Thinking To Start a Family? Here’re The Key Financial Planning Tips

Newlywed couples more often than not get pleasure from a little of monetary benefit for the first few months or years of their marriage. Well, this is large because of the reality that 2 people are now sharing the expenses on almost everything, be it food, utilities, or another spending. If truth to be told they’re also more changes for them to save cash as they’ve lesser overheads to pay for.

But, when the couples expect their first baby or start planning a family, this joyful situation can easily turn unpleasant. With this new happiness in life a lot of extra expenses come that parents at times find it difficult to handle their fiscal requirements and even regulate their lifestyle. Well, there is nothing to worry about as we have brought you some beacon financial planning tips to help you feel at ease when this kind of situation comes. Have a look:

It’s Time to Live a Simpler Lifestyle Now:

Usually, couples, in particular newlywed, go for date nights once or twice a week in which they’ve dinner at expensive eateries and give each other precious gifts. Also, they go on holidays in a foreign country to have some rest and enjoy some special moments together. But sorry to say, all this changes once a couple starts planning a family.

Now, you’ll have to save cash not for such leisure activities but for more significant like payment for hospital bills, medication, diapers, etc. So, to manage all this well and avoid any kind of debts you can start living a simpler lifestyle soon after you come to know that you’re expecting.

Foresee Your Overheads:

Note down all your predicted expenditures that take in hospital bills, doctor fees, maternity outfits, requirements for the baby like crib, blankets, feeding bottles, and so on. Once you are done, estimate the total. And here this is the time when you need to revise the budget you both are at present on to comprise this expense.

In addition, just suppose that there’ll be overheads that are required to be added in the upcoming time but don’t fuss, you can make out them as you go.

Raise Your Fund For Any Urgent Situation:

It is good in case you already have a safety funds. Now, both you and your better half have to make out how to raise it. Here, the industry financial consultants suggest having 6 to 9 months of living expenses reserve in case of job loss, and for the worse situation when your partner is already at home on childcare duty.

Last but not the least you should consider your budget once more to identify how much you can have enough money to put into a fund for any urgent situation.

Essential News on Individual Retirement Account Investments

Preparation for the future is something we ought to start at an early age and we need to teach this principle to our kids. Regrettably this wasn’t something that was taught to me by my moms and dads as they didn’t truly have actually anything established on their own. An individual retirement account will help you in the future days ahead. If it is established effectively, you might have a terrific retirement life and not need to fret about financial resources, and how you will make it from month to month. I ‘d like to see our kids being taught essential things such as an individual retirement account in school, together with learning the best ways to handle their money and making other smart financial investments. This post will offer a couple of crucial news suggestions on an individual retirement account.

Preparation your future can be a great deal of work, but a great deal of enjoyable also. An individual retirement account will start by taking into mind the important things you will wish to perform in the future. This may trigger you to putting away as much money as possible. If we do not consider retirement days ahead of time, then we will not prepare for them either, and after that it will be far too late. There are several kinds of accounts that can be established as an individual retirement account and every one can hold its own unique terms and opportunities. Did you know that some individual retirement account strategies are tax totally free. That’s right. Some are tax totally free and some will be taxed as you take money from them.

An individual retirement account needs to make you money as you start putting money into it. There are prepare for self-used people along with workers, but any individual retirement account must be established as a financial investment of some type, and not simply a place to store your money. The entire function of an individual retirement account is for the cash that you place into it, to grow, by doubling and tripling in quantity. There are some advantages that support an individual retirement account such as having the ability to gain access to money when you need it, but ensure it is really required, because you do not wish to consume your retirement money before you retire.

There are various business that are trained for an individual retirement account. They know all the laws of exactly what you can and can refrain from doing, and they can reveal you the very best tax totally free financial investments and the best ways to make the most from the ones that will be taxed. They know the best ways to invest your money so it will grow in size and they can likewise council you on the very best stocks and bonds to select from. It is typically smart to let somebody who does this for a living make financial investment options for you, so your individual retirement account will flourish and leave you with a fantastic retirement ahead.

Top Reasons Why Your Business Need A Professional Business Adviser

New start-up or expanding your existing business or simply successful enough to think about financial stability and business future – in all these cases, the right professional business adviser can help you leverage potential that you did not even realise existed.

Let us examine a few top reasons to hire a professional business adviser:

Specialised Knowledge:

An experienced professional business adviser is a great source of specialised knowledge. He has that “been there” experience via other clients and can help you avoid financial pitfalls. A professional adviser brings negotiating skills, knowledge and experience to the table. This helps you plan better and negotiate pit-falls.

You may hire a full-time business adviser or for the duration of a project or even for just a particular phase of the project or planning or negotiation.

A professional business adviser may work alone or may bring in an entire team, which typically includes a manager and an analysts or two.

Create Solutions:

Sometimes your starts off on a project but encounters a problem. You are stumped and unsure how to deal with it. An experienced professional business adviser preferably one who has tackled similar problems in the past, can help you chart out a route to get over the obstacle and help move the project forward. He could be an expert negotiator or a financial or technical expert or a combination of more than one. Hiring a professional business adviser can save you time, money and often embarrassment and legal pitfalls.

Business owners often also hire professional business advisers to revitalise. For example, drop in sales due to factors not in the owners control. These factors could include change of government policy or change in environment or some other factor.

A business owner can often be stumped by these and be unsure of how to get past these external issues affective. A Business Advice Sydney with deep contacts, knowledge and experience can help you tackle these unforeseen hurdles.

Re-jig the business:

Sometimes and thanks to various factors, a new start-up might grow rapidly. When this happens, there is no time for the owner to stop and plan the growth because such things develop a momentum of their own and it takes all the time and effort to just hang on. But at some point in time, there needs to be proper organisation and the growth needs to be channelled.

This is best achieved by professional Auditing Services Parramatta who can bring in a team and study the then draw up a plan to re-jig the so it does not become unwieldy and things don’t get out of hand.

Business Advisory Services A complete financial and system analysis is an important first step in figuring out what happens next. Once we have an understanding of just what the issues are and what needs to be done to achieve the outcomes the business owners desire, we can begin to put into place the necessary procedures to maximize profit and performance of any business.

Importance of Life Insurance Planning

Buying a life insurance coverage is among the most significant decisions of life you’ll ever make. One buys an insurance with a view to supply his family or dependents a financial protection contrary to the probability of life. Therefore, the necessity for adequate insurance planning becomes an essential task for a person seeking a life insurance coverage. Each person differently thinks. There are those people who are very cautious and you can find those who have confidence in leading life recklessly without giving a considered tomorrow. Thus, you need to always be in a position to evaluate his insurance needs correctly and really should not get suffering from the decisions of others.

Factors to Consider Before Getting Building Insurance

Although life coverage can be an extremely excellent instrument this means far more than simply investment returns and tax benefits, the question still remains ‘Why is insurance necessary?’ Most of us are well aware that life is uncertain and we have no idea what it has waiting for you for all of us. Although nobody includes a control as time passes but if things are pre-planned, we are able to at least be ready for even the worst of that time period. Some wise decisions today can result in a lovely secured life in future. Thus, it becomes necessary to evaluate your insurance needs today and plan it accordingly to make life easy and comfortable for the family and yourself.

Insurance planning can be involved with ensuring adequate coverage against insurable risks. Calculating the proper level of risk cover is really a specialized activity requiring considerable expertise. Proper planning will help you consider the possibility of obtaining a wider coverage for a lower life expectancy premium. Your financial background differs from your own neighbors, friends and relatives and are also your needs. This is why, it is very important plan finances and insurance needs accordingly. Your buying decision should perfectly depend on the amount of dependents and their financial needs aswell.

It really is thus prudent to obtain a life coverage for oneself to supply a financial coverage to all your family members. As most of us run several risks inside our day-to-day lives, it becomes increasingly vital that you ensure oneself having an adequate level of coverage and therefore, the necessity for proper planning is essential. Getting an nowadays is quite an easier task. There are many of websites which supply the facility of easy comparison of the price and great things about several policies and ultimately choosing one which satisfies your preferences in the perfect manner.

Developing Friendly Financial Model

Just like the other businesses, all finance experts need to regularly work and handle large amount of numbers. Around everyone uses MS Excel to develop financial models to analyse and to create project financial statements. Proficiency over financial modeling will provide all the experts an edge over others as they can perform their work quicker and with more correctness.

The Financial Modeling course will instruct you the essential of MS Excel all the method to creating flourishing Financial Models. By the conclusion of the course, you will be capable to separately build models that are healthy and give dynamic ledges that can be used to carefully examine a company from numerous standpoints: procedures, investment, financing and valuation.


Financial Modeling is considered as one of the most basic and widely looked after skills in the finance sector. It is the art of creation a model to represent financial statements and investment study using MS Excel. It assists arrive at most favorable business services by analyzing different parameters. At the conclusion of the course, you will be capable to do the chore of building a model showing fiscal statements/business model, which assists in decision creation.

Be trained in Financial Modeling with us in the classroom setting with hands on practice. The first component is Equity Evaluations and the next module instructs advanced Excel. So, you can make a model initially, and then appreciate how to use that model for a variety of reasons such as evaluations and projections among others.

The Perfect Learner for Financial Modeling

This financial modeling course is appropriate for students and professionals linked to Investment, Equity Research, Critical Thinking, Mergers & Acquisition, Credit, Project, Corporate Finance, and analytical skills. At the same time, it is also perfect for CA, FRM, MBA Finance, CFA Program candidates, B TECH and Commerce Graduates who wish a career in any of the above mentioned profiles.

Financial Modeling course is also an appropriate choice for those in non-finance linked careers which include the preparation of Business Planning, working on Excel, decision creation and mapping theory to sensible.

Benefits for Career

Commercial Banks make use of the Financial Modeling for disbursing loans for the plans; Project Management make use for the performance tracking of on-going plans. Financial Modeling ideas can be applied to any business. Individuals who grasp an MBA and also acquire information of Financial Modeling have a beneficial edge over others.


Students should possess the hands-on experience with Excel as well as a brief idea related to Balance Sheets, Finance, and Cash Flow Models.

Highlight of the course

It includes Broad Classroom Training of 14 hours. Get professional training by the 14 days (70 hrs.) Get trained by topic experts with interactive learning.

Excel Workbooks

Make models completing a step-by-step techniques devised by experts. Such workbooks have been particularly planned to make sure an incorporate best industry techniques of financial modeling.

Broad study notes

Topic based study material is offered in the shape of presentations

Doubt answering by Professionals

Write to us and find your doubts answered by our specialists within 2 business days. You can even look for a discussion by posting it on active debates.

For experts who are looking for the expert financial modeling skills to the next level, live training gives an opportunity to inquire questions and challenge an instructor’s theories at the right time. The networking possibilities are also a bonus — the possibility to interrelate with industry equivalents, choose their brains, and evaluate successes and failures, is forever a helpful activity. This is the prime reason we all opt for the live conferences despite simply logging onto webinars.

No doubt, there are different approaches to create a financial model. If you have the proficiency to do so, you can create one yourself with a worksheet application such as Microsoft Excel. A number of learners are not that relaxed with financial mathematics. For those of you that drop in the latter kind, there are just different choices available. There is software offered on the market at different costs as well as levels of difficulty. Financial schemers frequently offer this free of service in order to up-sell their similar services. There are even experts that will create a financial model for you.

3 Factors That Play A Crucial Role In The Success Of Your Car Wash Business

Starting a car wash business can be hard work, considering that you have to decide on so many things, right from the location of the car wash, the equipment that should be purchased, best car wash financing options available to you and so on. To make things easier for you, always keep the following in mind –

  • Location: The most important factor that will play a huge role in the success of your business is the location of the car wash. You should ideally select a location with many residential homes and business complexes, where the plot is right by the roadside and with only a few car wash facilities as competition. If you come across a site that can be your car wash base, just visit it and drive around the locality to understand the traffic in the area. Also look into the traffic count details released by the government. It will show the traffic on a specific road and can be a great tool for you to estimate the potential number of customers who will visit your car wash. You can check out other car wash businesses in the location and carefully research as to how many vehicles visit them each day. Once you have the basic info, you can hire any professional consultant to prepare a marketing plan for your business. As a general rule of thumb, the more population is concentrated in your proposed car wash location, the better the location is for your business.
  • Research Competitors: You should prepare a detailed report on the various competitors in your area. You can either do this by yourself or can hire a professional research consultant to do this for you. The results of the research will enable you to create the blueprint of your marketing and promotional campaigns. With a detailed research of your competitors, you won’t clearly understand how to advertise yourself. For example, suppose in your research it comes out that customers wait for an average of 14 minutes for their car to be washed at the local car wash facilities, you may think of opening a small cafeteria in your car wash facility so that the customers can take a quick coffee break when they visit your car wash. And when the customers see that you have a cafeteria by your car wash, they may think of checking it out and visit you. You couldn’t have come up with the plan without properly researching your competitors.
  • Attractive Design: Try to spice things up a bit by creating an architecture that easily gets the attention of the people. This factor alone can easily attract lots of customers to your car wash from day one. It is natural for people to check out things they consider attractive. So, sit down with the architectural consultant who is building the car wash for you and ask him to take some risks to come up with a radical, attractive design.

The full cost of securing car wash equipment can easily come up to $500,000, and you need to decide what type of financing you will use for this. For acquiring land and constructing the car wash, you can avail a loan from any bank. But for acquiring car wash equipment, it may be a better idea for you to lease them instead of using a loan.

This is because a lease offers you a better advantage when compared to loans. With a lease, you are free to change your equipment for the latest ones. And for this, the only thing you need to do is to end the contract on your current equipment and take a new lease on the equipment you want. With a loan, you will be tied to using the equipment you have purchased and won’t be able to easily replace it with newer, better equipment.

Using latest equipment and technologies will put you in a position to do a better job at washing cars than the rest of the competitors. And in the car wash business, the better you serve the customers, the more they will flock to you. So, check out the best car wash financing options you can avail and compare the different lease offers to pick the one that is suitable for you.

Understanding an Online Merchant Account And Its Types

Initially started by big merchants, the concept of online merchant accounts has now disseminated to even the smaller merchants. It can truly unlock the power of your online business as its greatest asset is its ability to allow you to accept credit cards. Today, almost all business houses can be seen offering its services be it restaurants, spot shops or even any outlet. Let us understand what it is and its various types.

What is an online merchant account?

It is nothing but an account which facilitates any business house to accept payment across geographical boundaries in multiple manners with the most popular form being the debit or credit cards. The account is set up following an agreement between the acceptor and the merchant acquiring bank for processing the settlement of payment card transactions.

To explain it in simple terms, it is an online bank account where the payment made to the business house by any customer is held temporarily for a few days before it automatically gets transferred into the business house’s actual bank account held in any actual recognized bank. Thus, the merchant account can be thought of as a temporary holding tank for the money from any online monetary transaction.

Types of merchant accounts

There are broadly two types of merchant accounts – dedicated and aggregated.

  • A dedicated bank account is set up exclusively for a particular business house. This is quite similar to your own personal bank account which transacts money exclusively for your business. Merchant accounts set up through payment gateway sites like or PayLeap are dedicated accounts. These accounts allow you to negotiate custom rates for your sales which can be based on the volume of sales transacted or the type of products you sell. This account is terrific for all those business owners who require more control over their money as well as have the ability to negotiate custom rates. Procurement of such account typically requires an in-depth credit check and underwriting process. It takes the time to set up such account as you need to fax over your bank records and other crucial information about yourself and your business. As a general rule, it takes about two days here before the merchant account deposits the money into your actual bank account.
  • An aggregate merchant account has your money pooled with the money of numerous other companies. Major services providing aggregate merchant accounts are Stripe and PayPal. While your company information and the type of products you sell is also required to be documented here, the entire process of procuring this account is a lot faster and less complicated. On the flip side, you can neither negotiate rates nor have any say or control over the time duration after which your sales money will actually get deposited on your account. As a general rule, it takes about 7 business days before the money gets deposited in your account. There are accounts like PayPal, where you can hold your money for an infinite period of time. You need to put in your request for the money to be transferred to your bank account. It takes about 5 days on an average after putting the request that you would find the money getting deposited in your actual bank account.

PCI Compliance

No matter which type of merchant account you choose, it must be PCI Compliant. The PCI stands for Payment Card Industry Data Security Standard. It is an aggregate of security standards designed in such a manner that all companies that accept, process, store or transmit credit card information do so in a secure environment. It was launched on September 7, 2006, to improve payment account security throughout any of the transaction processes. It is administered and managed by the PCI SSC which is nothing but an independent body created by leading payment card brands like the Visa, Master Card, Discover, American Express and JCB. It must be emphasized here that its compliance is the responsibility of the payment brands and acquirers and not the PCI Council.

11 Things to Consider Before Purchasing a Medical Insurance Policy in India

There is a very old saying ‘Health is Wealth,’ which depicts that having a healthy way of life is equivalent to having loads of money. For the reason that an individual with a healthy lifestyle can be a lot more productive when it comes to making wealth and live a life worth living. On the contrary, a person with a not so good lifestyle and bad habits has to spend a hefty amount of money on regaining their health. So, compromising on your health is never a worthy option, and all of us should look after our health by taking some precautionary steps.

However, in spite of all the preventive measures, the likelihoods of an accident or disease can’t be taken out of the picture and being ready for all sorts possibilities is important. In such tragic conditions, we fall victim to the dual financial crisis, first of all, one has to abandon work because of the poor medical condition, and secondly, pay enormous medical bills. All the hard earned is spent on diseases in a matter of moments, and there are also cases in which people borrow money from their near and dear ones to pay those expenses.

Medical Cover

Consequently, to safeguard any wellbeing related eventuality, one should have a medical insurance policy of appropriate cover. Nowadays, there are a number of medical insurance plans provided by a variety of insurers. What you need to do is? Write down all your expectations along with the budget and shortlist a few programs that catch your eye or look appropriate and then compare them. All this appears to be fairly confusing and time taking, but trust me it will not be that bad if you are going with a trustworthy and renowned insurance company like Max Bupa. As there are tools available on their website with the help of which you can easily compare all the plans that can be of great help in purchasing a medical insurance policy of your choice with ease.

Things to Keep In Mind before Deciding On a Medical Insurance Plan

Insurance Premium and Coverage

Price is not the only thing that needs to be taken into consideration at the time of purchasing an insurance plan. Moreover, if a medical insurance policy is costly, it doesn’t necessarily mean that it’s the right one for you and inclusions like OPD, hospitalization cash payback, type of accommodation, coverage of life-threatening diseases, etc. have to be reviewed. Evaluate and identify the paybacks you necessitate and decide on the plan that suits the most. Furthermore, try not to compare more than four products on offer because it can create confusion.

Basic Hospitalization Cover

If your budget doesn’t allow you to go for an all-inclusive medical insurance policy, then you should go for basic plans with most coverage that pay expenses suffered out of a mishap or illness.

Sum Assured

It is not that difficult to determine the sum assured, it can be done easily by entering you family and city you live in. Bear in mind, that the cost of healthcare is more in metropolitans when compared with small towns. Most of the reputed companies offer plans as per your family size like there are different plans for individuals, couples, nuclear families and extended families.

Family Floater Policy

It is always suggested to purchase a family floater medical insurance policy rather than individual policy. Underneath family floater policy, every member in the plan can utilize the amount assured either independently or collectively. Therefore, you could save on premium.

Separate Plan for Parents

In family floater plans, premium amount is calculated depending on the age of the oldest member. For that reason, it is always worthwhile to have a separate insurance policy for parents, as well as save on premium.

Day Care Measures

Before purchasing insurance, have a look at the list of illnesses enclosed under day care processes.


Before signing on the insurance plan document, policy purchasers must go through it very cautiously. In addition to that, also ask for comprehensive guidelines of the policy. In any policy, segregation part is very significant for the reason that it mentions the infections and situations that are not covered by the policy.


If your member of staff has offered you a medical insurance policy, and you require a policy of higher amount assured or coverage of severe disease, you don’t have to purchase a different plan. For this, you could top-up your presently offered policy with necessary sum assured as well as paybacks. Doing this, you can save a good amount of money on premium.

Claim Disbursement Proportion

Check the claim defrayal ratio of the insurer before purchasing insurance as this straightforwardly relates to the number of requests does the insurer recompense on average. The more the proportion the superior it is.

List of Network Hospitals

In the case of a disease, you are in all probability to select hospitals that are pretty close to your place of residence. You should try and select insurers that have al, the nearby medical institutions on their network.

Seek Out Professional Recommendation

In the case of any misunderstanding, do not hesitate to look for expert advice. You can select from your insurance agent, insurer, medical consultant or an authorized web-aggregator. Have a word with them and then make a well-versed decision.

What Are Preexisting Diseases?

Preexisting diseases are diseases that are not covered in most of the medical insurance policies. They are diseases that the policyholder had before buying a medical insurance policy. The chances are that the policyholder might or might not have been mindful of the pre-existing illness. Further difficulties that arise because of the preexisting disease are also not covered. For instance, renal issues that come into the picture because of an individual having diabetics at the time of buying the plan would not be covered. This can at times lead to confusion and indigestion.

Let us suppose that someone has been admitted to the hospital for kidney oriented treatment, and the insurer turns down to pay the bill because of problems that have arisen because the policyholder had diabetes and discards the claim. It can sound a bit awkward, but there are times when medical science can’t identify the root cause of a particular illness occurrence. In most of the cases, these diseases are included after a few years of insurance policy.

Last but not the least, it always suggested to buy an insurance plan at an early age and avail all the necessary benefits that too at low price.

2 Factors To Consider When Buying Used Laser Equipment

Many people may think that buying a used aesthetic laser equipment means buying an outdated model that does not have the features of the newer models. It may be true that the older versions may not be as feature packed as the newer equipment, but it does not mean that they cannot do the functions that you require.

For example, if you need a laser equipment for treating patchy skin problems, then you should understand that any machine that can perform this function is fit for your business. If you have to choose between a used 2009 model that costs say $30,000, and a brand new 2016 model that costs $75,000 for carrying out skin treatments, it would be rational to choose the used equipment. Spending $45,000 extra on the newer equipment that does not provide any major benefit is a poor business choice. Instead, by acquiring the used equipment, you can use that extra $45,000 for marketing and promote your business. Take into account the following factors when deciding to purchase used equipment –

  • Return On Investment (RoI): You should calculate the RoI to know how quickly you can recoup the investment made on an aesthetic laser equipment. In this regard, a used equipment will be a clear winner. Since you are spending less money on the used equipment, you will recoup the amount much than if you were to invest in a newer equipment. Going by the earlier example, if you think that you will be making a profit of $5,000 per month from the services provided by the equipment, then you can recoup the investment of $30,000 on a used equipment within just 6 months. In comparison, if you choose to go with the newer equipment which costs $75,000, you will take at least 15 months to recoup the investment. So do your RoI calculations on various equipment, used and new models, to find which one suits your budget.
  • Repairs And Maintenance Costs: Older laser machines may require more repairs and maintenance than newer ones. You should factor this in your decision-making process. How much money will you have to spend in repairs in a year? Will the repairs make the used equipment more expensive when operational than a newer one? Have clear answers to such questions. The newer machines will have virtually no maintenance requirements in the first few years. And even if they do require repairs, you will probably be covered by “zero maintenance costs” policy of the company. As such, you won’t have to spend money for any repairs of new equipment for the first few years.

Understand The Market

Have a very clear understanding of what laser treatment options are you going to offer. To know this, you should do a good market study of the area where the treatment center is located. Find out the probable number of customers you will get in a day, week and month, which treatments are likely to be more in demand and so on. You can then check out the results to pinpoint the equipment you will need.

For example, if your research shows that laser skin treatment and hair removal clients have a huge demand while laser body contouring demand is pretty weak, then you only need purchase skin treatment and hair removal laser equipment. Without doing a proper market research, you may have decided to acquire a body contouring equipment under a false notion that there is a market for it. This would have resulted in a loss for you, both in terms of capital and revenues. It is to avoid such situations that you need to know exactly what your equipment needs are.

A good way to procure used laser equipment is by leasing it instead of buying it using your own money or a loan. As explained above, used laser equipment may be prone to higher repair costs. As such, if you were to purchase it using own funds (or a loan), there will be an element of uncertainty attached to it since you won’t know how many times a year you will have to repair it and how much amount you will have to spend for the repairs. But with a lease, the vendor will cover all your maintenance expenses during the lease period, and you will only have to make a fixed monthly payment. This will be far more beneficial to your business since you can budget your expenses more accurately.

5 Ways Parents Can Make School Fees Payments Affordable

What are the ideal ways to save and pay school fees? Take a look below at some of the most popular financial investment options.

# Individual savings accounts or ISAs

In principle, financial planning for paying school fees must start from day one. The tax free advantages of an ISA mean that Individual Savings Accounts are a must when parents are looking to save money. You have an overall limit of 20,000 a year from April 2017, which will see returns given tax free. You can maximise your ISA allowance between a combination of a cash ISA (everyday savings you do not pay tax on) and a stocks and shares ISA (where the gains you make are tax efficient). However these days due to the Bank of England interest rate cuts the return you will get from your ISA is not as good as it used to be.

# Invest in funds

Starting to save early is the ideal way to get ahead of the game when it comes to having to pay expensive school fees. It is advisable that you start investing regularly from the day your child is born, this will give you just over 10 years before your child starts secondary school. But, if you plan to send your child to a private primary school, you will have a lot less time to save. By having a longer term investment plan, you can take more risks in building up the maximum value of your investment. As the time for paying school fees approaches, you can move your investment into a less high risk investment plan. Since the stock market can be extremely volatile, it is best to seek advice from a financial advisor, before taking this step.

# Make use of equity to help with school fees

Do you have enough equity in your property? If yes, you can utilise your property to help pay the school fees. A lot of parents are making use of schemes such as, offset mortgages and re-mortgaging to help fund private education. Often, properties hold the wealth needed to help with the costs involved in private education, and this method has an added bonus – it is tax-free. The only problem is that you will have to pay the sum back, along with interest and even if it is in easy chunks, it will end up costing a lot more over the longer term. One of the most popular ways of affording the school fees is to opt for an offset mortgage, as a set level of borrowing can be agreed at the outset. As the money is not released until you need it no interest is paid until that time.

# Scholarships and bursaries

Applying for scholarships and bursaries is an ideal way to help supplement the cost of private education. A lot of schools offer scholarships to pupils who can demonstrate a particular skill or talent in academia, sports, arts etc, with discounts of up to 50% available to the successful children.

Another great option are bursaries. This is usually given to students who can showcase a potential or an ability that could be profitable by studying in a private school. In such cases, priority is given to students who have spent considerable time at the school, but are now unable to afford private education and require financial support.

# Turn to the grandparents

Grandparents can often turn out to be the integral financial source when funding school fees. This is down to the benefits they gain from their inheritance tax (IHT) savings. IHT is not incurred when a regular contribution is being made from their income.