Independent primary - can we afford it?

[Elfina]

I'dbe interested to hear from families in a similar situation. We live in SE London. Looks like we'll be lucky to get a school within a couple of miles, I'm the wrong direction (for work). We're thinking about an independent for primary, buramthunking about money. I'm on 40k, DH, 35k. No debt (apart fro my sudent loan). We're thinking of having another in a couple of years.

Can people afford independant on our salaries I london? In some ways it seems crazy that on a current income of 75k we can't, but we need to know the reality.

Shocking auto-corrects - sorry!

Mortgage is currently £900 a month...

I think you would struggle to put 2 through private on 75K (1 should be manageable) but it does depend on

• if you think your income is likely to rise soon (i.e. by the time your potential 2nd child gets to school age)
• how long left on the mortgage
• how much you are prepared to cut your other expenses to the bone.
• whether you are looking at just primary or secondary (price hike) as well

I would sit down and go through your bank statements and write down every single outgoing for a year, car, insurances, pension, travel, utilities, food etc. We did this recently and the figure was completely shocking – almost three times our mortgage payments. And that was no spending money at all.

We had no idea we had to pay out that much every year and it's quite a sobering thought as you can never be sure that your job situation won't change and you'd still need to find that money.

Just my personal opinion but I would want at least a couple of years of fees saved up, as well, just in case of emergency.

I would guess at yes for one but no for two.

Interest rates will rise - not now perhaps but they can only go one way.

Have I understood correctly that you don't have a mortgage?

Don't forgot private school isn't just the feesbut expensive school uniform, school trips and an expectation of expensive hobbies, eg our local private school offers horse riding as an after school club.

I would look at what you are planning to do at secondary level before you make any decisions .

Do you currently pay nursery fees? How much is that compared to school fees and associated expenses like uniform, trips etc? That should indicate how much you can absorb.

Don't forget childcare, clubs etc during school holidays - longer at private schools.

Remember what you pay comes out of net income and for reception you are potentially looking at 7.5-9k pa minimum plus "extras" in SE. While you may get Early Years Grant for up to about £500 a term initially it goes once your dc is 5 and like-for-like annual fee rises have been between 2.5 and 5% ime in past 9 years with larger jumps at 7 and 11.

I don't think so, sorry. I am on about £70k which is my taxable profit. I had a lump sum which I am using to send daughter to private primary as no local schools had a place available. I paid the first year fees up front last September but I ended to pay an additional £1,500 for various extras!

The uniform was nearly £1.000 - there is a huge amount of sports stuff they want you to buy. The fees increase every year. I thought I had left enough aside for 3 years, but it will only cover 2. And then there is the issue of what happens when she's 11 as she will have to leave, as I certainly can't afford senior school fees.

You have to sit down with your bank statements and be absolutely ruthless. Get a clear idea from school the costs of uniforms, school trips and extra activities. You might be able to do it if you cut all non essential spending but I think it would be tight.