While the cost of a Primary School Education can be quite onerous, just like school itself, the costs step up a gear when your children reach Secondary School. Again, we are led to believe that education is free in Ireland, the truth is quite distant from this in reality.
The graphic below outlines some of the costs associated with a child entering first year in Secondary school. The costs increase with each added year, so it is necessary to do some forward planning to meet these outgoings.
If you are looking to send your child to a private school, and it is a desirable outcome for many parents, then you will have to cover the fees on top of all the other costs.
The school fees below are indicative of fee-paying schools across the country. The average cost of tuition fees in these schools is €5,153.
Plan Ahead for Education Costs
It’s clear to see that the cost of education is high and increases over the years. So, wouldn’t it make sense to plan ahead and build up your savings year-on-year?
You could plan ahead by putting your child benefit money into an Education Savings Plan with Fusion Finance, this €135 per month for 5 years (as at January 2015) from when your child was born, by the time they started school you could have built up savings of €9,178 in time to fund this crucial stage in their education. See the graphic below for further information.
Contact Fusion Finance now to have one of our fully qualified Certified Financial Planners take you through your options.