Saving for school and university costs
The earlier the better.
If you’ll need the money in five years or less, a possible option is a savings account.
If you can save for longer, you could consider investing in the stock market. Investments have the potential to do better than savings over the longer term. However, this is a more risky strategy and you may get back less than you invest.
Whichever way you choose, you could consider tax-free savings and investments such as Individual Savings Accounts (ISAs).
There will be tuition fees (up to £9,000 a year) and living expenses which may include rent, bills and food if they live away from home.
English full-time students can apply for tuition fee and maintenance loans and these don’t have to be repaid until they start work. Maintenance grants may be available for students from lower-income households and this money does not have to be repaid. Different rules apply in Scotland and Wales. To find out more visit Gov.uk.
Fees vary enormously but averaged around £3,835 a term at day schools in 2013, according to the Independent Schools Council. Boarders paid an average of £9,204 a term.
There may also be additional charges such as for meals, after-school clubs, school trips and public exam entrance fees.