Single income private school

[dinglehopperandwhatnot]

Am I being totally unrealistic to think I'll be able to afford private school for my young kids. I was lucky enough to go, but my parents really scrimped and saved for us to go. That being I now have a successful career and always assumed I'd be able to send my children.
I have 2 and are currently still pre nursery age but it's just to plan ahead.
I earn about £120-£150k working 2 days per week. Obviously once they're in full time school I can go back to 4 or 5 days a week. It still seems just out of grasp with the new vat increase.
We live in Hampstead London so I'm concerned about using state schools. It may be misplaced but given the area is affluent I assume most parents have sufficient income to cover fees. As it's London there is also social housing neighbours so is it just these kids that make up state school applicants and everyone else is in the many private schools.
There's no other income or family money.

Curious what you do to earn that money on two days a week!

You would think someone earning 150k on a two day week would be able to do the simple maths of their own expenses to see what their purchasing power is for further costs.

As it's London there is also social housing neighbours so is it just these kids that make up state school applicants and everyone else is in the many private schools.

Yes, state schools in London are only made up of social housing children 🙄

Nailed it

You'll be earning £300k after tax when you go back to ft of course you can afford it 🤣

Honestly I'd assume on that salary if you're paying for a house/life in Hampstead it would be very very tight.

£120k after tax = roughly £6.2k after tax?

£2k per kid each per month = £4k ~ so more than half your income? I wouldn't want to try and raise children in Hampstead, even if you're mortgage free, on £2.2k! Especially in Hampstead/North London schools seem full of fairly well off people. Mumsnet loves the narrative all private school parents drive bangers and every spare penny goes to school fees but I don't think that's quite accurate. My old boss had a household income of £300k in Hampstead and actually said he thought they were some of the worst off in their social circles!

Exactly this. OP why can’t you do the fairly basic maths?

I really don't know how randomers on the internet are supposed to know if you can afford it if you can't work it out? You know your outgoings, how much schools cost etc? We don't.

What a strange post.

Do you have a mortgage? What are your other outgoings? This is pretty basic stuff, which makes me think it’s unlikely you are on the salary you claim to be. Unless you are working in “sensual services”.

Hampstead private schools are currently >£30k per year including VAT. with 5-10% increase per year, that'll be £35k each by the time yours get there, so £70k out of taxed income which will essentially take your entire income. You need to at least double your income (which you might do by going up to 4 days per week) but of course as a single earner you bear the full tax brunt and as fees go up (on average will double between R and Y13) you will struggle.

Not necessarily all the way to sixth form with fee inflation.

I think you will be fine even with 2 kids if you move back up to full time as long as you don’t spend outrageously and outgoings are reasonable. Im assuming your salary will progress over time.

whilst a lot of people are indeed very wealthy, there are plenty who are professional so you certainly won’t be out of place with your income. Even in an area like Hampstead (we live in the area too) - there are some ultra rich folks and some folks scrimping for school fees at our selective private. The state schools in Hampstead are great actually and no not just full of social housing people. But obviously the facilities and offering really cannot compare to a private (but having said that not all private are equal - I would only pay if my kid will get a good education and teaching with good pastoral care).we have a friend whose kid is at Hampstead parochial but are looking to go back private as they prefer the smaller class size and better facilities (nothing wrong with the school)