Despite the claim that Education is free in Ireland, it is far from the truth. The cost of a primary school education starts before your child even sets foot in the school. The graphic on the left outlines some of the annual major expenditures, many of which will have to be paid before your child gets to school at all. Below is an outline of what you can expect to pay up front before your child gets into fourth class in Primary School.
Your child’s first days at school are a big milestone, but also herald the first of many years of (worthwhile) expense. Unfortunately, as your child heads toward Secondary School, the expenses grow accordingly.
If you don’t wish to be blindsided by these costs, then it is vital to start putting some money aside regularly to ensure that your children get the best education possible without it causing undue stress to your day to day finances.
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 graphic below for further details.
Contact Fusion Finance now to have one of our fully qualified Certified Financial Planners take you through your options.