School Fees Finance
ceiling, Helen Howcroft and Helen Matthews suggest some smart ways to save for your child’s education
tEasehe Pain T
As school fees break through the £30,000-a-year
he average cost of independent day-school fees is set between £4,500 and £5,000 per term. Sending your child to board
is more, with public school fees nearer £10,000, and growing faster than the rate of infl ation. T is means that the cost of educating one child in the independent sector can exceed £300,000, and that is before you have included uniforms and the extras. Multiply that by two or three children and the sums are overwhelming. Funding your child’s education can be a lot less painful, provided that suffi cient thought and planning is put into place as soon as the bun lands in the proverbial oven. T e most important thing is to have a plan and stick to it.
Identify where the lump sum will come from or how much you need to save each month and start saving straight away. For many individuals, saving money on a monthly basis is the only way to accumulate suffi cient wealth to cover the cost of private education. T e fi rst steps should be to identify how
much you can aff ord to save, then you can work out how much you need to fi nd over your savings. T is will allow you enough time to explore other options for funding the diff erence. T e most straightforward methods of saving include Bank Savings Account,
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www.fi rstelevenmagazine.co.uk Summer 2011 FirstEleven 47
PHOTOS: ISTOCK
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