Would you be comfortable paying the fees in this situation?

[Gro2]

One DC. 150k left on mortgage. Can save 2,400 a month. School fees are 20k a year (will obviously go up). Just under two years until school starts.

Parents pretty well off but have never offered to pay. I think they’d help if stuck though.

What do you think? It’s not a debate about the merits of private school, just an economical one!

Is that £2400 saved per month plus school fees accounted for, or £2400 saved per month but school fees will eat that up once school starts?

@Lougle school fees would eat into 1,400 of that per month

If the fees have to come out of your £2,400 savings a month, I wouldn’t. School fees will rise, as will the cost of living etc. Leaving yourself with £4,000 savings a year isn’t very much at all as invariably you won’t always be able to save that amount.

@TheJoyousHiker It would mean I could save 1k a month after fees paid for. I am trying to save from now too.

How are you saving this money - as in are you still allowing for a holiday a year, outings, a few treats, etc. ?

You and your child need to enjoy life, having some holidays, days out and parents not stressed about money is as good if not a better investment than private school fees. DH and I spent decades dealing with end product as worked in higher education. We sent our children to a below average state school and they both did well.

If school fees are £20k a year that’s £1600 a month not £1400 a month? And they’ll rise each year. I personally wouldn’t with those amounts.

How are your pensions? Is the £1k a month general savings for the future, or might it be needed for emergencies/holidays?

I wouldn’t pay school fees without an excellent pension forecast and significant savings for emergencies. In all honesty I wouldn’t do it even then, we could afford it now but I don’t think it is worth the money.

I also agree with this. And savings for things like university and house deposits I think are more valuable then private school.

My private school uniform was really expensive and there were loads of trips that my parents couldn't afford, there's a lot.of extra costs which you'll also need to.Find

For your average child at primary school, no I wouldn't. I wouldn't push myself to pay for private school for primary unless there were serious additional needs that could only be addressed in a specialist school.

For secondary, again it would depend on the child and also the quality of state schools in your local area.

You can afford it, but not whilst remaining comfortable/not with a big cushion so I would only do it if circumstances mean it's a requirement (not just because it's a bit nicer iyswim).

I think it’s doable, albeit with sacrifices having to be made elsewhere in life. If you’ve a couple of years to go then I’d use the next year / until you need to commit to signing up for a place to put away the money you’d be spending on fees (and other costs like trips, extracurricular, materials etc) each quarter and practice living as if it didn’t exist to see how you feel in terms of lifestyle and security about savings.

If there would be some expectation that your parents might step in if need be then I think you do need to include them in the conversation early. If you lost your income or fees rose hugely or the cost of living meant you were struggling, it’s a big commitment to ask of somebody else and puts them in an awkward position if you only introduce it years down the line in an emergency.

I think it depends how much you want private education, what the alternatives are etc.
Being left with £1k a month is more than a lot of people who pay for private schools. That doesn't mean it's right for you. What do you future earnings look like? Will your income likely rise? Is it stable?
You should also take into account that nothing comes cheap at a private school and extras can add up too. School trips, music lessons, sports kit etc etc

How are you getting to £1k a month?

At the moment you save £2,400 x 12 = £28,800 a year.
If £20k goes on fees that leaves £8,800 into savings a year. Thats before you consider any other school costs.

Personally I wouldn’t.

It depends on how much your income/s are likely to go up over time too. If incomes rise inline with school fees, then it’s more manageable than if fees rise and incomes flatline.

Another alternative would be to look at private from year 5/6 and save or pay down the mortgage in the interim.

It’s too tight a margin….I wouldnt

State school.with maybe a tutor and all the extras is likely to lead to a happier home. No guarantee that yoir child will thrive in private ed, either.

With the figures you quoted, it is clear you can't afford private school.

There is no way I would make this choice, where then every aspect of life will be tight and restricted because of school fees.

Do you pay childcare fees now? How much more if the school once you no longer have to pay that? It’s basically carrying on paying for full time childcare sending children to private school. I wouldn’t personally but we have good state schools where I live so it’s a no brainer

So when you say savings, I'm assuming that's all savings for holidays and car repairs etc? If that was covered and the remaining was long term savings I'd be more comfortable. What are salary increase prospects like?

Leave your patents out of this decision completely. If you worry that you’ll struggle financially with private school fees then the answer is don’t do it!

I wouldn’t be happy if one of my adult DDs put their DCs into private school with me as a back up! I’m very generous with them but that’s another level, particularly if they are unaware!

I would, and did. Is your job fairly stable and will your income increase, do you get an annual bonus at work that can also be saved or help with holidays/uniform? You have 2 years to save for a buffer, then still £1k a month savings after school fees.

I think if you save in advance and are willing to cut your cloth its fine...

I'd probably want 3 or 4 years worth of fees saved before school began to be sure they'd go through to gcse at least.

I'd be tempted to hold off, and direct what you could spend in fees into a specific education fund. Reassess at 7, then 11.

Fees will go up, but so will income?

Why have you mentioned your parents. Take responsibility for your own life.

It is very entitled to even think they would help with a lifestyle choice If it doesn't go well for you