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School Fees

If you have decided to send your children to a fee paying school, or think you will want to help them with the cost of university education, then it is worth thinking carefully about how to best fund such fees. Eighty percent of parents pay their children’s school fees directly from income, despite the fact that there may be more efficient options available.

A better approach is to start planning for school fees or university costs well in advance, and a first step towards this is estimating what the likely cost might be. There are a number of web sites available which will give you an indication of what current average term costs are, plus the current cost of university fees. You will of course then have to make an allowance for the effect of inflation over the period between today and when such costs may be incurred (i.e. until when you child starts school or university).  

Once you have a figure for the total cost the next step is to work out how you intend to pay for it. It may be that you are confident that you will be able to meet the costs from your future income alone, but if not you may need to start saving to cover the shortfall. There are a number of savings or investment products which may be suitable, and your Independent Financial Advisor should be able to help you select the approach which best meets your needs.

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