If you want your child to have a college education, it pays to start saving early.
Putting a child through college now has the potential to cost €48,000 per child in Ireland and costs are continuing to rise.
The Zurich Cost of Education Survey 2021* shows the lifetime cost of a college education over four years with student accommodation costs a whopping €58,212 compared to rented accommodation at €48,436 and €24,712 for students living at home.
While third level institutions claim to provide a free education, a mandatory student contribution is required with the maximum rate for 2021-2022 being €3,000 per year, or €12,000 over four years.
This contribution does not include any additional fees to cover books, equipment and resources students need to carry out their studies.
Transport is another cost that increases considerably if students drive a car to and from college. The average costs of transport are €344 each year, so it is little wonder students are opting for public transport to reduce their travel costs.
It makes sense to start saving for your child’s college education as early as possible to ensure they have the best start in life, while keeping your own financial and lifestyle goals on track.
There are a number of excellent savings schemes available on the market to help you save for your child’s future that require a minimum monthly payment that is less than the Child Benefit.
To find out more, get in touch with a qualified financial advisor at Hennelly Finance and enjoy peace-of-mind knowing your child will have the opportunity to enjoy the benefits of a college education in the future.