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Saving for child's education
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?
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