Thinking of sending your children to private school?
Putting your children into private education is a huge financial commitment for parents. The cost per term for a child from four years old to eleven years old averages out at about £3,000 a term (based on twenty four terms before secondary school), which totals £72,000 per child. Continuing on with private education up to sixteen years old and you can easily add another £65,000 to the total
These costs are comparable to buying a substantial, second property. For those parents wanting to send their new born babies to an independent school in three years time you need to be budgeting for this straight away says Money Mentor Michael Taylor. "However before embarking on such a decision you should really do your homework on the state schools in your area. Such an expense requires detailed financial planning but also requires a rational decision-making. Investigate the local state schools properly before dismissing the thought of sending your child there. Also consider paying a private tutor when required for specifically any areas where your child is struggling."
The table below gives an outline of savings required at each point in the childs school life. All figures are based on a sample of independent schools in the Thames Valley and West Yorkshire area.
| Starting Balance | Cost Per Year | Balance Accrued | Monthly Contribution | |
| 0 - 3 years | £0.00 | £0.00 | £27,000.00 | £750.00 |
| 4 - 11 years | £0.00 | £9,000.00 | £51,240.00 | £610.00 |
| 11 - 16 years | £0.00 | £12,000.00 | £60,000.00 | £1,000.00 |
| Sub total | £138,240.00 | |||
| Extras 15% | £20,736.00 |
add £115.20 |
||
| TOTAL | £158,946.00 | |||
| 4 - 11 years | £3,450.00 | £9,000.00 | £0.00 | £1,000.00 |
| 11 - 16 years | £4,600.00 | £12,000.00 | £4,000.00 | £1,333 |
| Extras 15% | £20,736.00 | £144 extra needed |
From a budgeting and cash flow perspective you typically pay each terms fees in advance September, January and April and the costs don't end there. If your child does any extra activities, uses the after school childcare, attends school trips and of course will require a new uniform every year as they grow.
Sending your child to an independent school should never be an emotional decision but a logical one based upon reasoning and feasibility. Attending a independent school is also no guarantee of academic success.
When making such a decision it is always worth considering just sending the children to an independent school up to the age of eleven where they should have achieved a good basis of the "three R's" Children are very adaptable and can be encouraged and developed in many different ways.
Bearing the numbers above in mind and considering the current recession would you be comfortable committing to the above bills?
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