Our beautiful, warm summer has quickly come to a close and the routine of September is upon us already! I think it is fair to say most of it are embracing it rather reluctantly!
Of course with September comes the return to school and college. For many college begins. And while all students embarking on their college journey today or in the coming weeks are to be congratulated for their hard work in getting there, spare a thought for the poor parents who really do feel like the bank of Mam and Dad at the moment!
College and college fees, accommodation and living costs are a hot topic in our office at the moment (thanks to some hard working students who excelled in their Leaving Certificates!). Personally I am not quite near those years yet but the discussions on the costs are startling me – and I work in financial services!
It does beg the question – are we really ready for the cost of third level?
I know my most recent blog was also focused on education savings but this is a timely reminder to all of us to assess our plans for our children. Are we saving for their future education? Are we saving as much as we need to be? Do we really know how much we need to save?
Zurich Life have again completed their annual Cost of Education Survey 2018 which is most welcome as a good guideline.
Student fees have also seen a considerable increase compared to last year – going up from an average of €2,066 to €2,419 in one year. Other costs such as transport have also increased.
The annual cost of sending your child to college looks like this:
With rented accommodation| €9,011
With student accommodation| €8,336
Living at home| €4,894
It is easy to see therefore how to see how the lifetime costs look like this:
With rented accommodation| €36,044
With student accommodation| €33,344
Living at home| €19,576
It is a daunting prospect having to accumulate such funds for each and every child you wish to give the best start in life too!
As Financial Advisers, the best advice we can give you is to start now – don’t delay. Saving little and often will ease the burden on an annual basis.
If you wish to discuss education savings, please do call us today on 053 9233640.