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As the summer holidays wind down, families across Australia are preparing for a new school year. From school uniforms and books to textbooks and essential supplies, the expenses can quickly add up. Planning ahead has never been more important to ensure your child has everything they need to succeed while keeping your finances on track.
At Madd, we believe education is one of the most valuable investments you can make for your child’s future. But with rising costs for school fees, extracurricular activities, uniforms and supplies, it’s essential to have a plan in place. That’s where education bonds can make a difference.
What Are Education Bonds?
Education bonds are a tax-effective way to save for your child’s education. They work like an investment account, where you contribute regularly and the earnings grow over time. When it’s time to pay for education expenses, you can access the funds with minimal tax implications, making it easier to fund your child’s schooling or higher education goals. With the right plan, the benefits can even be accessed tax-free, meaning no capital gains tax.
Why Consider Education Bonds?
- Tax Benefits: Education bonds offer tax advantages, making them a smart tool for long-term savings.
- Flexible Use: They can cover a wide range of education expenses, from school fees to university costs, textbooks and even laptops.
- Peace of Mind: By starting early, you can reduce the financial stress of sudden school-related costs and focus on your child’s success.
- Better Growth Potential: Education bonds often grow better over the long term compared to keeping your money in a savings or offset account.
- Broad Usability: While designed for education, these bonds aren’t limited to schooling. They can be used for significant life events such as a first car, wedding, or home deposit.
- Ease of Management: Education bonds are simple to manage, with the option of setting up a straightforward monthly direct debit.
- Accessibility: They’re not locked away and can be accessed in an emergency if needed.
How to Get Started
If you’re ready to start planning for your child’s future, Madd Life, our financial planning team, is here to help. We’ll guide you through how education bonds work, help you assess your goals and create a personalised strategy suited to your family’s needs. Whether your little one is just starting school or heading into their senior year, it’s never too early—or too late—to start saving. Let’s make 2025 the year you take control of your finances and invest in a brighter future for your children.
Learn More
Ready to explore how education bonds can work for your family? Reach out to our financial planning team today. Together, we’ll help you make this school year a financial and educational success! Here’s to a fantastic back-to-school season and a prosperous start to 2025!