“We’ve finally got our old lifestyle back.”
David (44) is married to Kate, and they have two teenage children, Sam (15) and Max (13). David is a dentist with his own practice earning approximately $400,000 p.a., while Kate works as an office manager earning $60,000 p.a.
They have an outstanding mortgage of $1,400,000 on their $2,500,000 home, owe $20,000 on their car loan and have weekly living expenses of around $2,000.
Sam and Max currently attend private school where the combined yearly fees are $70,000. Recently, David has had patients delaying annual check ups and postponing non-essential dental work, and combined with rising overheads this has had a big impact on David’s disposable income. This has meant big cutbacks on luxury items such as holidays, eating out and household purchases.
Although both Kate and David believe that private schools are vital to secure a good future for their children, they also resent the compromises they have to make in their day-to-day lifestyle.
“Personally I don’t believe that public schools offer the same level of education available at private schools – so pulling the boys out of their school is not an option. But I have to admit, with money so tight, we’re struggling to make the payments.
It’s the small luxuries like eating out and trips away that make life worth living but recently we’ve had to drastically cut back.
School Fee Finance was recommended to me by another parent at the boys’ school. What attracted me was the ability to spread the school fees over a number of years, instead of having to take a big hit right now.
I know my business will improve over the next few years, and when it does we’ll repay the finance. In the interim, School Fee Finance is a great way of smoothing out the cash flow and reducing the strain on the family budget.
With School Fee Finance we know where we stand financially; we’re able to pay the fees with confidence, and enjoy the life we’re used to without the stress and pressure. We’ve finally got our old lifestyle back.”
Please note: These are fictional scenarios for product clarification purposes only.