Monday, 12 July 2010

The Clue is in the Name

School Fees Planning says it all really. If you are thinking of sending your children to private school it is NEVER too soon to start planning for the school fees.

So often get calls from parents that have tried to manage themselves without any sort of planning. For those that don't know, school fees start off relatively cheap but increase significantly once your children get to senior school, a 70% increase is not uncommon.

Planning ahead can save you one hell of a headache and ultimately go some way to avoid being faced with the decision of maybe having to remove your children from private school.

I am not saying that school fees are a walk in the park, far from it however with some careful forward planning, some discipline, and a reasonable level of disposable income there is no reason why far more parents could not consider private school for their children.

There are plenty of factors effecting the cost of private education; the school, the number of children you have, their academic, music or athletic ability, where in the country you live and the number of years you would like for them to attend private school.

I will talk later about these various elements but as a very very rough guide I would suggest that if you want your little ones to go all the way through from Nursery / Reception, and to include the cost of University then something fairly close to £1,250 per month per child will cover it (based on assumed rate of school fees inflation and University costs).

That said, if you were to start when each child was born a budget much closer to £1,000 could be achievable. The circumstances of each family is different therefore giving rise to the need for formal school fees planning.

The main message is, start early and have a plan, get committed and stay focussed; a good education for your children is well worth the cost so it is worth spending some time planning your finances for the next 10 / 15 / 20 years...

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