For many families, today is the first day of the Summer holidays! And much like we were, our children are no doubt excited about Summer and enjoying the feeling of having a nice long, (hopefully sunny!) summer in front of them without the restrictions of a school schedule.
If you’re like me you’re wondering where the school year has gone (again!). It’s true – the school years do appear to fly!
If your Children are primary age/early secondary school, it is a good time to review your financial planning for their ongoing education years. Third level education is costly and is due to become even more so.
The Dublin Institute of Technology prepare a Guide every year for students to inform them of the cost of their third level education.
The Dublin Institute of Technology’s annual cost-of-living guide (published 2016) shows that rent is now the single biggest cost for students living away from home. For students who live at home, the estimated annual cost of colleges this year will reach just over €6,800. The bulk of this cost includes the €3,000 student registration charges.
If we assume the DIT figure of €11,000 a year, over a 4 year period (a typical Degree program), that equates to €44,000 per child. Add 2/3 children to the mix and you are looking at a fund of €88,000/€132,000 to save towards. These figures are of course based on average college fees applicable presently and these may change in the future.
If you feel you are not planning sufficiently to meet the above sums or want to review your current financial plan and require any advice in this regard, please contact us at 053 9233640.
This is an opinion only and does not constitute advice as individual circumstances will determine all financial advise given.