Whilst the average cost of sending a child to primary school may seem excessive – and worse still when it comes to secondary school – the expense associated with third-level education leaves both in the dust. All ‘free-fees’ third level institutions charge a mandatory student contribution of €3,000 per year for 2015/16 with no sign of easing in the medium-term.
Unfortunately, this student contribution is just one of the costs likely to be incurred when putting your child through third-level education, although they may well be able to help out with tuition fees by undertaking some part-time work by this stage; at least to cover some of the costs associated with their blossoming social lives! One of the largest costs is often accommodation, which has been growing greatly in recent years with a large shortage in accommodation causing price rises.
Given these figures, we estimate the minimum cost of education for children in Ireland from primary school to college graduation is in the region of €34,000.
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.