Regular Savings – School & College Fees
Saving for college fees is one of the main reasons we are asked to organise regular savings plans. The DIT Student Cost of Living Guide estimates the following costs for students or more correctly the cost for you as parents for 2019/2020:
- Living from home – €6,771 pa
- Living away from home – €12,171 pa
For a 4 year course, this could add up to €27,084 and €48,684 respectively. For almost all of us, this will come from after taxed income increasing the cost considerably and doubling these figures in many instances.
The key is to start saving early and regularly. Our advice is to use the Child Allowance and to place this in a specific regular savings investment plan. Out of reach and separate to your ordinary banking account (s), it can grow uninterrupted, while still being available to you on demand as required and without notice.
And remember – starting early WILL make all the difference.