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Tax efficient way to save for child's education?
Comments
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We were advised by a good friend to use private school for primary years to enable children to get into local grammar schools. Fees definitely go up big time for secondary years. BTW we didn’t take the advice as we had 4 children and the cost would have been exorbitant. Like artyboy we were in a good catchment area and we combined with overseas travel (all organised by ourselves enabling a better take on local life).
OH, being self employed, was able to employ our children (with agreement of local authority) for admin/computer duties from 14 which built up funds to help with university costs.
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Well yeah, I suppose this depends a lot on personal experience, area and particular school etc. I've certainly given thought to whether I'd be better off just buying her a house instead haha. But my own experience of being a clever kid at a comprehensive was a very bad one which still haunts me and I've always promised I'd try not to repeat that for her. Whether I succeed or not I don't know.
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I guess the middle ground could be being a clever kid at a grammar school (which is where I finally ended up - not that I'd call myself clever, at least compared to others that were there).
But again that does again depend on geography (and cleverness!). We've got several in our area, not everyone does. Younger child was smart enough to at least try out for them, but put her foot down she didn't want to be going to school with a bunch of geeky kids…
Maybe luck as much as design that meant they both turned out well, but not having to slog another 10 years in the city is a nice end result as well…0
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