Back to school: Help your child make the grade for £7 a day

New figures show that you could buy your child two crucial years of private education for just £7 a day. Brewin Dolphin calculated that parents who save this amount of money from birth could afford the two crucial years of A-level education for their children at a top school.

As recent figures show that the average cost of raising a child has risen to £148,000 from birth to 18, many parents who would like to educate their children privately might find it difficult to juggle their finances. However parents who are concerned by the costs of private education could give their children a better chance to secure a university place for just £210 a month.

And if you wait until your child is 11 to put money aside, the amount required could still be under £600 a month; a more affordable sum than the huge figures required to send a child to private school for their entire education.

“School fees are expensive and are rising by more than the rate of inflation,” said Tim Walker Head of Office and Divisional Director, Exeter Ofice who produced the figures, which take into account expected above-inflation increases in school fees.

“Families are feeling the financial squeeze, particularly in a year when the cost of bringing up a child has risen and child benefit has been cut for many. They are having to make their money work harder. Unless you’re fortunate enough to be able to pay school fees from savings or have a large annual income, an alternative is to save money monthly to pay for a private 6th form education, which can be the most influential years of study.”

Tim Walker Head of Office and Divisional Director – Brewin Dolphin Exeter