Financial advice

[MimiDou]

Hi, we were offered a place in a London private school (around £8k per term) for our older child. Figures per month:
Total salaries £217k; rent £2,300; mortgage around £800, nursery £1300, renting out flat we receive £2,300; food and expenses £2,000; bills round £300.

Would you think we would struggle? I feel devasted having to reject the private school opportunity.

Thanks

Certainly not, we put two through on significantly less income.

I’m sure you could afford it, but that 8k a term is only going one way and that’s up. Factor in at least 5% rise every year for whole school career. How old is your child and do you have other kids/how many?

Your post is confusing. Figures per month, then total salaries £217k. So is that a gross annual salary for two people? Your net pay after pension contributions is what you need to balance against outgoings. And then whether you can fund it for all children or not.

What is your net household income? it will be quite different with one earner on £217k and one SAHP vs two parents earning 108.5k each.

But you must be in a great position to afford PS for two kids, just need to budget properly and possibly review lifestyle a bit

Apologies for not being clear.
Answer to your questions:

• Net salary £11,600 +£2,300 from the flat being rented out.
• Yes, we have a second child who won't start reception until sept 2028.
• Our child is 3 years old now but in September will be 4 yo.

It looks fine to me. We have 2 at a London prep school, our income is higher but our mortgage is also far higher! But we manage OK, and other parents at our school manage on less.