private school fees
Discussion
After a lot of thought and chatting to friends and relations, I came to the conclusion that maybe sending the boys to the local private school would be a good idea and give me a sense of doing-the-best-for-them, leaving aside all the moral dilemmas that I'm sure other posters will come up with.
However after a few minutes with a pen and a calculator, there is one over riding dilemma that I don't think I'll be able to crack...
HOW THE f
k DO PEOPLE AFFORD IT?????
I have a decent job with (in my view) a reasonable "grown-up's" salary and the wife is working too. And I've just paid off the mortgage after 25 years but I cannot, for the love of God, see how several of what I thought were similarly paid friends can afford £25k+ per year for two kids to go to the local "Commercial".
Perhaps I'm living on another planet as far as industry pay is concerned, but seriously....to be able to raise that sort of money, we'd have to sacrifice everything...annual family holiday, meals out, the football, a few beers at the weekend, reliable newish car every 4 years, and much much more. Paradoxically, I don't see my pretty ordinary mates going without and they can afford it, so what's going on?
Or maybe they're all internet cyberthieves?
Are they borrowing against the value of their houses?
Are their parents footing the bills?
It beats me!
However after a few minutes with a pen and a calculator, there is one over riding dilemma that I don't think I'll be able to crack...
HOW THE f
k DO PEOPLE AFFORD IT?????I have a decent job with (in my view) a reasonable "grown-up's" salary and the wife is working too. And I've just paid off the mortgage after 25 years but I cannot, for the love of God, see how several of what I thought were similarly paid friends can afford £25k+ per year for two kids to go to the local "Commercial".
Perhaps I'm living on another planet as far as industry pay is concerned, but seriously....to be able to raise that sort of money, we'd have to sacrifice everything...annual family holiday, meals out, the football, a few beers at the weekend, reliable newish car every 4 years, and much much more. Paradoxically, I don't see my pretty ordinary mates going without and they can afford it, so what's going on?
Or maybe they're all internet cyberthieves?
Are they borrowing against the value of their houses?
Are their parents footing the bills?
It beats me!
boxst said:
From what I've seen (my daughter went to private school until 11 and then got into the local Grammar school):
People earn more than you think
They get contributions from grandparents
The child gets a scholarship (my daughter got 90% of the fees paid)
I understand it's only a fifth of grandparentsPeople earn more than you think
They get contributions from grandparents
The child gets a scholarship (my daughter got 90% of the fees paid)
http://www.telegraph.co.uk/goodlife/living/a-fifth...
GT03ROB said:
In my experience.....
1) Some people earn a heck of a lot
2) Grandparents pay
3) People remortgage
4) People cut back big time
....by the way 12.5k each is only the start of it, the extra curricula will add to it.
What do you believe you/they will get from it?
Thanks.1) Some people earn a heck of a lot
2) Grandparents pay
3) People remortgage
4) People cut back big time
....by the way 12.5k each is only the start of it, the extra curricula will add to it.
What do you believe you/they will get from it?
The eldest lad is very bright but beginning to mix with fellas that bring him down to their level. Nice lads, but dossers, basically.
The youngest is bright...ish and keen on sport but not massively talented. He needs the time and attention that state schools simply cannot afford to give. And I don't think one-on-one private sports coaching is the way to go.
My biggest fear is that they'll end up mediocre at 18 and I'll say to myself "you could've done more". Also, it's the easy option to say to oneself, "Oh well, £25k+ is so out of our reach, let's not even try to think about it".
I suppose what I'm doing now, is having a bloody good think and asking total strangers (that's you lot by-the-way) for anecdotal advice isn't so strange in my view.
We bought a more expensive house near one of the top schools in the county rather than pay school fees. Only time will tell if it was the right move so to speak.
My main worry was not being able to afford the fees in the future and having to pull him out because I had failed in some way.
Good luck!
My main worry was not being able to afford the fees in the future and having to pull him out because I had failed in some way.
Good luck!
GT03ROB said:
In my experience.....
1) Some people earn a heck of a lot
2) Grandparents pay
3) People remortgage
4) People cut back big time
....by the way 12.5k each is only the start of it, the extra curricula will add to it.
What do you believe you/they will get from it?
We've done 1,2 and 4.1) Some people earn a heck of a lot
2) Grandparents pay
3) People remortgage
4) People cut back big time
....by the way 12.5k each is only the start of it, the extra curricula will add to it.
What do you believe you/they will get from it?
It's worth it but as Rob says, don't think 12.5k is the end, it's only the start of it
I'd say our 2 add another 5k each onto the bill when you start to add all the gear they need etcYou didn't say how old they are. My plan is to save early and save often. I have three- aged 6, 4 and 0. To get them the whole way through to 18 it's £2,500 a month- yes POST TAX- starting from 2 years ago. I have the spreadsheet to show it. Primary is ok-ish; but that's the schools' loss-leader. Secondary starts to take the piss, particularly if you have 3 swimming up at once. The only solution is to save save save and also vaguely hope the savings grow faster than school fee inflation (last year our fees rose by an average of 4%). There is no real solution- you just need to prioritise- what else will you do with the money that's more important than your kids' education? My wife, both her parents and both my parents are all teachers of various hues and for us the answer was obvious. (NB I'm the sod who works in town and who's gladly paying for it all- my "obvious answer" was to open our own bloody school but that didn't get very far....)
£300-350,000 for the pair of them, all in, when you're done. It's a lot of money; do you think it's worth it for what it gets them.
Remember, earning afterwards are only a proxy, what you actually want is for your children to be happy, and to grow up to be happy adults, is this going to bring them that?
I'm skeptical about spending so much on education, and it reflects in my hiring practices; if someone's had a private education then I need them to significantly outperform the candidate from the comp, as the kid from the comp, if he's at the same level in interview, is less able in general.
Of course, other employers differ, but is £300,000 of your after tax money, your retirement fund, worth spending on this?
Remember, earning afterwards are only a proxy, what you actually want is for your children to be happy, and to grow up to be happy adults, is this going to bring them that?
I'm skeptical about spending so much on education, and it reflects in my hiring practices; if someone's had a private education then I need them to significantly outperform the candidate from the comp, as the kid from the comp, if he's at the same level in interview, is less able in general.
Of course, other employers differ, but is £300,000 of your after tax money, your retirement fund, worth spending on this?
normal bloke said:
GT03ROB said:
In my experience.....
1) Some people earn a heck of a lot
2) Grandparents pay
3) People remortgage
4) People cut back big time
....by the way 12.5k each is only the start of it, the extra curricula will add to it.
What do you believe you/they will get from it?
Thanks.1) Some people earn a heck of a lot
2) Grandparents pay
3) People remortgage
4) People cut back big time
....by the way 12.5k each is only the start of it, the extra curricula will add to it.
What do you believe you/they will get from it?
The eldest lad is very bright but beginning to mix with fellas that bring him down to their level. Nice lads, but dossers, basically.
The youngest is bright...ish and keen on sport but not massively talented. He needs the time and attention that state schools simply cannot afford to give. And I don't think one-on-one private sports coaching is the way to go.
My biggest fear is that they'll end up mediocre at 18 and I'll say to myself "you could've done more". Also, it's the easy option to say to oneself, "Oh well, £25k+ is so out of our reach, let's not even try to think about it".
I suppose what I'm doing now, is having a bloody good think and asking total strangers (that's you lot by-the-way) for anecdotal advice isn't so strange in my view.
Secondly, it's a long commitment, the worst thing is to start the journey & be unable to finish it. I see a lot of guys in my line of work who are in locations like me just to pay the school fees. It puts enormous pressure on them & they are terrified of being sent home. Not a position I'd want to be in.
We were just talking last night about people who find themselves "stuck". Like a guy living in a middle eastern country who's a captain (commercial pilot). Things are getting a bit messy out there but to come back and join his wife in the UK and kids in private education he'd have to take such an income hit the kids would almost certainly be pulled out of private.
Having been taken out of private in similar circumstances as a child it's something I'd be keen to avoid. As an IT contractor with variable income, though six figures for the last 5+ years, and having just had twins in addition to our first I think it's unrealistic for us.
I've stepped down from thinking secondary only to sixth form only, but with the discrimination private school kids can get applying to uni, or as we see in this thread at job interviews, I'm not sure that's worth it. We may just have to see how our kids do in the state sector and treat each differently.
Having been taken out of private in similar circumstances as a child it's something I'd be keen to avoid. As an IT contractor with variable income, though six figures for the last 5+ years, and having just had twins in addition to our first I think it's unrealistic for us.
I've stepped down from thinking secondary only to sixth form only, but with the discrimination private school kids can get applying to uni, or as we see in this thread at job interviews, I'm not sure that's worth it. We may just have to see how our kids do in the state sector and treat each differently.
Without turning this thread into a private vs state education debate as both have their pros and cons, it has to be said that,in my experience, privately educated pupils do significantly outperform state pupils at any interview stage.
It's not beccesarily in qualifications but they come across as a lot more confident. They'll look you in the eye, have a proper conversation and have a lot more experience of life in general.
Ofcourse this is a generalisation and may be due to other factors outside education.
Private schools aslo tend to be much better equipped with more permanent and motivated staff than a lot of state schools who suffer constant government funding issues.
It's not beccesarily in qualifications but they come across as a lot more confident. They'll look you in the eye, have a proper conversation and have a lot more experience of life in general.
Ofcourse this is a generalisation and may be due to other factors outside education.
Private schools aslo tend to be much better equipped with more permanent and motivated staff than a lot of state schools who suffer constant government funding issues.
Our one and only child, a son, was educated in the private system from age 4 through to 18 when he went to uni. It was almost an accident because we moved house and realised there was an exceptional prep school nearby and we got him accepted in a day or two of moving.
We did have to make a number of changes to priorities to out plans, especially as he got older and moved into different schools.
Having just the one was part of our initial decision: we probably would have not have done it if we had more children.
I agree with the points made above about confidence building etc. I don't think it helps with job opportunities.
Son occasionally says he feels fortunate that we managed to get him educated via the private system, which is good to hear.
He has his own business now, doing very well, Not so well he can send any of his children to private schools!
R.
We did have to make a number of changes to priorities to out plans, especially as he got older and moved into different schools.
Having just the one was part of our initial decision: we probably would have not have done it if we had more children.
I agree with the points made above about confidence building etc. I don't think it helps with job opportunities.
Son occasionally says he feels fortunate that we managed to get him educated via the private system, which is good to hear.
He has his own business now, doing very well, Not so well he can send any of his children to private schools!
R.
I have two children in private school - the costs get close to £40k per year for both.
It does create a pressure on me to make sure I have sufficient earnings to pay this amount, plus everything else they need.
For my wife and I it certainly means prioritising what we spend money on. Sure we have the odd luxury from time to time, but there are no McLarens or Ferraris in my garage lol.
It does create a pressure on me to make sure I have sufficient earnings to pay this amount, plus everything else they need.
For my wife and I it certainly means prioritising what we spend money on. Sure we have the odd luxury from time to time, but there are no McLarens or Ferraris in my garage lol.
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