DC is 20 months. I am a single parent but ex is v successful and currently I have maintenance of 1,100 a month. I know this is not a guarantee.
I have saved 50k towards DC’s school fees and currently save 1k a month. When nursery fees increase soon, I will only be able to save 800 a month. Obviously dc will start school in 3 years so don’t have ages to save.
My mortgage is massive, I owe 290k (value 520k). I could, if still in current job, save 1k a month indefinitely (assuming interest rates don’t go higher and affect mortgage).
Is this a good starting point for fees? I’ve looked and it’s around 18k a year for secondary, 20k top end round here. Primary a bit less.
I know that other costs will be relevant but dc has very doting grandparents on either side and does not go without on any front. A car fund is already in place for them, for example, as well as a house deposit.
Having never been to private school myself I have no idea if this financial plan is reckless? Ex has no desire for dc to go and says it’s up to me what I do with the maintenance.