Australia 2016 (Animal Medicines Australia) and Pet Insurance Australia, 2015.

“I wonder what are the poor people doing?”

If you’ve ever made that throw away comment whilst floating around a resort pool with a cocktail waiting for you on the side… I can now give you an answer…

For a complete change of pace, we headed to Majete 5.  A new community for The Hunger Project bordering a game reserve in southern Malawi (and yes, it’s the 5th surrounding the reserve.)

This area has been working with The Hunger Project for only a short while on their mindset change, and have just had their first Vision, Commitment, Action (VCA) workshop.  Their communities surround a reserve for tourists, now hosting the Big 5 and was once the source of their food and income.  Now, relocated on the outside of the fence, life is harder than ever before.

This means that what we’re seeing is pretty much real Malawi and the lives people lead faced with chronic, persistent hunger.  Many who are fortunate, eat twice at day.  At the moment, there is no Epicentre building, and the work has just begun.  They are skeptical that any real changes can be made in their lives, resigned to the lives they lead and yet hopeful that change can be made by partnering the THP.

We witnessed history in the making during the morning, when locals expressed their hesitance and reluctance to engage, believing that life had always been ‘this way’ and that it probably always would be.  They were also cautiously optimistic that maybe this time, real change could be made, but hardly convinced.   And before our eyes, after a rousing talk by the THP Director of Malawi Rolands Kaoatcha and THP employee Grace shared their passion, changed their minds, so hopeful for their children, that change was indeed possible.  It made us reflect later on how much our own limiting beliefs keep us imprisoned to the ideas we ‘choose’ to partner with.

Maternal and infant health is a huge issue in the area, with women in labour having to walk for 27kms (around 7 hours+) to the nearest health facility to give birth.  Many are too tired to make the full journey and give birth along the way.  Any complications mean possible death for the mother, infant or both.  To say the tears were flowing on hearing their stories is the understatement of the trip so far.  Knowing that I would have died trying to have my daughter without medical assistance made the stories more poignant for me and we were moved to tears with one man begging for a health service and ambulance for their women during our visit.

We were soon divided into four groups and braved epic Malawian heat as we were each welcomed into the homes for four local families who shared their personal stories with us.  One family married their daughter off at 12 (apparently she was willing) so that the dowry could feed the remaining family for the rest of ‘the hungry season.’  Others shared their stories of love and loss, of saving 10 years for iron sheets for their roofs and their struggle to feed their families at least twice per day.

To not be moved by such every day battles, and put our own ‘first world problems’ into stark perspective, we’d have been heartless indeed to have not been touched.

Malaria is still a huge issue, and the Majete Malaria Project is working in tandem with THP to improve the lives of those in the villages.

Despite the confrontational day we had, we too were optimistic about their future based on the Epicentre we have seen reach self-reliance and knowing that the work ahead can make positive and real change in their lives.

Their vision that their children may one day end up as President, or even doctors or nurses is more possible right now they could ever believe.

My question for myself as I settle in to bed with a full belly tonight is, as ever, “what’s holding me back?”

Your Life Lessons Legacy

Whether you have kids now or want them in the future, take a moment to think about what lessons you’d really like your kids to learn from you: And there’s tons to choose from! Good Self Esteem? Great Communication Skills? Business Acumen? Knowing that it’s ok to pursue their dreams? Diligence and Hard work? How the world really works? A good relationship with money? Generosity? Healthy Eating  Habits? Philanthropy? All of the above?

What do you feel you’re able to pass onto them that you yourself are fully living by example? If you want happy kids, are you happy? If you really want healthy babies, how do you treat your own body?  If you want them to be financially secure, are you modelling those behaviours?

We all want to be perfect parents and yes, we all try very hard. (I was such a perfect parent before I had kids!! Took just one to mess that delusion up!  Now I’m just great at other people’s kids!)

Not surprisingly however, the very best things we can teach  are children are by our own example. Not as it turns out, by getting them into the best schools, or running around cramming in loads of extra-curricular activities etc.

It’s only when we decide to truly embody a behaviour ourselves, that they can truly learn and model that for themselves.  How scary is that?  (I might have to start saving for their therapy sessions now!)

Are you acting in integrity with what you want your kids to become?

A rather grey day in Kampala

I woke up this morning to a slightly grey and drizzly day but figured a lazy wander, a massage and a chill out were well overdue.

After brekky (a generous American style buffet) I headed back to my room to sort through the spa menu and book my relaxing Swedish massage.  That done, settled down to read the local paper… and the confrontation for me began.

I had some giggles at the local celeb news and some lost in translation moments, noted an announcement on page 6 that David Cameron was re-elected in the UK, and read advice from Dear Abby (actually Penny) to a wife put more ‘space, time and aroma’ into her sex life so hubby won’t be so hooked on porn (leaving me a little baffled.)

I then came across the Children section.  This area of the paper is much like we’d use for the loss of our dearly beloved pets, notices of abandoned or found animals, the RSPCA begging for homes for those less fortunate… only with real live people.

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A baby had been abandoned in the rain, a five year old was searching for his folks and thirteen and fifteen year old kids had been turned over to the local police hoping to be reunited with their parents.  A childcare centre in Mbarara (a district we head to on this visit) is seeking good Samaritans to take care of the babies they’re currently housing as their parents are too physically or mentally ill to raise them.  Others are orphaned, many abandoned.

Knowing the steps many friends have gone through to become parents, and not always successfully, it reinforces again how antiquated the Australian adoption laws are and the amazing work some people do everyday to bring a little joy and stability into the lives of others. It’s so easy to take so much for granted.

Even the local classified section runs notices from lost log books to abandoned babies.

imageI confess its left me rather flat and even being basted from head to toe in olive oil for my massage didn’t help me recover.  I feel like I should be stuffed with garlic, covered in spices and baked as ‘the other white meat’ for someone’s dinner.

Anyway, I guess this is just the beginning of what’s ahead for the coming week.

The remaining Trippers all arrive in the coming couple of hours, so it will be great to catch the rest of the crew.  In the meantime, I think a walk through the grounds may just do me some good.