What price education? Unaffordable – at least for a private one. It now costs over £204,000 to put a child through fee-paying school from nursery to Year 11 (Upper Sixth). And that’s just a single kid. What if you have two, or maybe three or four?
Even breaking that figure down to annual payments doesn’t make it any less scary. The average day pupil fee comes in at £14,102, says the Independent Schools Council. Boarding costs more: well over £30,000 a year.
Who can afford that kind of money? It’s enough to make you throw in the towel even before your kid hits daycare. And why worry too much? There are some excellent state schools and most are perfectly adequate. We tend not to hear about them though because the media will always focus on the failing establishments which make a better story.
However, all mums, whether they are skinted or minted, are going to want the best for their child. So if your heart is really set on top-notch tuition, check out my top tips for paying for it.
1. Start early
Team Minted invested a large wodge of cash on the birth of the first child (Dear Daughter) in the stock market. So we had at least five years of investment growth before she hit reception. And we’re still getting returns on whatever we don’t spend as she goes through school.
2. The kids don’t have to go to private school all the time
Check out all the options in your area. Your town may have a brilliant state primary, for example. The kids can go there while you save for their secondary education. Or maybe there’s a great sixth form college which can be a better stepping stone to real life after school.
3. Ask relatives
Not everyone’s fortunate enough to have a rich uncle or wealthy second-cousin-once-removed. But well-meaning grandparents can gift you up to £3,000 a year tax-free. Pass around the hat: every little counts.
4. Scholarships and bursaries
Many private schools have help for those less financially able: 33% of all kids at private school are on some kind of discount. That’s a one in three chance of getting help. Research what your desired school offers. If your child is bright, good at sport or musical, it might help your case.
Like this blog? You can sign up to receive regular musings here.