To ask what your provision is for your DC uni?

[Bluffyslummers]

I see it a lot on here in the debates of can I afford another child, especially after 2 children.

No one of course knows if their child will go to university or what university tuition or funding will look like, but if your saving for your children later in life, what does that look like?

for instance for us, we have 2 children. When my eldest was 4 we opened stocks and shares ISAs with a lump sum and we put in £70 a month each. We’ve started claim child benefit too, so now pay in child benefit (minus what we have to pay back- roughly estimated of course).

if you’re comfortable sharing, I’d be interested to know what you’re saving for your DC?

What's the point of this thread? It doesn't educate or enlighten anyone. Like the numerous ones before it , it will show that those who have spare money and value education will save, those who don't have spare money are not able to. The former will feel virtuous or lucky and the latter will feel disappointed with themselves and what they can offer their kids.

Nothing. But as I live in Wales it's less of a problem than if I lived in England. Not all of my kids will go to University anyway.

What’s the difference in wales? I used to live there, and tbh I regret moving back to England

Because tbh from MN, I don’t think my provision is ‘enough’.

perhaps someone more in the know than myself might have some tips for me? Maybe another stocks and shares isa that’s performed really well for them, I don’t know

I didn't make any provision, as a single
Mum for many years I didn't have the means too.
Both daughters have gone to uni, both lived at home, have part time jobs and the minimum loan to support with travel. They are doing great without thousands from me

To me living at home is just the best solution. It’s really common in other parts of the world like France and Australia

I'm aiming for £5k per year per child for uni as dedicated savings, but this is in addition to a decent emergency fund and retirement investments.

I'm also factoring in what we already spend on clubs, hobbies, clothes etc to be able to support them out of income too when the time comes

We won't be paying their tuition, they'll get loans for that.

And we live in a city with good university provision so we'll support them living at home if that's what they want.

I'll also encourage them to consider non degree pathways!

Ultimately it depends what you’re aiming to provide for. If you’re hoping to be able to spare them any student loans then, assuming fees remain as they are now, you’ll need at in excess of £100,000 for two sets of fees and accommodations for three year degrees, more if they choose to study for longer. £70 a month isn’t going to cut it even in stocks which perform well. On the other hand if you’re just hoping to be able to contribute towards their living expenses, it’s a good place to start.

But none of this is relevant unless you can save more…

So £90k each?!

i completely agree on non traditional ways into professions. I read about degree apprenticeships that the big banks and financial service firms offer, they look so good!

You not saving won't prevent them going if they really want to. They can work and take out loans. You need to be prepared to contribute the means tested bit if they don't qualify for it. That's not a huge amount though.

Whether a stocks and shares ISA performs depends on the funds you invest in. Over the last 20 years I've found china and India do well. UK doesn't. Obviously the best performing funds also carry the most risk.

5k per year is 15k each... Where do you get 90k from?

i do disagree somewhat because some investments perform better than others

there’s also tricks around savings, for instance some might forgo birthday parties to save for later in life (I just thought of that now, might actually do it)

I must have misread your first line of £5k per year, thinking you meant £5k per year of life

We haven’t been in a position to save- all our money goes on mortgage, bills, nursery fees and now older childcare/activities etc

Ha no! Though that could easily be a typical mumsnet amount.

£5k per year they're at uni. The loan shortfall that we'll be expected to make up - see the martin Lewis calculations.

As a single parent with a non paying NRP for many years I wasn’t able to make any provision.

By the time they were ready for university I’d remarried and DH’s income was taken in to account when assessing their eligibility for maintenance loans. Which is worthy of a whole other debate!

They worked/work in part time jobs and have chosen degrees that should prove financially lucrative. We make significant sacrifices regarding holidays/non essential spending now but they all have/will have significant student debt.

In this scenario do you mean covering tuition as well as living expenses? Because that is just a staggering amount

Only one of mine went. They worked part time since 16 onwards, so had good savings. Lived at home and commuted to uni to do a medical degree. Worked holidays so paid their way apart from tuition fees.

Encourage dc to get a job. My ds had two internships in the summer holidays of years one and two- good experience and opportunity to save some money.

www.moneysavingexpert.com/students/university-living-costs-calculator/guide/

I think it’s very sad to think of denying your children birthday parties so you can save what’s ultimately a tiny amount of money in the scheme of overall costs into savings. They need happy childhoods and the things important to small children when they’re children as much of more than they need savings for an education they might not choose.

We didn’t make provisions, we couldn’t, we didn’t have much spare money.

We were fortunate,my DH had built his own business and they year before first DC started uni DH got an offer to sell it at a price that was too good to refuse.

It’s allowed us to put DC through uni with no debts, we paid for it all. 65k per child - uni fees, accommodation fees and money to live on. We looked at putting the student loan equivalent amount into high interests savings or investments, get the DC to take a student loan and we pay it off when they’ve finished, but it worked out that it was cheaper to just give them the money.

We’ve told them it’s essentially their early inheritance.

Definitely agree on the experience around working!

Tuition fees are currently £9,000 a year. Depending on the city they live in, student digs can easily be another £10k a year, at today’s prices. That’s before any food, books, or spending money. Most students take out loans and get jobs and most students have always had jobs. It isn’t the end of the world. I paid back a student loan without really noticing it, it’s taken at source before you even see your pay.