Bible Money Matters

Christian personal finance

Menu
    • About
    • Archives
    • Contact
    • Close
  • Making Money
      • Popular Articles

        • 50 Ways To Make Money: Maximizing, Creating And Increasing Your Income
        • 10 Weird And Unconventional Ways To Make Money
        • Making Money With A Blog (e-Book)
        • 10 Places To Sell Or Trade Your Unused (Or Broken) Electronics
        • Ways To Make Extra Money Series: 20 More Income Generating Ideas From Our Readers
        • Making Side Income Can Help Blunt The Impact Of Becoming A One Income Family
        • Earn Cash Back With Discover it® Credit Card
      • Recent Articles – Making Money

        • Best Sites Like Fiverr To Make Money As A Freelancer
        • 13 Of The Best Independent Contractor Jobs
        • 25 Of The Best Gig Economy Jobs
        • How To Make Money Blogging: Turn A Blog Into A Business
      • Categories

        • Making Money
        • Investing
        • Retirement
        • Jobs & Work LIfe
        • Money
        • Income
    • Close
  • Saving Money
      • Popular Articles

        • 50 Easy Ways To Save Money Every Month
        • 10 Weird And Unconventional Ways To Save Money
        • 10 Practical Ways To Save Money And Increase Your Net Worth
        • How To Save Money On Just About All Of Your Regular Monthly Bills
        • Ways To Watch TV Without Paying An Arm And A Leg For Cable TV
        • Save Money On Your Hospital Bill - Just By Asking
      • Recent Articles – Saving Money

        • How To Save $100k In 7 Practical Steps
        • Stairs App Review: Save And Invest To Earn 4-6% Interest
        • Honey Review: Save Money Automatically When You Shop Online
        • 9 Convincing Reasons Why You Need An Emergency Fund
      • Categories

        • Saving Money
        • Frugality
        • Planning
        • Finance
        • Saving For Retirement
        • Savings Accounts
    • Close
  • Banking
      • Best Rates For 2019

        • Best Credit Cards
        • Best Savings Accounts
        • Best Mortgage Rates
        • Best CD Rates
        • Best Brokerages
        • Free Credit Scores
      • Recent Reviews

        • TradeStation Review: Commission Free Stock And ETF Trades
        • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
        • Cadre Real Estate Investing Review: Commercial Real Estate Investing
        • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
      • Categories

        • Bank & Software Reviews
        • Investing
        • Credit
        • Banking
        • Mortgage
        • Insurance
        • Family Budget
    • Close
  • Recommended
  • Video
    • Close

Should You Pay For Your Kids To Go To Private School?

By Contributing Author 9 Comments - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited July 2, 2014.

Share36
Pin98
Tweet34
Share1
169 Shares

When it comes to achieving financial stability, most will agree it can’t be obtained without investing. We invest in our future through various retirement accounts, and many choose to invest in their children’s future through college savings such as 529 plans. There are varying opinions on if and when parents should pay for college for their children, and if so…how much. But what about the pre-college years…before our children are able to work and financially contribute? Should parents pay for private school?

Before you read any further, let me warn you that I don’t plan to provide a “one size fits all” answer because there isn’t one. Instead, I’m going to present facts, scenarios, alternatives, and priorities to you can use to make sure your child gets the best education possible.

should you pay for private school?

Quick Navigation

  • 2013 Private vs Public School Facts
  • Why Consider Private School?
  • Is Private School For You?
  • Can I Afford It?
  • Alternatives
  • My Conclusion

2013 Private vs Public School Facts

  • Approximately 10% of all U.S. students attend private school Pre-K-12
  • Out of families that make over $75,000; 85% send their children to public school

scores
*The cost of non-sectarian secondary private school tuition is more than the average cost of tuition at a 4-year college. That amount is $22,261 (source)

Why Consider Private School?

Most choose to pay for private school because they generally perform better than their public school counterparts. Some parents feel it is a safer alternative, and others feel they are able to form a stronger bond with teachers. Most that choose to attend private schools are religiously affiliated. This could be because these schools align with their own personal belief system. However, after reviewing the tuition costs, I’m sure finances are a major factor when considering the type of private school.

Is Private School For You?

Ask yourself these questions to determine if private schooling is the right decision for your family.

Why are you considering private school?
Putting little Susie is private school to keep up with the Jones’ just isn’t a good reason in this financial climate. But if your concern is based on values, education, safety or other factors, you owe it to yourself to investigate further.

How do the public schools fare in your district?
Statistically speaking, private schools fare better academically than public schools. But there are quite a few hidden gems out there. For example, my high school was ranked #4 in the U.S. a few years ago, and consistently ranked #1 in its state. This school had a private school education with a public school price tag!

If you are fortunate enough to live in a neighborhood with a thriving school district, take advantage of it! Alternatively, if your district is at the other end of the spectrum, private school may be a viable alternative. Last year a Midwest school district lost their accreditation and became the first school system under direct state oversight. Families had the difficult decision to keep their children in an unaccredited school or let them be displaced and bussed to a neighboring district. Unfortunately, the students are not excelling because they are being tossed around due to circumstances that are not their fault.

Will my child excel?
If you have an older child, you already have an idea of what type of learner they are and what type of environment will help them excel academically. Would you rather your child be an A student in a public school or a C student in a private school? The rigorous academic standards placed by some institutions aren’t meant for every child. Alternatively, many public schools offer advanced placement and/or enrichment classes for those students who are looking for more of a challenge.

Can I Afford It?

Probably the biggest consideration when considering private school is rather or not you can afford it.

  • Do you have an emergency savings fund?
  • How secure is your job / source of income?
  • Is financial aid or scholarships available?
  • Are you planning for retirement?

Just like college, I don’t believe parents should pay for their children’s education until their future years are secured. If you cannot afford to invest in an employer retirement plan (401K or TSP), or some sort of Individual Retirement Account (IRA), then you cannot afford private school tuition. Ideally, you would max your retirement savings first, but even if you can’t contribute the allowed maximum, contribute something to retirement before considering private school tuition.

Some private schools offer financial aid. Before I was accepted to my high school, I applied for private school (for the wrong reason — my best friend was going there). The tuition was the same as what I would eventually pay for college. I was eligible for need-based financial aid, but there was still a generous portion we would have been responsible for.

Evaluate the security of your job. Last year, the government shutdown and those that had what are considered some of the most stable jobs in the country (government employees) were indefinitely furloughed. For the non-Department of Defense employees, that lasted 17 days. Eventually, they were all granted back-pay, but that was a time of great uncertainty. It would be a shame to start private school and not be able to finish it. Which brings me to my last point…

– A healthy emergency fund can help offset job uncertainty. An e-fund should not be used as a standard means to pay tuition, but if an unexpected job loss occurs, a 3-6 month funded emergency fund would be there to help until things return to normal.

Alternatives

If you’ve determined that you cannot afford private school, you do have some alternatives:

  • Increase your income (I know, easier said than done)
  • Decrease your expenses (Again, easier said than done)
  • Move to a neighborhood with a better public school district
  • Consider homeschooling. If you don’t have the time, there are homeschool co-op programs offered in some states

My Conclusion

Personally, I am considering private Christian education for my son. We have a school at my church that promotes early reading and math skills. I’ve seen firsthand the academic achievements of these students, as well as monitored their transition to high school. I am fortunate, because the schools I am considering fall well below the statistical average for Religious private school tuition.

Also, since my 3-year plan involves buying a bigger house, we plan to move closer to the private academy we have our eyes on and move to one of the top rated school districts in the area. This will give our future home great resale value and, should we decide private school is not for us, there will be top rated public schools we can transition to.

I Would love to hear from you ~

What is your opinion or private & public schools?
Have you or would you pay for your child to go to private school?
Have you ever moved, or would you consider moving, to be in a better public school district?
Was schools a major factor when renting/buying a home or apartment?

MomCents is a 30-something Christian, wife, and mother of a 2-year old son who is jumping back into the wonderful world of blogging with her attempt to create a PF/Mom Blog. If you’re looking for expert advice, she advises you to stay away! But, if you want to follow the up, downs, twists, and turns of a real person who will make mistakes along the way…stop on by. Hopefully you’ll find a laugh, encouragement, or both! Find MomCents on Twitter & Facebook

Related Posts

  • Will You Pay For Your Kids To Go To College?

    Paying for our kid’s college has been near the top of our personal finance goals list for a long time. There are a number of…

  • Should Parents Help Their Kids Pay For College?

    With college costs outpacing inflation, do students of today need their parents help in paying for their schooling?

  • Parents Starting To Put Own Finances Ahead of Kids' College Costs

    Even though many parents still think that going to college is worth it for their kids, they are worried about their own finances and are…

Share36
Pin98
Tweet34
Share1
169 Shares
Last Edited: 2nd July 2014 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Education

About Contributing Author

We love to mix it up from time to time here at Bible Money Matters. Would you like to write for us as well? Please email us via the contact page with your article idea.

Comments

    Share Your Thoughts: Cancel reply

  1. Davey Pockets says

    I have been a public school teacher for 5 years. I must admit there are advantages to private schools. You may still have problems but you will certainly avoid some of the riff Raff that public schools have to deal with.

    Reply
  2. MomCents says

    Davey ~ thanks for leaving your perspective as a teacher.
    Also, THANK YOU for being a teacher. I believe teachers (public and private) are undervalued and underappreciated. Without you all…there would be no doctors, lawyers, engineers, etc.

    You are correct, no school is perfect.

    Reply
  3. kc says

    We actually have a great private school system but we have a daughter who is autistic that the school just was not doing what was needed. We pulled her out of school at the midway mark just this last year and it has been an amazing experience for her. She was in 5th grade and in the half year left she completed all the requirements for 5th, 6th, and half of seventh grade. It has made us question pulling our other children out of school. I know homeschooling is not an option for most people, but if you can do it you will bond so much more with your children and you will be able to cater their education to exactly what they need.

    Reply
    • Peter Anderson says

      I was homeschooled for a while when growing up, and I can tell you that I learned more in those years than I probably did any others years combined. Something to be said for one on one attention from someone who cares!

      Reply
    • MomCents says

      I don’t know much about homeschooling – but I think its a great option for those that can do it. The ACE curriculum (Accelerated Christian Education) is what one of the schools I’m considering uses…its designed to be used in a home school environment or a Christian school.

      Reply
  4. Brad says

    I am starting my 12 year daughter in a private Christian school in lates summer. She has adhd, that makes her distracted a lot in school, also bullied a lot. I just know we had to change. Teachers , many just don’t notice bulling as much as we want…

    Reply
    • MomCents says

      My younger sister was diagnosed with adhd which made school difficult…even though she is very smart and eventually graduated from college. I hope the Christian private school you are enrolling her in can provide an environment where she can learn and thrive!

      Reply
  5. Michelle says

    That was a good visual comparing the different schools that are available.

    Reply
    • MomCents says

      Thanks ~ I can’t take credit for the research though…but it really was an eye opener for me. I didn’t realize how much more expensive independent private schools are from those that are religious-affiliated.

      Reply
Previous Post: Want More Time? Stop Buying So Much Stuff!
Next Post: Rebalance IRA Review: Personalized Investment Help For A Low Cost
Discover Investment Platforms

Popular Posts

  • 21 Easy Ways To Earn Free Amazon Gift Cards
  • 10 Best Free Tax Filing Services And Software Online
  • 21 Apps That Pay You Real Money Fast
  • 17 TV Apps And Live TV Streaming Services To Watch TV Free
  • 30 Legit Online Jobs That Pay Well
  • 37 Easy Ways To Get Free Gift Cards
  • How To Get Free Stock
  • 40 Easy Ways To Get Free Money Fast
  • 21 Places To Read Free Books Online
  • 24 Legit Online Jobs
  • 17 Best Work From Home Jobs: A List Of Legit Online Jobs That Pay Well

Recent Posts

  • How To Save $100k In 7 Practical Steps
  • How to Save Money When Remodeling A Home
  • How To Hire A Contractor For Your Remodeling Project
  • Remembering 9/11 Years Later: Where Were You On That Fateful Day?
  • TradeStation Review: Commission Free Stock And ETF Trades
  • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
  • Cadre Real Estate Investing Review: Commercial Real Estate Investing
  • Best Sites Like Fiverr To Make Money As A Freelancer
  • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
  • 30 Quotes About Easter And Resurrection: He Is Risen!

Disclaimer

The information contained in BibleMoneyMatters.com is for general information or entertainment purposes only and does not constitute professional financial advice. Please contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with some of the companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.

Any references to third party products, rates, or websites are subject to change without notice. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.

We respect your privacy: Privacy Policy.

Thanks for visiting!

Bible Money Matters - Seen On These Sites and more..
Bible Money Matters is a personal finance, entrepreneurship and investing community. Give more, save more and live more.

Copyright © 2023 · Bible Money Matters | Sitemap | Advertise | Privacy Policy