University fees – how much?
As a family, we have always wanted our children to be happy first and foremost but we would also like to think that, one day, they will all go onto to study at university.
Obviously it’s not the end of the world if they choose to take a different path in life (which some of them already have), especially if the skills they need for their chosen career do not require a university level education. However I would love to see the kids be successful in well-paid jobs and graduate with a degree if that’s what it takes to get their dream job.
Although university is quite a way of for some of my kids, I couldn’t help but become alarmed by the stark rise in recent media coverage highlighting the increasing costs of being a university student. To be frank, I couldn’t quite believe that heading off to university could set you back an estimated £23,187 per year, taking into account tuition fees, accommodation and everyday living costs!
And, despite my younger kids being far too consumed in the latest toys, gadgets and TV shows to give their career a second thought, I know that the time when I will have to sit down with them to talk about their career choices will come around sooner than I think. So I want to be equipped with the knowledge I need to help them to make the right choices.
We have a large family, so it’s unrealistic to think that we will be able to provide significant financial help to all of the kids, but we would like to be able to help them as much as we can.
Saving as early as possible is key as, by saving as little as £10 each week, you’ll soon find that you have created a secure nest egg for your kids, giving them the best possible start. It’s also worthwhile looking around for the best savings account with the best interest rates.
Of course, another great way of saving for your kids’ futures is, rather than letting them spend all of their Christmas and Birthday money on toys, put half away into a bank account for their future.
If saving is not an option.
There are lots of reasons why saving might not be an option but this won’t stop your children from getting a university education. I discovered that there’s lots of help available for students including loans, bursaries and grants, which the majority of students are eligible for.
And, if your kid’s decision to go to university is last minute and you don’t feel prepared, a lot of mums and dads look at applying for credit to help their children through their first month or so, or to get those university essentials. To avoid disappointment and to see if you’re eligible for credit, it’s always a good idea to check your credit score online – if you do this nice and early, you’ll be able to identify ways in which you can improve your credit score before it’s too late.
Heading off to university is an exciting and daunting time. And with all of this new found freedom, comes lots of responsibility, especially when it comes to money. So, rather than your kids relying on you there’s lots you can teach them when it comes to money before they head off into the big, wide world.
There’s a huge difference between what your children will want and need for university. Sit down with them and make a list highlighting what is essential and what can wait. Teaching your children this kind of reasonability when it comes to managing their money effectively will hopefully stop them from blowing their student loan the second it hits their account!
Budgeting their monthly income based on essential outgoings, is also a great way of ensuring that they don’t run out of money in the first few months!