Can I afford private school for 3 children?

[Internationalwomendayheadquarters]

We are struggling to make financial decisions about the kids’ school. Our local state school is awful (violence and very poor outcomes)

Our local private school is going to cost us £12K a year per child (staff discount). The fees go up 5% a year.

We have 75K joint earnings, no mortgage. No hefty bills such as car payments etc and a basic UK holiday each year. We also have investments that bring in 25K a year.

Should we just move to a better school catchment?

YABU - you cannot afford this
YANBU - you can afford this

You have £100k per year and school fees for three will be £36k. You do the maths. In any case, you have to budget in not 5% py increase but the cost of secondary education which is much more, expensive uniforms and school trips.

No

No and how on earth do you need to come on here and ask?!

You certainly can’t be a math teacher (I hope)

Is your £75k joint earnings before or after tax? If that’s your actual take home then it’s fine, if that’s before tax then I’d say you can’t afford it.

Yes, if you’re prepared to sacrifice things like expensive holidays, take outs, restaurants, cinema trips etc….
Only you can decide where to spend, and what is of highest priority for you

No you can't. Not while still having a semblance of a life or unless something drastically changes.

You are however in a great position to move, which would solve it. Good luck!

No, well not if that £75k is before tax.

Depends how many sacrifices you’re prepared to make…..

I don’t think you can.

How is the school coping with the VAT situation ? How secure is your job? What would you do if staff discount was discontinued for cost cutting reasons?

Are you looking to finance secondary or primary and secondary? Are your kids close in age? If it’s just secondary then how many years until oldest starts ?

How much is your house worth? Would you consider remortgaging ?

Nope.

Also - moving to a better school catchment doesn’t necessarily mean that you’ll automatically get three places there.

This

£750 a month per child will cover most of it. Start now and see how you feel in 6 months

How many years would you be paying for all three? Assuming they aren’t triplets, you will have years of one, two or three of them being paid for if you’re not planning on private prep too (which would be madness on your income!).

If you can afford to move, I would say move. A house in a good area should increase in value and you are investing in an asset

You can, but you’re going to have to be mega strict with life expenses.

Ifbits going to cost you £36k a year for 7 years, that’s £252,000 - think of it in these terms, where could you move with a great school for that amount of money on top of your house sale? You’ll be in a much better financial position in 10 years time. Downsize, move back to cheap area, you’ll have a wedge of cash to enjoy life with,

@Hannakarinina
My children are my largest investment.
The amount I put in, is definitely showing. Life’s not entirely about finances

Budget for increase every year. Plus uniforms and extra costs

Isn't secondary more expensive again? Can you afford without staff discount if you need to change jobs?

5% fee increase each year sounds very conservative / optimistic.

Don’t forget the extra costs - uniform, lunches, trips, exam fees etc.

It feels tight.
Try putting aside £3000/month and see how sustainable it feels.
Would all three be there at once?
VAT?
Do fees increase up the school?
Do fees include any extra curriculars?

We thought about it on a similar income, mortgage paid off, 2 dc, and decided it would be too tight, but our state schools are the type people move into the area for.

Look into moving but with a doable commute for you. If you saved up it would cover university/professional training.

Depending on their ages, and the total cost annually, (whether it's £36k a year every year or if it's £12k for 2, £24k for 4, £36k for 3, £24k for 2 etc... )

You can try it now. See how sustainable isn't is to save £1, 2 or 3k a month. Do it for 6 months.

Did you manage?

Can you break down the maths of how you think you could afford it?

I’ve spent about £50 on uniform in 7 years as it all gets handed down and around and none of mine have ever done a trip.

i would eat beans forever to keep mine attend schools. They have been life changing for the whole family.

If you get £25k from investments you will have a little of assets providing that so assume you can afford it