Would you pay school fees in this financial situation?

[ipalo]

I’ll start by saying if you’re not interested in private schools then not much point responding… or at least put yourself in my position that I would love to send my dc to private school so it is very important to me.

I will have around 1,800 spare cash as in cash that could go direct to savings each month. I have already built up around 15k following a recent house purchase where I had to start saving again from
scratch. Obviously 15k is nothing for school fees but this is where this 1,800 is going each month at the moment. Dc due to start school in a year.

Would you put this into school fees? If I do it will mean my savings will be around 300 a month (private schools round here are circa 15k a year).

So when fees go up 10% each year, what then?

Savings of 300 a month for a family is really not a lot! It would take two months to recover from having to buy a new washing machine or car repairs.

It doesn’t look like you can actually afford private school. Even the uniform will be several hundred pounds in august so again wiping any savings for well over a month.

What are your local state and private schools like?

I don't think you can afford it. Maybe save hard until secondary age.

It's too tight a margin in my opinion; if the boiler goes bang or something happens that isn't covered by insurance, you're going to see your savings disappear in a blink of an eye - you also won't have a cushion for additional school expenses, such as uniform, trips, music lessons, lunches, clubs or anything else that you would easily be able to cover if your DC was in a State School.

echo above posters. Sorry op, I don’t think you can afford it based on those figures.

I would be very uncomfortable with savings of only 300 a month although others will probably say it's loads. I wouldn't do it.

You can’t afford private school.

You need to think about all the extras e.g school trips and uniforms. I don't think you have enough buffer personally

Have you heard the phrase 'state 'til 8'? Save like mad and send them in a few years.

No. You don't have enough spare, and your children would benefit far more from that money not being spent on private school, so I'd use it differently.

Sorry I meant 550 savings a month… but still, it’s not leaving a huge margin! And it would have to include trips etc.

@PragmaticWench no I’ve not heard this! I guess I could save quite a cushion by then, well over 100k. Maybe that’s the way to go and just have to hope they’re not unsettled moving!

I'd look at ot the other way and ask yourself what you're buying for that money.

£15k per year for 5 years is £75k. Would that be better as a deposit? Partially earmarked for tuition?

This and also you could try for a scholarship/bursary at that age as well

If you want to do it maybe consider overpaying your mortgage and now and remortgaging to draw down the funds.

State for infant school definitely. Reassess for Y3 and again for Y7. They you'll have more savings built up and more idea what older kids cost (they might have discovered a talent for an incredibly expensive sport by then ...!)

@CheersForThatEh dc is VERY lucky that they’ll have their house deposit sorted. So thankfully I don’t need to worry about that otherwise id probably say house deposit is more important!

This. You do need a buffer. Private school isn't just the fees, it's all the little things that adds up. Trips, uniforms, collections for every little thing, etc.

No. You can't afford it.

It depends what your local state schools are like . We saved a fortune sending our children to decent grammar schools..and the other local schools are good .

I have put four children through private school and you don't have enough money.

Uniform, trips, lunches, music lessons, clubs, above-inflation annual increases, big increases with each new key stage.

If the schools in your area are absolutely dire, maybe for secondary. But for now there are better uses for your spare cash. If you want, save it so you have a buffer should you decide to do it for secondary.

I would start saving the money now and move DC into private in 4 or 5 years time when you've a few years fees saved.

@electriclight yes I think you’re right secondary is more realistic. Relying on 550 spare cash each month is too nerve wracking, by secondary I should at least have a proper buffer there.

And don't worry about them being unsettled by a move for secondary. In Year 6, they are all heading off to different places. And Year 7 are used to new arrivals from lots of schools. There will be all sorts of transition events.

Yes. You can do it. You’d be surprised how you make it work. We did it, reception to U6th, was a priority for us. Not everyone at school has oodles of money.

Well my dc is in a private school. There is a Facebook second hand uniform site, I pay the fees monthly over the year. Trips you know about at least a year in advance so you can save-same as state schools. Clubs are included and any extras are cheap as they are subsidised by the fees I think. Ie state school local overnight trip in year 3 was over £100. Year 7 3xnights adventure trip in wales, less than £100 including food in his school now. The only thing you must count are the lunches (£200 per term) and any music lessons as they are super expensive. All uniform is m&s except blazer. Sports kit costs but it's lasted him 3 years and he has lots second hand. Depends if your savings are yours alone or the family's? Ie my husband can usually cover our broken boilers etc even if it's on a credit card.