Saving for child's education
Options
huntersc
Posts: 424 Forumite
My child is one year old. I'm starting to think about the costs of educating him privately and have come to the conclusion that I ought to start saving ASAP.
We've already set up a CTF , but that's really just to give him a little spend money when he reaches 18.
I'd like to have a really good fund available for when he reaches 10 years of age.
At a guess I think I'm going to need around £175k by the time he starts secondary school. That gives me 10 years to save around £175k which would cover the costs until he's 18. On top of that there are the costs involved for pre prep and prep etc which will amount to about £60k over the same period. That's a total of £235k I'd need to save.
What I'd like to know is how people are saving for this purpose, is it just a case of saving regular sums into a regular savings account or is there some other vehicle specifically for saving for your child's education/college fund?
We've already set up a CTF , but that's really just to give him a little spend money when he reaches 18.
I'd like to have a really good fund available for when he reaches 10 years of age.
At a guess I think I'm going to need around £175k by the time he starts secondary school. That gives me 10 years to save around £175k which would cover the costs until he's 18. On top of that there are the costs involved for pre prep and prep etc which will amount to about £60k over the same period. That's a total of £235k I'd need to save.
What I'd like to know is how people are saving for this purpose, is it just a case of saving regular sums into a regular savings account or is there some other vehicle specifically for saving for your child's education/college fund?
0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards