QWM Article by Anne O'Doherty, Head of Life & Pensions, QWM
As kids returned to school within the last 2 weeks the cost of education is at the fore front of all our minds.
We want to give our children the best possible start in life and a good education is top priority and this can be a lot more expensive than you realise.
Barnardos school cost survey 2014 stated that the cost of sending an 8 year old back to school can cost between 360-450 euros and this can rise to as much as 750-1000 euros per child when entering secondary school.
These costs will substantially increase for college and if like most parents you want your child to go to college paying for it is probably one of your biggest financial concerns.
By starting a savings plan early, even before your child begins school, you can reduce the burden of taking on high debt to pay for his or her higher education.
Don't think you can do that? Here are some of the more common reasons parents don't save for college.
I don’t have any money to save - too often this can be true if you live month to month but you may be able to “find" money by adjusting some priorities and this may also include reviewing your existing outgoings i.e. Life policies/home insurance payments to see if there are any savings to be made.
I don’t know where to invest money for college - there are a number of savings options available to you ranging from bank deposit accounts, post office savings accounts and kids education policies through life company funds.
My child will get scholarships - the reality is that scholarships seldom cover the entire cost. Even if your child gets a scholarship he/she will still face expenses such as room and board, books and supplies, transportation and personal needs.
So when it comes to saving for college, keep these things in mind:
It is better to have money in the bank than to NOT have money in the bank.
It is better to save than it is to borrow.
In short, saving for college can help ease your mind when it comes to paying for your child's education.
If you are interested in reviewing your existing policies to save money or interested in starting a savings plan to contact us on 021 4641400 or email info@qwm.ie
Disclaimer: This Newsletter is intended for general information purposes only. The material contained herein includes facts, views, opinions and recommendations which Quintas does not guarantee the accuracy, completeness or timeliness of, nor does it endorse these views, opinions and recommendations. The views and opinions of authors expressed herein do not necessarily reflect the opinion of Quintas and Quintas does not accept any responsibility for any action taken in reliance on the information contained herein.
