College savings

The J Stands for Jay · 11-09-2019 9:45am

Major Damp Lice wrote: »

No offence but you ought studying something pretty serious for your parents to be giving you €250 a week just to exist?

I went to school with lad who is currently studying medicine who has to work nights in a bar and weekends in a shop just to make ends meet.

You are very lucky to be in the position you are in.

250 would have done me for a month.

Midnight_EG · 11-09-2019 10:50am

Major Damp Lice wrote: »

No offence but you ought studying something pretty serious for your parents to be giving you €250 a week just to exist?

I went to school with lad who is currently studying medicine who has to work nights in a bar and weekends in a shop just to make ends meet.

You are very lucky to be in the position you are in.

Quick flit over previous posts reveals a lot

Sunny Dayz · 11-09-2019 4:28pm

We've been putting aside the children's allowance each month and are lucky to be in a position to do so, even back when I was a single parent. My parents placed a high value on education when we were growing up and supported us through 3rd level so this has been instilled in myself.
As the money goes straight into the savings account, I don't really notice or miss it thankfully but I know many others aren't in the same position and depend on it. But with himself now just started his junior cert year, the reality of college costs are starting to dawn on me, and the children's allowance will be stopped as soon as he turned 18 so that's his whole 6th year even though he'll be fully dependant on ourselves. We won't qualify for the susi grant based on current income levels.

thunderdog · 12-09-2019 9:16am

Out of interest for the people who are currently saving the children’s allowance into a savings account, did you weigh up the option of putting the money into some sort of (low risk) investment fund instead?

thunderdog · 12-09-2019 9:21am

Out of interest for the people who are currently saving the children’s allowance into a savings account, did you weigh up the option of putting the money into some sort of (low risk) investment fund instead?

thunderdog · 12-09-2019 9:21am

Out of interest for the people who are currently saving the children’s allowance into a savings account, did you weigh up the option of putting the money into some sort of (low risk) investment fund instead?

dartboardio · 12-09-2019 10:22am

There's no need for anyone to be nasty to the girl receiving 250 pw from parents. Some people have better circumstances than others, big deal. Doesn't make anyone any better because they have to clean toilets for their money or get it handed to them.

My mam pays for all my education costs we did get the Susi grant last year, I live in a city so didn't move away.

Worked two jobs while in college to earn my fun money, I'm going back to college next year which hopefully will be covered by Susi but don't plan to get a job next year, my mam has had a decent increase and will be handy for me to focus on my course instead of running around to two seperate jobs.

And in all fairness we have it pretty good here in Ireland re the fees.

Got susi grant based on her income was about €35k and single parent household. She may not be entitled next year but if not we will just have to save a little for the €3k fees.

joe40 · 12-09-2019 10:51am

Fees in the North are about £4200, and Scotland is cheaper still, so comparable with our 3000 euro reg fee, especially if savings can be made on accommodation. England is expensive though at about £9000 per year so most families would need to have kids access student loans for that.

Obviously Brexit is an uncertainty, but UK might work out a more affordable option.

The J Stands for Jay · 12-09-2019 10:53am

thunderdog wrote: »

Out of interest for the people who are currently saving the children’s allowance into a savings account, did you weigh up the option of putting the money into some sort of (low risk) investment fund instead?

The risk of not having enough money was too high to go with a savings account, so we're in medium-high funds.

Plumbthedepths · 12-09-2019 11:01am

For those wondering about cost, my son started a four year honours degree course in Limerick. Fee to college, 3k. Student accommodation 4.6k. 120 euro a week to live on. Roughly 11k for first year. We weren't in a position to save when he was younger luckily we can afford to meet the costs as they present. Save as much as you can and roll over the surplus.

jlm29 · 12-09-2019 11:56am

I think when I was in college registration fees were around €600/yr. I wonder how much they’ll have gone up by the time my kids get there

Masala · 12-09-2019 11:57am

Plumbthedepths wrote: »

For those wondering about cost, my son started a four year honours degree course in Limerick. Fee to college, 3k. Student accommodation 4.6k. 120 euro a week to live on. Roughly 11k for first year. We weren't in a position to save when he was younger luckily we can afford to meet the costs as they present. Save as much as you can and roll over the surplus.

.... that says it all folks!

Jeez.... I know a lad that has 4 kids under 4 yrs old (includes a set of twins!). he could technically have 4 in college in 20 yrs time.

facehugger99 · 12-09-2019 12:52pm

€100 each per month since birth into a long-term investment account.

A work colleague who has put 4 through college said a reasonable rule of thumb was €10k per year per child - so that's a minimum €80k for two kids.

From my rough calcs I would expect this to cover just over half the costs when they reach college-going age - that's assuming the fund doesn't tank in the meantime.

randombar · 12-09-2019 2:44pm

McGaggs wrote: »

The risk of not having enough money was too high to go with a savings account, so we're in medium-high funds.

That's exactly what this thread is about, kidna went off point a bit. What is the best option?

-> Fund of some kind?
-> Deposit for investment property?
-> Pay down mortgage?
-> An Post thingy

The J Stands for Jay · 12-09-2019 2:53pm

GaryCocs wrote: »

That's exactly what this thread is about, kidna went off point a bit. What is the best option?

-> Fund of some kind?
-> Deposit for investment property?
-> Pay down mortgage?
-> An Post thingy

Fund would be the best option.

Investment property leaves no access to capital.
Mortgage needs discipline over the years to actually make the savings.
An Post will lose to inflation.

Bitches Be Trypsin · 27-10-2019 8:16pm

I graduated last year, did 5 years of college in UCC. Costs were roughly:

6.5K per year rent
3.2K per year college fees
50 per week living so under 2K per year
1K per year weekend bus home and back.

Tighter budget than above because I put myself through college, parents weren't in the position to. I'd strongly recommend saving for your children's education as soon as you can after birth because the situation can be really stressful supporting yourself in third level with no support at all from parents!

LuasSimon · 27-10-2019 8:24pm

For someone like myself with a single income family earning 50k ( won’t get grant )it’s a challenge with 3 teenage kids .
Be better off giving up work and getting grant, very little savings , voluntary redundancy is coming up and would just clear my mortgage . Seriously thinking I’d be as well off clear mortgage and at least kids would have fees paid where as I will have to borrow as it stands especially when kid 2 goes to college one year after child 1 .

Son of a gun · 28-10-2019 2:14pm

Hi, I just wanted to say that if you earn €50k you can still be eligible for a partial susi grant. Also there’s an extra income allowance of about €4K if you have 2 dependants in college at the same time. Always check if you are eligible and apply. The worst they can say is no
https://susi.ie/eligibility-reckoner-app-irish/index.html

Elemonator · 28-10-2019 4:21pm

listermint wrote: »

I'm a bit confused here.

I do understand the cost of college.

But we aren't living in the States folks. Theres the entrance fees and then peripherals. I'd expect my kids to be part time jobs too to like I did to pay for their social activities.

People on here seem to be clocking up tens of thousands .???

True some people seem to be saving crazy amounts but I'll give my breakdown on costs.

Potential fees: €3043 a year where I was for three years of a Level 8 degree in law. Most courses outside social sciences/humanities are four. Can be a little arbitrary whether you qualify for the SUSI grant or not. If you have children that are close in age you could have the situation where both of them are in university at the same time. There is some tax relief on this but it is not much.

Masters can cost multiples of this. LLM in Trinity College is €14,000. If you wanted to help your children out, that is a substantial sum to save for.

Accommodation: A lot of the university I went to were from the country where there was no universities nearby like Wexford/Mayo/Kerry. Meant they had to get accommodation in Dublin/Galway/Cork. There was never enough to go around DCU which is where I went. Academic year rent was €8500 or so. It was either that or digs. Multiply again if you have multiple children.

Transport: No truly subsidised student fee on the public transport here. If you were lucky to live close by you avoided the cost. If you lived further than walking distance away or your accommodation was far out you incurred this cost. It cost me €30 a week on the Student Leap Card.

Learning materials: Laptops, books, lab equipment etc. Cost me €200 on average per book. Maybe bought 10 of them ever. Too expensive.

Social life, food, bills and incidentals: Could probably be paid for by the student themselves. I seem to remember seeing a research paper suggesting students with high course work loads would only be able to work 15 hours a week before it would become detrimental to their studies. I worked 20 no problem. I was lucky. €200 a week we'll say.

Just a little snapshot there. The fees in particular could amount to over €6000 a year. Could well be very prudent to begin saving years in advance.

codrulz · 14-04-2020 12:28am

I might just add that if your child wants to do a semester/year abroad, it can be very costly.

I'm due to go on my semester (4 months) abroad to a college in midtown manhattan in September (not looking likely but figures still relevant) with college fees 3200, rent 9000, 5000 day-to-day expenses, flights 700, books, etc and then a second semester with domestic college accommodation and living expenses on top.

Lia_lia · 18-04-2020 12:46pm

Haven’t even thought about this. I’ve a 9 month old so a long way away yet.

Personally, my parents paid 0 towards my college fees. Simply because they couldn’t afford it. I had part time jobs all throughout college and I assume my child(ren) will too? Saying that I did get a grant of something like 3K a year which of course was a huge help but still didn’t cover accommodation. We would be earning over the grant threshold and I’m sure college fees will be a lot more in 18+ years. Also living in Cork city where there is a University and IT.

Currently saving child benefit to put towards creche fees but this thread has definitely shown me that we need to start saving for college too.

El Gato De Negocios · 18-04-2020 9:09pm

We are doing €100 per month per child, (one just turned 3, other is 20 months). My folks were generous when both were born as were some of our siblings so number 1 has over 4k and number 2 has around 2.5k, trying to up it but trying to save for a new house so ain't easy.

bunderoon · 19-04-2020 11:31am

Lia_lia wrote: »

Haven’t even thought about this. I’ve a 9 month old so a long way away yet.

Personally, my parents paid 0 towards my college fees. Simply because they couldn’t afford it. I had part time jobs all throughout college and I assume my child(ren) will too? Saying that I did get a grant of something like 3K a year which of course was a huge help but still didn’t cover accommodation. We would be earning over the grant threshold and I’m sure college fees will be a lot more in 18+ years. Also living in Cork city where there is a University and IT.

Currently saving child benefit to put towards creche fees but this thread has definitely shown me that we need to start saving for college too.

In 16-17 years time, what part-time jobs do you think will still exist that haven't since been automated? Part-time jobs have and are a huge plus for students but they will be very scarce by the time your little one goes to college.
I worked through college as well, but I can see my kids having the opportunity to do that when their time comes around.

Lia_lia · 21-04-2020 11:12am

bunderoon wrote: »

In 16-17 years time, what part-time jobs do you think will still exist that haven't since been automated? Part-time jobs have and are a huge plus for students but they will be very scarce by the time your little one goes to college.
I worked through college as well, but I can see my kids having the opportunity to do that when their time comes around.

Good point. Very hard to know what things will be like.

The_Honeybadger · 21-04-2020 12:06pm

bunderoon wrote: »

In 16-17 years time, what part-time jobs do you think will still exist that haven't since been automated? Part-time jobs have and are a huge plus for students but they will be very scarce by the time your little one goes to college.
I worked through college as well, but I can see my kids having the opportunity to do that when their time comes around.

That’s a very fair point. I think in the future there will be more opportunities for students to undertake credible qualifications through distance or blended learning though, so you could see costs offset on accommodation and cost of living etc in some cases. Students may well be able to continue living at home in Roscommon or Kerry while undertaking a degree in Trinity or UCD, maybe travelling up a few times a month or whatever.

Of course there will always be a place for classroom learning, especially in disciplines like engineering, life sciences etc where laboratory or specialist equipment is required as part of the learning, but somebody should be able to do a primary arts or commerce degree nearly wholly online and I think that will happen in the future. The question then becomes whether missing the whole college experience becomes an issue.

pwurple · 21-04-2020 1:02pm

bunderoon wrote: »

In 16-17 years time, what part-time jobs do you think will still exist that haven't since been automated? Part-time jobs have and are a huge plus for students but they will be very scarce by the time your little one goes to college.
I worked through college as well, but I can see my kids having the opportunity to do that when their time comes around.

I think if the current pandemic has shown anything, it's that a hell of a lot of jobs that earn a basic wage cannot be automated.

Food services
Care assistants
Retail
Farming

witchgirl26 · 21-04-2020 1:07pm

We're saving some amounts towards our 11 month olds future but I'll expect him to get a job and support his own extra expenses himself like both of us did.

I didn't do a part time job during college but I did work a full time 9-5 role every summer in college and saved the money to do me throughout the year. I was lucky enough to get a grant as well which covered registration fees and most of my books. I lived at home because I grew up in Dublin and every college that I was looking at was within commuting distance so didn't make sense financially to put that burden on myself or my parents. Other half was similar.

I did get some money from my parents but this was always as payment for doing things in the house that would be outside my normal jobs. I didn't depend on it & it wasn't weekly by any stretch.

cooperguy · 30-04-2020 11:13pm

Lia_lia wrote: »

Good point. Very hard to know what things will be like.

People have been predicting the machines taking over since looms took over for clothes making and horses no longer pulled plows. And sure, this time could be different but if past experience is anything to go by more and different types of jobs will be generated. For example, maybe with all this free time people will have when "the robots take over" people will be spending more money socialising and there will be more jobs servicing this area. The perfect part time student jobs.

McGaggs wrote: »

Fund would be the best option.

Investment property leaves no access to capital.
Mortgage needs discipline over the years to actually make the savings.
An Post will lose to inflation.

I have to disagree. What interest rate would you hope to get on your investment fund (which equally you need discipline to pay into). Lets call it 5%, you then have to pay 33% tax on that leaving you with something over 3 % return from you fund, which you are risking on the stock market.

What's your mortgage rate? Something around 3%? You get this return tax free every time you overpay your mortgage. Aim to pay this down before your kids go to college and you free up a huge amount of monthly outgoings to help with college (or whatever else you want to spend it on) almost risk free.

The J Stands for Jay · 01-05-2020 10:55am

cooperguy wrote: »

People have been predicting the machines taking over since looms took over for clothes making and horses no longer pulled plows. And sure, this time could be different but if past experience is anything to go by more and different types of jobs will be generated. For example, maybe with all this free time people will have when "the robots take over" people will be spending more money socialising and there will be more jobs servicing this area. The perfect part time student jobs.

I have to disagree. What interest rate would you hope to get on your investment fund (which equally you need discipline to pay into). Lets call it 5%, you then have to pay 33% tax on that leaving you with something over 3 % return from you fund, which you are risking on the stock market.

What's your mortgage rate? Something around 3%? You get this return tax free every time you overpay your mortgage. Aim to pay this down before your kids go to college and you free up a huge amount of monthly outgoings to help with college (or whatever else you want to spend it on) almost risk free.

Paying into a fund leaves you with a fund at the end of your investment period. How do you intend capturing the savings made by overpaying the mortgage? It's not like you'll have a lump sum returned by the mortgage provider at the end (which won't be the same time as your kid starts college in most cases).

Sunrise_Sunset · 01-05-2020 3:34pm

I've been wondering about the cost of college recently myself. I have 2 kids. I only started saving for college last year, bit late to the game.
I came across this link which gave me a good idea of what to save. Although I think things will have changed by the time they leave school.

https://www.zurich.ie/savings-and-investments/education-costs/college/

College savings

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