If you are considering paying for your children to go to private school and university, it’s important you start planning your finances as soon as possible to take into account the rising costs. According to the 2012 Independent Schools Council Survey, school fees alone could cost an average of £13,788 a year while students starting at university this autumn could graduate with debts of more than £53,000*, possibly rising to £60,000** if they follow you into dentistry. These figures make it clear that if you do have children and intend to pay for their education, the sooner you start planning your finances, the better.
If you are unable to pay education costs from your regular income, then you may decide to turn to any assets or investment portfolios you have. Review them to see if they will cover the predicted costs, and decide whether you need to make additional contributions or seek new investment opportunities.