First time post here, but a very long time lurker on the education board.
DH and I have some inheritance money (£100k) to spend specifically on our DC's education. The money has been given to us on the promise that it is only to be spent on their schooling.
DS1 is 3 and DS2 is 1 but I want to start thinking now about where and how the money will be allocated.
Bit of background:
DH earns a decent salary. He doesn't want me to be too specific, but let's say more than 60k and less than 100k.
I am a SAHM. Hope to return to work when boys are at school. Will earn no more than 30k.
We have 2bed house in South East and have no plans (or funds) to move.
DH was educated privately and I state. Both went to RG universities.
DH would like the boys to be privately educated but I'm less keen. However, with a reasonably hefty mortgage, there is absolutely no chance of us being able to afford the fees.
So, how do we spend the inheritance money as specified?
Option 1 - Put both boys into prep and then transfer to state (top up with tutoring).
Option 2 - I'm not really sure on this one. Secondary school fees are 15k a year so that would only fund one son through secondary school, there are no grammar schools where we live.
Option 3 - Both boys into state primary and secondary and private for sixth form. Fees 15kpa for private sixth form, so in total for both boys to go private for sixth form - 60k. Split the remaining 40k to fund their first year of university.
Option 4 - Stick money into a high interest account (if there is such one atm!) and then 50k for each boy to see them through university. No idea though how much the fees will be though in 15 years time!
I hope this post doesn't come across as boastful, it is not my intention in the slightest for it to do so. I know we are very lucky to have this money and just want it to be spent as it is so wished.
Thank you in advance.
Please or to access all these features
Please
or
to access all these features
Join the discussion on our Education forum.
Education
100k to spend on DC's education but how?
145 replies
mustbeabetterwife · 26/10/2013 12:50
OP posts:
Don’t want to miss threads like this?
Weekly
Sign up to our weekly round up and get all the best threads sent straight to your inbox!
Log in to update your newsletter preferences.
You've subscribed!
Please create an account
To comment on this thread you need to create a Mumsnet account.