[imagesource: Kearsney College]

It was really lovely that many schools chose not to increase their annual fees significantly during the height of the COVID-19 pandemic.

It is not so lovely that for 2023, schools are once again hiking up those prices and making parents sweat.

Schools tested the waters with school fee increases between 4% and 7% last year, but now all of the schools in the top 10 have increased their fees by at least 6,8%.

Business Insider SA notes that the average price increase across all South Africa’s richest schools for 2023 is 8,2% or R14 040.

Before divulging the actual figures for 2023’s school fees, you would be wise to have your financial affairs in order so that your money can work for you and your child(ren) in the long run.

Alright, let’s have at it.

South Africa’s most expensive school for the 2023 year, Kearsney College, now costs R224 620 for a matric year.

Two schools – St John’s College and Roedean School (the most expensive girls’ school in South Africa) – have breached the R190 000 per year mark for the first time (costing R194 148 and R191 181 respectively).

That means KwaZulu-Natal’s Kearsney College is around R30 000 more expensive than Johannesburg’s two top schools, which is almost enough to pay for a year’s tuition for most degrees at the University of the Western Cape.

The remaining seven schools in the top 10 now all cost more than R174 360 per year, with Bishops Diocesan College (R185 020) and Crawford College Sandton (R178 000) rounding out the top five most expensive schools for 2023.

The rest are as follows:

• St Mary’s school: R176 640 per year
• Clifton College: R175 697 per year
• Reddam Waterfall / Helderfontein: R175 051 per year
• St Alban’s College: R174 750 per year
• King David High School Linksfeild: R174 360

Look at your beautiful child(ren).

Now consider how much their education is going to cost you.

If you speak to financial advisors like the team at Consequence Private Wealth, who partner with you and your family to protect and build your wealth, you can start taking action now and save for the future.

Let it also be noted that the 2023 school fees don’t include all the extra costs for parents with kids at private schools, like extracurricular activities, field trips, meals, uniforms, and books.

While some schools offer discounts for early or upfront annual payments and charge interest for termly or monthly payments, it is best to get cracking with the school fee piggy bank sooner than later.

[source:businessinsider]