Blog Homepage > Early Learning: Funding Your Childâs Education
The cost of sending your child to college currently stands at over €11,000 per year – a daunting figure for any parent to grapple with. As with any expenses, it’s sensible to plan ahead so you are prepared. Of course, the earlier you start to save for this expense, the more of a nest egg you’ll have in place in the future. However, if you‘re the parent of a 17-year-old with their hopes pinned on attending college next year, there are still plenty of things you can do in the coming year to ease the financial burden. Below we break down the options for every situation:
The Early Bird
In this case, the early bird really does catch the worm. Saving as much as you can on a monthly basis will leave you in fantastic shape by the time your child starts filling out their CAO form. For example, saving €170 per month over 16 years will leave you with over €32,000 to play with by 2030 – and that’s before adding interest.
Before you begin saving, make sure to shop around for the best interest rate you can find. Investment funds can be a great way to squeeze extra mileage out of your euros, but remember they also have their drawbacks. You could lose money if the investment has a bad performance or if you take your money out of them early. Choose carefully and be realistic with the amount you choose to save each month so you can sustain the rate of savings. In this case it’s a marathon, not a sprint.
Plan for Success
Even if you only have a few years to gather together some savings, it’s well worth putting a plan in place. Now is the time to break out the excel sheet and crunch some numbers. Make a list of all your current outgoings and financial obligations. Start shaving off any expenses you can and funnel them into a savings account. Shopping around for a good savings plan is very worthwhile in this instance to ensure a competitive interest rate. Starting ahead of time will help you feel more prepared and ready for the exciting time of guiding your children through third level education.
Many colleges offer scholarships that pay a portion of a student’s fees or give them access to onsite accommodation. Scholarships are often academic but can also cover sports and business. It is worth investigating the options available. You can find more information about each college’s scholarship offering here: www.gotocollege.ie.
Finally, there’s no time like the present. Seize the moment now and put a savings plan in place today. You will be delighted you did.
Plan for your children’s education with our Foursight Educational Savings Plan. This tailored Savings Plan will cater for your son or daughter’s specific education needs in the future. Make your appointment today: click here or call us on (01) 420 0991.
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