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Original poster

If you send your child to private school, do you think this will work?

61 replies

Amyia · 10/08/2024 15:05

I have 100k savings for private school, my dc is 3 so won’t be going for another couple of years. I earn 4K a month so will need to put around 1,400 towards the fees a month, as well as taking 1k a month from the 100k savings (this is inflating the fees to account for vat and additional increases so I am hoping it won’t actually be 1,400 a month from the off, but that will likely be what it looks like 8 years from now onwards).

My mortgage is 650. Am I being delusional that I can realistically afford this? If you send your dc are your finances in much better shape than this? Do people do it in circumstances like mine? It’s something I would like to do but it’s usually labelled as for the very wealthy which I am not (4 bed modest detached and very standard car etc, minimal holidays).

OP posts:
notbelieved · 10/08/2024 15:37

Just you or is there a second wage? On your own, no, you can’t do it. With a second wage, probably, but depends on how much that second wage is. You could easily downsize from a 4 bed detached with one child - long term that would reduce your essential outgoings - Council Tax, insurances, utilities. That would help.

twistyizzy · 10/08/2024 15:35

AnotherCunningPlan · 10/08/2024 15:32

Maybe think of it this way. You have a salary of £40k. With savings of £100k spread out over the next 13 years or so that gives you another £8k or so.
(Yes you'll get some interest on the savings and your salary will increase with inflation, but school fees will likely outpace both of those.)

£48K a year doesn't seem enough to support a private education to me (not without a huge impact on your standard of living).

48K would cover 2 years + several months of fees here

Turmerictolly · 10/08/2024 15:35

Doable from secondary but not all the way through on those figures I don't think. There are also compulsory school trips, clubs, music lessons, other trips, uniform etc to pay.

twistyizzy · 10/08/2024 15:34

We had a lot less saved than you but only started private in Yr7 with the aim of 7-11 even though we know she could choose to stay up to Yr 13.
The problem is that fees are only going to rise each year + VAT.
You then need to factor in lunches, uniform, transport etc.
Personally at today's numbers you could do it but by the time your child is at secondary age it might be tight.
We have a similar mortgage to you in a 3 bed semi and we are managing but we definitely couldn't fund Yr 1-13.

FYI there are a lot more parents in the same position as you than the ultra wealthy ones.

No33 · 10/08/2024 15:34

Could you use your savings as a deposit to move to an area with really good state/grammar schools?

AnotherCunningPlan · 10/08/2024 15:32

Maybe think of it this way. You have a salary of £40k. With savings of £100k spread out over the next 13 years or so that gives you another £8k or so.
(Yes you'll get some interest on the savings and your salary will increase with inflation, but school fees will likely outpace both of those.)

£48K a year doesn't seem enough to support a private education to me (not without a huge impact on your standard of living).

Jellybeanbag · 10/08/2024 15:31

Depends how much the fees are?

HairyToity · 10/08/2024 15:30

It sounds feasible, whether it is worth it is another debate. Personally I don't think it is.

longdistanceclaraclara · 10/08/2024 15:21

Are you thinking through to y13? Our local Indy is 2100 per month this year in secondary, then lunch at £5/ day, laptop subscription, uniform etc etc.

25k plus extras for this year, that's your savings gone in less than four years.

IntrepidCat · 10/08/2024 15:17

It all depends upon the school and their fees, as private schools vary hugely with regards to how much they charge.

Bushmillsbabe · 10/08/2024 15:17

How secure is your job? Would you have enough to cover fees for a few months if you get made redundant, or if you are too sick to work for a period of time. Do you plan on having any more children?

We have 2 children in state primary, our joint take home after tax is about 5k, mortgage is 1.2k, but likeky to go up end if the year when fixed period ends. We worked out we could afford fees for 1 but not both, which of course isn't fair. So unless 1 develops specific additional needs where we feel they would really struggle in state, we won't be sending either.

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