Comfortable income for family of 3 to afford private school for 1 child (mortgage 1282)

[Private2025]

Dh is set on sending our child to a private school. We live near an excellent state primary school and it is a faith school (we belong to that faith) but given the current political situation around gaza and antisemitism, we have some concerns (dont really want to get into it here). We are sending our son to the affiliated nursery so will see how it goes. The only schools better than this faith school are either CofE schools in places like Hampstead or prep schools.

We own a small 2 bed flat in London zone 3 bought in our 20s, mortgage 1282. Service charge 160, council tax 150, gas and electricity 85. Not planning to upgrade cos mortgage rates not likely to go down and what we can get for our money isn't much in London plus would prioritize school fees.

Planning only on one child (dh got a vasectomy). We have 4 more years till reception so would like to plan ahead.

If our combined nett income was 7400 to 8000 would that be enough for a 24k to 30k per annum school fees, assuming school fee inflation. We would also like overseas holidays twice a year but don't mind staying at Premier inn/ibis type hotels.

Think it would be tight financially and mean that you couldn’t really afford all the other extras that such an income would give such as nice holidays, hobbies, days out, etc .,,

Really why. There would be 3618 to 4218 after fees, mortgage and bills (isnt that like 70k per year equivalent, dont most families in the uk survive on that and most probably do pay for mortgage or rent) . I am being conservative re income cos I want to look at worst case scenario

Are your salaries likely to increase at the same rate as the fees?

Have you factored in additional charges such as lunches, transport, uniform, trips etc?

You need to forensically examine your outgoings. You have listed the obvious ones. What about haircuts, groceries, clothes, gifts, insurances, subscriptions, holidays, car, travel and a load of other things? The budget planner on Moneysavingexpert.com is very comprehensive. Do this based on the past 3 months bank / credit card statements and see what your “disposable” income is. This is the only way you can assess if you are likely to be able to afford it based on your current income (which presumably will increase over the years). If you can, save as much as possible now in the pre school era, this will give you a buffer. As you will know the first few years’ fees will be lower than later on which will allow you to keep saving for when the fees max out in senior school.

I factor in 500 quid for those.

I am planning to have 1 year fee buffer and we will overpay our mortgage to reduce the mortgage. On mat leave now so can't overpay at the moment.

We would aim to increase our pay and we have increased our pay in the past by average 8% every year. In early to mid 30s.

Start ‘paying’ the school fees now, as in put them in a ring-fenced high interest account. Don’t touch them, even for emergencies.
You’ll know well before you actually need to start paying whether or not it’s affordable.
It will also give you a nice buffer when you do start paying.
Also, consider state primary / private secondary.

Doable but tight. I would factor in saving for uni and deposit etc

That used to be my plan but then I realized that the state primary I would choose would want them to go to the secondary school in the same faith (60% of them go down that route, 30% go private or overseas). Dh went to a different secondary school in the same faith (now ranked top 10 comprehensives in the country) and he really didn't rate it.

I am not ruling it out, am visiting an open day at that school next month but based on the curriculum of that school (it's no 15 state primary school according to the times), I would have to do a lot of tutoring . I think it's also not just academics, but I want a nurturing environment for my son and I feel like if I go private there is more 'choice'.

Don't assume private means no tutoring.

School fees are increasing well above inflation every year however we send two on the income above.

Why would you have to do a lot of tutoring? If they're that good a school then they should be doing the teaching.

Anyway, the question is: can you save £2500 a month? If you can't, then you won't be able to afford it. Start now (well, after mat leave finishes).

I would have 2300 childcare fees though would have free hours later on.

They are a state school not a prep school. They don't get any kudos points for getting a child into highgate school. There are kids from that school who do go to such school but I assume it's the parents.

If you are near the 15th best state primary in the country, I would use it.

That aside, £24k - £30k for fees long term seems low. We are in the SE and our secondary school fees are already at that sort of level, with London usually costing more.

It doesn’t matter where the primary school would like him to go, if you want to go private for secondary, that’s your choice.

Tight.

We've very sadly had to remove our children from their private school recently and it is a pain I wish on no child. Our fees went up by 70% in 3 years and we simply couldn't keep up.

£500 for extras PER YEAR?? You are kidding yourself! You will spend that on uniform alone. If you are thinking about music / drama lessons then add another few hundred. Sports tours? Ski trips? Educational “jollies” to Iceland or Barcelona or wherever? A four figure sum each.

That is for prep. My baby is 0 years old.

For secondary, may send him grammar and for all you know he may wish to go to that faith secondary school (state) if he has a strong identity even if its worse academically than a private selective school.

Dh says there were lots of ex private school kids from habs in his state sixth form cos apparently easier to get into oxbridge. We are also near Woodhouse college which is excellent and free (and selective)..

Per month

I think it would be tight but it depends how good you are at budgeting and what you’re prepared to sacrifice. Concerns would be is that income totally secure for the next 15 years say, above inflation rises, all of the extras as previous posters have outlined.

If you have a great state primary then I think you should use it, at least to year 3. You can start music lessons /join a group from 5 onwards. Join kids sports clubs. Read a lot to them and support their learning. With all of that, there won’t be a learning/experience gap when they start in yr 3 and you’d have a good chunk of savings to pay onward fees. It’s a very well worn path in London.

By the way, if there is a grammar school you’re targeting almost everyone who enters is tutored, independent school or not. The competition is fierce for the super selectives.

For secondary, may send him grammar and for all you know he may wish to go to that faith secondary school (state)

Ok, mate. I’m out.

For those who think it's tight how much is an ideal income foe someone with a 1282 gbp mortgage and 1 child. I do have 4 years to try to increase income.

7 plus was my initial plan and I would do it but heard everyone say 7 plus is intense... I am asking for budgeting purposes and also what income rises I need to aim for if in 2 years time I think it's desperately important.

I think it would be tight - if you are in north London I really wouldn't dismiss their state primary schools.

If nett income was 9k to 10k would that be more viable

Home schooling would be more affordable