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 viewed private school differently and opted for the younger years with the hope of moving to Grammar school for the secondary part of the education. This paid off for the eldest who gained a place in the local Grammar but not the youngest who stayed in private for an extra year and then moved to a local secondary where they flew.

Are there Grammar schools in your area which you would consider sending your DC

Thanks for the responses! I agree I think it is tight.

Of course maintenance is always a precarious thing to rely on. My savings exclude the maintenance. However, ex and I are no longer together due to his frankly absurd attention to work and the only way he won’t be working is if he died. He is obsessed. Whilst I will never rely on it, I can’t imagine it stopping. he’s also quite invested in dc, although doesn’t care about private school particularly so wouldn’t contribute extra.

I could earn more but I’m pretty exhausted as a single parent so I am basing this on staying at this level rather than being promoted etc.

I could downside to a two bed terraced but that’s worse case scenario really.

Secondary only might be the way to go, I hadn’t actually considered that

It's too tight in my view with a mortgage that size.

Have you also looked at available grammar schools for secondary, and which primary schools have the highest achievement rates against yr 6 expectations? Whilst you think they aren't that good, get on the government website and actually look at the results if you haven't already.

My kids go to state schools, but we have friends who were adamant about sending their daughter through private from reception. They insisted that starting from a young age sets them up with a foundation from the beginning, rather than waiting until secondary, when habits and learning styles/techniques have already been embedded. (Just another opinion to counter those who say to wait until secondary.)

Private primary was not worth it imo. Secondary yes.

OP, It's a reasonable plan.

My ds went to state juniors and was miserable, so I wanted him to go to a more supportive school until he found his feet.

I saved 4 years fees before I sent DS to independent senior school. The school at that point only went to 16 so I planned for him to leave after GCSEs. I thought I'd be able to save the 5th year's fees in the intervening four.

Then I managed to pay his first three years out of income, and then the school opened a sixth form, so now I have most of the fees to get him through his A'levels too.

You're saving every month but presumably you're also currently paying nursery fees? It's a long time since I was in this position but tbh the difference between nursery fees and infant school fees was pretty trivial. The independent school day was longer and after school care cheaper than a state school however there were longer school holidays to contend with. This did mean we could go on holidays priced for term time but also it was hard to cover all the holidays - not only price wise but actually finding anything running for some weeks.

My kids went to private school. Middle of the road in terms of costs but still last years final year was £25k. And my experience of five private schools (two kids and two step kids) none ever got out as late as 5 or 6, it was 4.30 latest unless doing sport. There was a supper club I believe, at extra expense. They do start earlier though, last year it was 8.20am registration and not a minute later!
That aside you are in a decent position, but fees will rise every year, the possibility of VAT (I don't think this will happen, but could).
I think you will need to evaluate finances further. Think of any worse case scenario - your roof needs replacing which will wipe out thousands for example. You lose your job... will grandparents pick up the slack? Your ex loses or changed his and maintenance goes down etc.
I'd do a excel spreadsheet projecting five years ahead, taking into account average fees and average increases. Birthdays, holidays etc as well as normal bills. And weigh up if putting your child in state for first few years - are there common entrance years at the private school you have earmarked? Ours had a separate Reception to Y2 school, so an influx of new students in Y3, for example.

If you’ve got grammars near you, private primary could well be woth it. There’s far less of a divide between a grammar and a private secondary than there is between state and a good prep school imo.

I think it's doable but you'll have to keep an eye on the numbers. You'll presumably also get pay raises over the years.

Don’t forget that school fees rise every year! We also have spent £2500 on trips for this year ( 5 days uk, 4 days European city)
. I agree with those saying you should focus on private secondary. Start looking/applying early though and consider a year 6 entry to a private primary. This gives a better transition up to secondary which could be tricky coming from state. Also friends are more easily made in the lower age groups and much more support given from staff. Good luck.

I am sure the research shows its better to send them private primary and then secondary state if you weren't going to see it all way through. Might be worth googling.

Put all that savings into the offset on your mortgage and then pay the school fees out of current earnings when they start. We just broke it down into fees / 52 weeks and then portioned off that amount between both our salaries each wee and there was no bother paying. Ours was probably less fee wise though here in Australia (AUD25,000) per year on average. Just keep the savings for the o/s trips and technology and homework clubs etc.

It the best money you’ll ever spend. Don’t skip primary. It’s the foundations and in my experience as important as secondary. The high and dry of it is that if you value it enough, you will make it work. Your dc is lucky to have you.

I think that’s very tight and also doesn’t leave you any margins if anything goes wrong (eg you lose your job, you get ill and have an unpaid period, DD turns out to have Sen and need expensive interventions etc etc).

I’d start in state and then move to private for secondary. Use that time to build up your savings and get a better sense of your DD’s strengths and needs so she’s in the best school for her.

I was sceptical about private primary but since moving from state I’ve been hugely impressed with the offering. It’s so much better than the “good” state our daughter was at.

i would personally factor in significant price rises, our senior school is about £26k a year, we think it will easily be low £30s by the time our daughter gets there and that’s not even including potential VAT which would take it to almost £40k. It’s worth running a few scenarios on a spreadsheet. Current fees should be visible on the school website.

One of the other considerations to make is the cost of childcare in school holidays. The holidays are longer and there tends not to be holiday clubs in the non state school weeks.

I agree with this. Prep schools provide an educational foundation and study skills that you simply don’t get in state primaries. Once you have learnt how to learn you can apply it anywhere.

And you can always go onto a grammar if available.

I think it’s unrealistic. Are you really going to spend the next 18 years spending every penny of savings and maintenance on schooling?

What about spending on other stuff? The £1000 a month isn’t much if in 5 years time you need expensive house maintenance like new windows/ roof blows off/ kitchen repairs etc. Day to day stuff like buying new garden furniture or replacement of stuff.

Spending every penny of maintenance on schooling when they need all new clothing and need shoes as growing, or you want to buy them a new bike, or bed or take them on holiday, or buy annual National trust or other memberships. so they are educated but never go anywhere or have nice stuff as no maintenance left. personally if I paid £1000+ a month maintenance for my child, I would be slightly peeved if they didn’t benefit from it day to day. The maintenance should be so child has decent food, well heated house, any essentials and some luxuries etc no problem paying for theatre tickets for them or trips for school.

And yes long holidays. Childcare will still need to be paid in the holidays from the maintenance

I think I would wait until closer to the time and really try to get my ex onboard, school is a while away for your little one so he may not really be looking at all the options now.
Having your ex back you up financially I think would be the crucial element for me as a single parent. I have two teenages in state schools who I get little help with from my exes (thankfully my parents help anyway) and they are so expensive with phones, clothes, hobbies and my nearly 17yr will be learning to drive this year and we want to buy her a car (so I don't have to drive her around)- thats without throwing in school fees or expensive trips abroad. I'm actually kicking myself for thinking it got easier as they got older, I have had to work harder and take promotions to keep up with it all.

Your savings sound fine but don't forget the long (long) school holidays that need covering too.

Most holiday clubs only cover the state school holidays so make sure you look at your annual leave and the cost of paying for full-time holiday care on top.

If I were you I would try to get a couple more years of savings stashed away before starting at a private school. A lot of parents round my way send their child to a state primary till aged 8 before switching to prep.

That’s a good compromise.

DD(yr12) went private from age 7. I don't regret it, but my fee bill is almost double what it started 9 years ago.

Another thing you will need to consider/budget for is the longer school holidays.

I would do state primary and private secondary. I honestly don't see the benefit in private primary.

What happens if you have more children?

You're very good at saving! So whatever you decide it sounds like you will make it work.