Sorry if this becomes long..
We have 4 DC. Three of them are quite academic and confident. DC3 is perfectly capable but lacks confidence and doesn't fit the mould that allows him to shine academically. Top 2 DC are at Grammar school and DC4 would also suit that environment if they were to get in.
I was a SAHP until DC4 started school. My plan was to get a job with the aim of being able to pay school fees for DC3. I now work full-time and my salary would cover fees. Last year we used the extra money to do work on the house with the intention of saving the money from Jan this year so we had the majority of a years fees in advance. My job is secure and my salary is due to rise in 20 months. DH and I have a small limited company and he is effectively self-employed. He takes a small salary from the business and we draw dividends. He has not been out of work for 10 years. He is also the director of a start-up which doesn't pay anything yet but is moving in the right direction. If the forecasts go to plan and things continue it should pay in the next 2 years and long-term has the potential to be quite lucrative although obviously nothing is ever certain.
Unfortunately due to an accounting error we found ourselves with a 9k bill to pay in January this year. I am using my salary to pay this on a monthly basis,which finishes in June. It means we will not have saved school fees like I wanted to.
I now feel vulnerable especially with the economic repercussions of Covid and Brexit. DH only ever takes short contracts but what if they dry up and he is without work. We have 3 months of back up if required but that wouldn't cover fees.
At present we live comfortably but not extravagantly. We drive old cars and have simple holidays; sometimes UK based sometimes Europe. DC do various extra-curricular activities including tutor for older ones in subjects they find hard. Our fixed out goings are quite high due the where we live and our house always requires work. We need a new kitchen really.
My salary is obviously a new addition to our income so we won't miss it as such and I will just continue to budget as necessary for all the things we currently do. If we didn't pay fees there would obviously be a lot more flexibility in the budget to do more. However, I know that my DC would love the private school and it will bring the best out in him. Unfortunately our local secondaries are not great and as he is a good kid who just muddles along he won't get picked up for being either good or bad. He loves sport and is very good but as he lacks confidence (and size - he is very small for his age) he again won't shine unless given the opportunity which the private school definitely would but the local school definitely won't (they don't play his sports for team competitions).
I really don't know what to do. If things had gone to plan then I would feel a lot more comfortable but now I really don't know what to do. What would you do in this situation?
I appreciate that this is a first world problem and I also understand that we are in a very privileged position to even be able to consider this.