Children Education Funding
Children today, more than ever, need to have a college education and to qualify with a degree. This provides them with the best hope for success and the chance to capture every opportunity that comes their way in whatever career they choose.
In Ireland today and more than likely into the future, funding 3rd level education is a significant financial challenge. Generally speaking, unless parents are independently wealthy, saving for fees is the only way to be certain that funds will be available when college comes along. Download this interesting media read in relation to the current cost of college on parents whose children are starting college this year (2014) . Costs of third level are only set to soar going forward.
Sending a child to school from primary right through to third-level education is an expensive exercise. In particular if there is a requirement to source accommodation during the college years. The best way to deal with these expenses is to plan ahead. See the below a summary on funding education fees to help with thinking about planning for 3rd level fees:
Average cost of 3rd level education per student*
|Annual Cost||Four Year Course|
|Living at home||€6,676||€26,704|
|Living away from home||€10,402||€43,732|
Source: Dublin Institute of Technology Campus Life Cost of Living Guide, 2013-14
The chances are that this will put a strain on current spending as most people would not have that amount left over as disposable income after everything else has been paid.
Putting a regular sum away beginning in the child’s early years will provide a financial reserve that can be dipped into when college time comes around. Having a plan removes the worry and financial strain and ensures that you can send your future graduate to college!
To avoid the risk of not having it available, probably the best option is to build the college fund using a regular savings plan. This plan would be targeted to provide the money for the fees at the time they are required. These will normally be 15, 10, 5 year plans, depending on when it is started and starting as early as possible is always best.
Starting to save as soon as you can will give you the confidence of knowing you have this goal in hand.
Contact us for information help & advice; we help people plan their savings to meet financial goals.