If you sent your dc to private school, do you think this financial plan is feasible?

[Hubjaww]

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.

I went to private school and you’d need to allow for ‘extras’, expensive uniform, minibus fees and other bits of kit that state schools don’t require.

It sounds like you have made a great start though!

@StormingNorman thank you!

Why do you want them to go to a private school?
Especiallly why do you want them to go to a private primary?

That’s a lot of money that could potentially be better spent elsewhere.

If you can save £12K per year until Y7, plus the £50K you already have, invested to grow or at least not be eroded by inflation, then you probably will have enough for secondary private with no fear of change of circumstance. Downsizing / remortgaging as back up plan.

By Y7 you’ll have far more idea whether private is a good enough investment for your child.

@Testina thanks! It’s a mix of things really. State schools not good round here. I work long hours so prefer dc in a school where it runs longer (most run to 5 or 6pm) where they can be with their peers rather than feeling like they’re the only ones not going home at 3.20 etc…

I’d also avoid private primary and save for secondary.

I think your calculations stack up and you are in a position where it is affordable for the foreseeable

Loads of parents work long hours. Consequently, loads of kids don’t go home at 3.20! My DD actually had a wobbler the other day when I picked her up ‘early’ from after school club as she was having so much fun!

You’ll get much better bang for your buck at secondary. Smaller class sizes at that age have a huge impact.

Depending where you live and how competitive schools are, it might be harder to get into a private secondary if they don't go a private primary. Private primary will prepare them for private entry exams etc.

We are just thinking about this all with our son now. I think you should be fine financially, would the Dad step up and pay if you have any struggles in future?

Why not a state primary with wrap around care. Both mine loved going to breakfast and occasionally after school clubs. They got to play with kids in a mix of years which I think helped them socially.

Kids get very expensive as they get older and saving on primary school would possibly allow you to help pay for University fees, if they go there. Unless the primary schools are totally awful and there is no wrap around care.

You're currently saving less than the maintenance you receive.

What happens if the maintenance stops? Ex becomes difficult, or dies, or loses his job or has another 3 dc and substantially reduces it?

I wouldn't rely on the maintenance to pay school fees for 15 years...a lot can happen in that time.

Compound fee inflation means the fees will more than double between reception and year 13

Have you taken VAT into account plus 5-10% annual fee increases? So if it is 15k now and goes up by say 10% a year then in 3 years time when you start it would be just under £20K + VAT could be £24K in total.

obviously less for lower increases but it goes up each year.

I second saving it all for years 7-12. State primary in my experience (I work in one) offers no more than private. It worked for my own son as the smaller classes offered more discipline, but not more quality of education.

Some thoughts:

Extras that people speak of are not excessive
Private has school uniform shop too
Dinners are amazing
You don't need to be a "lifer" to slot in later, kids in private come and go far more than state
Better at state in younger years because more children in a year/class for mixing especially sports

The kid is not even 2! Great that you are saving but keep an open mind about school.

In general, kids do fine at state primaries, and many thrive at good state secondaries. Why not wait and see how your kid turns out?

I think it sounds great. But having spent a lot of time on private school threads in the last year on MN, be prepared for being told you need to be earning £300k, have £150k in savings and you'll be paying the equivalent in fees again for the extras...
DS is starting private school this year (age 10) and we have a chunk saved but also have a mortgage and don't earn the appropriate MN private school salary. But we're pretty sensible with cash, run one car and don't need lots of fancy holidays so we will be fine.

We’ve got one child in private primary. Started with no savings! Still got no savings! You’ll get a lot of folk saying the money could be ‘better spent’ elsewhere but every family/parent has a different opinion on what they feel is important to them. Also depends perhaps on the child and the provision of local schools. I live in a nice village but with cheaper housing. Got friends half an hour away in very expensive town with massively oversubscribed schools. Densely populated, small streets, small gardens, no driveways etc.

If you have the money (sounds like you do) and you want to do it - go for it. Our child is thriving in a small class. Other benefits too as I’m sure you know. Would she be fine elsewhere? Probably. But I remember being bored in primary school and I think with a smaller class size I could have had more opportunity to be pushed, rather than frankly muck about whilst other people finished their work.

I feel lucky to have the choice, but as a consequence we cut back in other areas. There is certainly a range of wealth amongst parents at the school and I would count our family in the lower end of that.

If you also have car funds and first house deposit funds from grandparents, I'd discuss the whole issue with them.

Assume you want to find the school DD will be happiest at and this may be private. If so you are currently saving as above. If you run into difficulties, will they be willing to reallocate from these funds? (And would you?)

Car fund feels like an unnecessary luxury tbh. Teenagers don't need an expensive first car. House deposit - anyone would want that and I would look at state school options before using it. But if stuck where she'd be at a major disadvantage, would they consent?

Contribution from ex does seem like a fragile situation, so I would consider state primary first, perhaps even if that meant moving. Having your savings compounding until DD is in secondary would give more security.

With a large mortgage and so reliant on maintenance I would save hard for secondary and go for state primary for now. You can always "upgrade" to a suitable private primary later if it's not working out, but it's much harder to go in the other direction.

Plus, you're currently in a position where a lot seems like it could change. If DC is only 20 months then presumably the split was relatively recent. What if XH meets someone else, has more DC, and maintenance reduces accordingly? What if you yourself meet someone and want to have more DC, who you won't necessarily be able to afford additional sets of fees for? In your position I'd be tempted to be cautious and future-proof for a bit.

You will burn through 50k quickly even if you do save 12k pa. You need to make a spreadsheet allowing for fee increases, both annual and the steps up from one phase to another and extras. Then possibility of vat. You could easily be looking at 250/300k + over the course of dc education.

Wrong place to ask - most of Mumsnet Hate private school OP 😂. My two go and have been from about 4, they will go through to uni - your savings/plan seem sensible. Are you able to earn more?

We have 2 children in private primary and baby 3 on the way, every penny is worth it they are thriving and I couldn't fault the school. You get what you pay for in life in all areas

Will he be an only child and is your £1k savings as well as child maintenance?

I’m an advocate for private primary and secondary. You will find there will be others whose parents aren’t hugely well off and have made sacrifices for them to attend as well, or the fees are paid by a relative or bursary.

I would make sure that you feel confident that you can afford it without any need for input from anyone else and you are prepared to go without holidays etc for the next two decades. You might find you still have a good or reasonable standard of living but as long as you are prepared to prioritise the school fees, I think your plan will work out.

Are you planning on having more kids in the future?

I'm sorry but unrealistic.
What happens if the maintenance ceases or you are no longer able to work?

It is much much easier to move state to private than private to state for the child.

You don't have enough equity to realistically downsize should things go tits up.

It's a waste of money. Personal view, yes, but it's what I believe. In your case, you might be impoverishing yourself in pursuit of it for what end?