3 Tips for First-Time Parents Investing in a Private School Education

private education school

Looking at some of your local private schools might be intimidating, especially when you’re not sure where to begin. It’s common knowledge that the private school curriculum is designed to help your child succeed and forge a path of excellence in their education, but is there a best place to begin?

If you’re serious about having your child attend one of many local private schools, like a private middle school or elementary school, a plan is essential. To help you do this we’ve complied a list of tips that other concerned parents like you have found helpful when considering the private school path:

1. Prioritize

You should look at your family’s overall finances and financial situation. Will a private school’s tuition make a significant impact on your family life 10 or 20 years in the future? Your commitment to your child’s education combined with smart financial prioritization could help you make a wiser decision. Prioritizing a budget plan, ranking each school by their attributes and tuition, and ultimately making your decision a family-oriented one could help you in the long run.

2. Start Saving Early

One of the best ways to pay for a private school is to plan early and start saving as soon as possible. You’ve heard the stories of parents saving for their child’s college fund, but saving for a private school education is just as practical. And there are resources to help you along the way. Programs like the Coverdell Education Savings Account (ESA) actually allow parents to withdraw tax-free money as long as it’s used for educational expenses like tuition and books.

So if you deposit $1,000 into your account and proceed to withdraw $5,000 once it grows to pay for education, that growth would not be taxed. For parents working under a tight budget, this is certainly an excellent option to consider.

3. Cut Back On Spending

If there’s one thing that your decision to have your child attend private schools guarantees, it’s that you’ll need to cut costs in other areas. Fortunately, a private school education will ultimately save you money in the long run. Things like scholarships, grants, and other financial aid programs will be more readily available to your child through their private schooling. So while it may do well to cut back on eating out or shave a few days off of your next beach vacation, you’ll be glad you did. The guarantee of an excellent education is priceless, after all!

There are currently an estimated 5.4 million kids in 33,600 private schools nationwide. If you’re serious about your child becoming one of them, it’s important to plan ahead. With any luck, these tips will give you a good idea of how to start. Any additional questions? Don’t hesitate to contact us. Your child’s education is our first priority.