How much does it cost to raise a child – School fees?

Choosing the right school for your children is a practical yet complex decision, with public, Catholic, and
private schools, each presenting advantages.

When discussing school fees, it’s essential to recognise that they go beyond tuition fees and can cover
costs, including extracurricular activities, facility improvements, excursions, uniforms, and stationery. Additional costs may arise if your child participates in sports, music, or arts within the school.

Total estimated cost of education for 13 years

Public schools in Sydney offer education without tuition fees, but families must budget for
supplementary expenses such as uniforms, sports gear, electronic devices, and other miscellaneous costs.

Private schools in Sydney come with a diverse fee range, influenced by factors like location, school size,
curriculum offerings, and facilities. Annual costs can range from $1,500 to $40,000 per student.
The anticipated tuition fee for a child starting Catholic secondary school in 2023 is $4,144, contributing to a total expected cost of $11,938 for the year.

Investing in your children’s education is a substantial commitment that demands financial preparation.
Planning for those costs, both tuition fees and the additional expenses, is necessary but can be
overwhelming.

Here are some tips on how to prepare and plan for financing your child’s education

• Start Early: Begin planning for your child’s education as early as possible. The earlier you start,
  the more time you have to save.
• Set Realistic Goals: Establish clear and realistic financial goals for your child’s education. Consider
  the type of school, potential extracurricular activities, and any future educational plans.
• Create a Budget: Develop a detailed budget that includes all potential education related
  expenses, such as tuition, uniforms, books, extracurricular activities, and transportation.
• Consider Financial Aid and Scholarships: Research available financial aid options and scholarship
  programs.
  

Should you require further information about investing for your children’s education, please feel free to
contact Peter Quinn by submitting an enquiry or calling us on +61 2 9580 9166 to book an obligation-free appointment.

The information in this document does not consider your personal objectives, financial situation or needs, so you should consider its appropriateness regarding these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision, and it is recommended that you seek assistance from your financial adviser.