Saving for your children’s future

August 16, 2017 - Reena Patel

As A Level results day approaches, it’s that time of year when students begin to prepare to move away and to get ready for the next stage of their education.

Saving for your children’s future

For parents, the cost of university can be an extremely expensive time, particularly if they have more than one child but it pays to plan ahead.

As a new, full-time student ready to begin an undergraduate course for the 2017-2018 academic year, tuition fees could cost as much as £9,250 in the UK*. For a typical 3-year course, this could be more than £27,000 but will depend on where you live and where you wish to study

Factor into this accommodation costs, books, food and everyday living costs, this will add many more thousands of pounds each year.

Education is one thing that many parents believe is important and worth investing in but few people can afford to pay for this expenditure without careful planning and regular saving.

Financial Planning to Focus your Approach

Financial planning for large expenses in the future can be a good way of focusing your approach. Planning as early as possible will ease some of the pressure in the future.

Regular saving and investing are different to each other. The amount of money you have in your fund will depend on the success of the investments, as opposed to savings which often have a set level of interest. A Financial Adviser will talk to you about the different factors between the two and the potential difference in return.

Talking to a Financial Adviser and planning for a university education can help and is often a good way to review and stay on track towards a financial goal such as this.

Talk to Us

If you’d like to find out more, or wish to make an appointment with an adviser, please get in touch.

 

* Source: Based on 2016/2017 fees