For me personally, this is a no go; we just don’t have that money in our budget. I can see, however, how people might be willing to sacrifice in order to provide a private school education to their children, if they felt strongly that it was that important. The twist in this particular story is that the family is in debt. Not only would not paying the tuition help them get out of debt sooner, paying the tuition has contributed to it.
While I wouldn’t spend $1500 a month on anything that didn’t come with a front door key, we spend money on lots of things that aren’t essential but that do fit in with our fundamental values. The most relevant example that I can think of is reading readiness classes in English for our two older children. The classes are taught by an American Montessori teacher and are held every Saturday morning during the school year. At â‚¬10 a class, for each child, with the potential for 5 classes a month, we spend up to â‚¬100 a month on a children’s activity.
I choose to spend this money, even though things are tight and likely to get even tighter. First because it’s very important to me that my kids are exposed to as much English language activity as possible. Secondly because I value reading, literacy and loving books very highly. Finally, the classes are fun, and my kids love going. This class hits all the high points for me and so I’m willing to scrimp a little bit elsewhere in order to make it happen.
Each family has to make the decision for itself as to what the priorities are, both financial and familial. No one else can do it for them. I know what mine are- do you?
What are your familial financial priorities? Have they ever conflicted? What do you scrimp on in order to make them happen?
An online bank is often a good bet to find the best savings account rates because online banks don’t have the same overhead that other banks do. They don’t have branches or much in the way in customer service so they can pass on these savings to their customers. The same usually applies for finding the best CD rates and money market accounts as well.