Need Expert Financial Advice?
or Call Us at: +852 3728 0490
Introduction
Education for an expat family presents a true world of opportunity that doesn’t have to be financially testing. Being based overseas gives children a head start in embracing an international lifestyle, and as far as their education is concerned, the opportunities are vast. Some expats may choose to send their children to schools in the community where they are living or to a local international school. Others may decide the best option is to send children to a boarding school in their home country. Another possibility is home schooling.
For older children, relocating abroad could make it easier to attend leading international universities. No matter where you move to or the type and stage of education needed for your children, planning ahead is vital. Not just to ensure the best possible education for your children, but to also effectively manage any financial aspect and future costs.
Things to consider
– Expats can’t always send their children to local schools – so it’s worth researching the cost of private education before you move to a new country.
– Good English speaking schools can be expensive – and the cost varies from country to country.
– Some countries’ qualifications aren’t recognised by top universities – so you may decide to send your children to boarding school in another country, which can increase the overall cost significantly.
– Your children might not go to a local university – so your costs could include flights, accommodation and living expenses.
– Tuition fees have risen sharply, making careful planning even more important.
Summary
The amount you’ll pay to send your children to a private or international school varies from country to country. So if you’re considering a number of schools, compare the average fees over the past five years – and check how much the fees increase each year. From uniforms, books and exam entries to lunches, travel and school trips, extras can add considerably to your costs. Schools have different charging systems for extras. For example, some will include the cost of lunch in their fees. To help you work out how much you’ll spend, you could ask parents of older children for a ball park figure.
Sending your children to university in the UK can be expensive with tuition fees currently up to £9,000 a year (source: gov.uk – 2015). For a student on the MBA Program at Harvard Business School, the total cost will be more than £60,000 (source: Harvard Business school – 2015). To help you plan, create a spreadsheet outlining all the costs – from tuition fees and accommodation to flights and living expenses.
Get Personalised Financial Planning Advice
Additional Information Resources
Additional information resources are available by clicking on the links below:
You can also view information related to your particular stage of life: