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Education

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How much do you earn??

165 replies

Limpetsmum · 27/02/2015 14:55

I know this sounds very rude but I just dont get how people afford private education.
My husband and I have good jobs and probably earn a take home wage of £6000/month between us ie after tax, student loans, pension etc. And that's with doing extra Hours to top up income. We both work full time and are exhausted!
Childcare comes to £2000/month. Mortgage current £1000 (but likly to go up when we move soon). Bills guessing around £600. We have no savings but have investments in property.
I would love to privately educate our kids and our combined wage will probably go up by about £1000/month in a years time - but I struggle to see how we would afford private education. I don't think we can for 3 kids.
But having said that, on paper we earn good money and I just don't get how others afford private education.
Those who privately educate - do you earn a lot more than us - or have you come into money/inheritance to fund education?
Sorry to sound so rude by asking the question but I presume as it's anonymous I might get some replies! Maybe we're just really bad at managing finances....

OP posts:
babyiwantabump · 27/02/2015 22:18

My god what jobs do you people do to earn that kind of cash?!

Our household income is only about 50k

DD is in private primary fees about £2500 per term give or take a few £

I do get a bit of help from grandparents etc for music lessons and stuff .

Small mortgage but that will go up when we move house this year.
No fancy holidays .
Just doable and worth it imho

DS will probably only go private seniors as DD will be leaving and off to uni by then.

MochaMysore · 27/02/2015 22:20

Ha, well, there you go. My gym membership went years ago as I couldn't afford it given the school fees (and didn't have time to go, anyway). We've never owned a car. We have one week in Europe as holiday each year, but it doesn't cost £5000! Just as important, we both think carefully before spending money on anything. I'm often shocked at how much money other people spend casually - and, tbh, I used to too. Books when you read a good review, coffees out, extravagant presents, magazines, takeaways - I don't buy any of that stuff anymore. It adds up. DH and I both have our indulgences, but they are carefully weighed for being the most valuable they can be. We buy good wine and drink it at home, but seldom eat out. We buy vegetables and fruit that are in season where possible, take advantage of special offers, eat a lot of vegetarian meals. We live in a flat, and mortgage payment even with a bit of overpaying comes in under £700. Even, we have just one child, partly because we always thought paying for private education might be important to us.

We're about to commit to boarding school fees (so our fees for one DC won't be so different from yours for 3 at day school!) Our earnings are about the same as yours, OP, but because we're academics and already at, or close to, the top of our relative-to-some poorly-paid profession, have no prospect of significant increases ever, and our previously-good pensions are about to be ruined too, grr. The way fees go up and our salaries don't is a concern: we could do it if everything stayed the same, but only just. It may be that we get a small bursary, or at least bailed out if things go pear-shaped, because of this. Not counting on it, though.

The way I look at it is: the fees are less than my salary, and plenty of families live on less than DH's salary. So how could it possibly be true that we couldn't afford it? It's really just a question of how much we want it.

Sounds as though we may want it more than you do, and that's OK.

Salene · 27/02/2015 22:24

OH takes home £10,000 after tax, I take home £2000 ( I only work PT 2 days a week) our son is only 5 months old and I've started saving for his education already

It might be a little premature but we both work in a industry that can be unpredictable (oil & Gas) and might not always have such good salaries so I want to make sure no matter what the circumstances my son gets a decent education when the time comes.

Salene · 27/02/2015 22:27

Babyiwantabunp my OH is a driller offshore in Africa working a month away offshore then a month at home not working but although at home he still gets paid for the time off too, that's what he does for his salary. I'm a engineer in oil & Gas.

yoyo1234 · 27/02/2015 22:31

Wow ..I'm thinking if I can get dh to requalify and change jobs

Toughasoldboots · 27/02/2015 22:32

This reply has been deleted

Message withdrawn at poster's request.

babyiwantabump · 27/02/2015 23:04

Yoyo123 I'm thinking the same! Ha!

And Salene the time he is away must be difficult but I suppose it's balenced by having him home for a month at a time . Sorry to go off topic.

Limpetsmum · 27/02/2015 23:14

Mochamysore - that's really interesting. I think you sum it up with your last paragraph. I probably want it more than my husband but neither of us want it badly enough - probably because neither of us were privately educated. However, both our mums didn't have careers and had time to focus on our upbringing and education instead which has probably helped get us where we are in life.
I want it all - career, (privately) educated kids and disposable income! I realise that we probably can't afford three kids' private education - maybe we'll just pick our favourite. (- I am just joking before the abuse starts!!)

OP posts:
caroldecker · 28/02/2015 00:54

You can easily sfford it, you may choose not to.

CoolCocktail · 28/02/2015 01:02

Wow! I hope you all know how fortunate you are. It took me a while to realise that you were talking about monthly income Shock! DH brings home £1375 and my monthly income is £400 we both work full time inc w/e and have just set up our own business too. We have 2 DC in boarding prep and (obviously) receive bursary help for them but we still have to go without everything to pay for it. Sometimes I'm not sure if I can put fuel in the car to get them back to school. At half term we managed to live on food gifts, I spent £60 for the whole week for 4 of us. All our school uniform is 2nd hand and of course we don't have holidays. Is it all worth it, def yes, IMO. We have chosen to make these sacrifices so, although it is a struggle we are happy and our kids are really happy. We manage to keep up at school through my secret weapon - ebay! I buy designer clothing for them for peanuts so they are not the odd ones out and they love it when mum gpbags a bargain! Money does make the world go round but as long as we are all happy and safe and the DC have a good education then that's fine by me. X

Limpetsmum · 28/02/2015 04:05

Cool cocktail - you're very dedicated to the cause. I don't think we'd even think about private education if we had the same income. Do you mind me asking why you chose boarding prep? Is that how you and your husband were educated?
In fact, those who do struggle on with less income - were you privately educated and is that why you're keen on pursuing the same for your kids?
I'm just wondering if people are more driven to private education if that is what they are familiar with. I think our problem is, that we don't know of all the benefits that come with private education as we feel we've done well in life without it and hence don't put such importance on it. We both went to good state schools and live in an area with good schools so hoping we can replicate what we're familiar with but at the same time I'm aware that chances of being more successful/high earning in life is increased if privately educated.

OP posts:
Kenlee · 28/02/2015 04:12

I also think in some cases that Education allowance is factored into the pay package. So it doesn't affect family life. I do know of people who have sold their properties to release equity and rent.

Salene · 28/02/2015 06:37

Babyiwantabump yes it's very hard when he is away espically when he went when our baby was only 5 days old leaving me alone to cope with the th a new born, 2 dogs & a horse. I have no support as grand parents are not close by. It was tough going. Also oh hib is highly stressful and quite dangerous. He misses xmas's birthday anniversarys etc and it's tough luck so although he has a incredible salary and gets 6 month of the year off we do make alot of sacrifices and it can be a struggle at times for him to have this job. It a lonely life being a offshore wife at times.

babyiwantabump · 28/02/2015 07:34

I was privately educated as was my sister . We attended the same school that my father and uncle went to and my grandfather etc etc .

It is somewhat of a tradition for family to attend the school I suppose .

tumbletumble · 28/02/2015 07:46

I went to a private school on a full scholarship. DH was state educated. We both did very well in terms of exam results, degree, career etc, so we're open to the idea of private or state for our DC. If they get into a good state school and are happy and progressing well (which is currently the case) then we won't feel the need to pay for private. But if we feel they are being let down by the state system, it's great that we would be able to afford private as a back up option.

Could you sell your investment property to help find school fees, OP?

LifeIsBetterInFlipFlops · 28/02/2015 08:16

CoolCocktail: love your post and your attitude.

Limpet: it is a tough decision, neither DH nor I were privately educated and we've done ok. DS is in a good state school, he is bright - and will do well at secondary school, probably. However, it comes easily to him, he does as little as he can get away with, I think a decent prep school with a strong academic focus, will stretch him and ensure he achieves his potential; plus the all round facilities, environment and experience will be fantastic for him.

It's a massive decision; a great opportunity within our reach (just) versus holidays and carefree lifestyle...

HungryDam · 28/02/2015 08:32

This is a really interesting thread.

I'm currently wondering whether to send DS to private school or use that money instead to save up for a deposit for a house. Only planning to have one DS so we should be able to afford it if we don't plan to get on the property ladder ...

yoyo1234 · 28/02/2015 08:33

Mixture of both private (scholarships/bursaries) and state schooling for me and state schooling for DH. We looked at both private and state schools. The largest (at times painfully so) sacrifice has been only having 1 child. We have seen all the effort the school has made to suit DS and do not feel we could ever change.

Coolcocktail, WOW! Boarding fees as well that must be quite a bursary. Do you have a gap between your children or where you brave enough to think "We will make this work".

We are also very strict on money, currently DS is too young (year 4) to be bothered about designer clothes. Only absolute necessities (500-600 a month for food/uniform/clothes/presents/household repairs/car repairs etc). On the plus side somethings are cheaper e.g. music lessons, dinner and lunch included in fees.

yoyo1234 · 28/02/2015 08:36

Opps! I meant to say "were you brave enough".

SqueezyCheeseWeasel · 28/02/2015 08:42

coolcocktail are you in the UK? £400 per month for FT hours is not minimum wage.

SqueezyCheeseWeasel · 28/02/2015 08:46

Not even close to it.

Limpetsmum · 28/02/2015 11:42

The investment property doesn't really make money on rent - the idea is that we'll sell it in the future to pay for university fees/wedding/house deposit for kids. Ideally, we'd try and get another investment property to pay towards secondary education but we're perhaps too selfish and using money to get a bigger/nicer house for us now instead. It could be an option to buy another property in 5 years time though to help fund education - but secondary only.

I'm just reviewing priorities really and it's really interesting to see to what extent parents go to to fund private education. There's a feeling of guilt as I don't want to give up niceties when we don't have an overly lavish (although comfortable) life at the moment when I do think there are benefits of private ed. And also another part of me appreciating that private ed could be a 'waste of money' in the long term as my husband and I didn't need it to get where we are and we have a perfectly happy life.

I am very impressed with the dedication of some of the parents on here to further their child/ren's education. Your kids are very lucky.

OP posts:
CoolCocktail · 28/02/2015 15:04

YoYo no sadly DC are 1 yr apart and yes I'm a half glass full kinda person, where there's a will there is a way!!
SqueezyCheese yes I am in the UK it's a lifestyle job supporting DH so not paid by the hour, yes I feel cheated but nothing I can do so make the most of it and get on with the good things in life. Bursary is not huge not over 50% so it is a struggle but I wouldn't change our decision or what we are doing for our DC. I don't want our DC to live like us so hope they will make a career for themselves that will pay dividends"

sansou · 28/02/2015 17:06

Did you say £180k gross income? I work that out as £8.8k net per month! I would say that you do have enough for day school fees out of income especially with a mortgage of £1k. I'm sure that you are financially savvy enough to work out your priorities - investment properties and all... Honestly!

sansou · 28/02/2015 17:37

Didn't mean to sound harsh but if there are good state alternatives including grammar schools in your area, it's not an issue.

For many including us, it's the lack of 'good' state alternatives that may well force the issue and then, you are basically prioritising paying for a choice of education. That may require sacrificing big ticket items like - pension contributions, expensive holidays abroad and upsizing house.

I still don 't understand your figures - £180k gross income does not equate £6k net!