The current average yearly cost of third level education in Ireland is around €6,200, assuming your child is still living with you at home. This includes college fees, transportation costs and general ad hoc financial support.
If you are in a position to start planning for this well in advance you have a couple of options. Invest a lump sum now to meet these costs when required, or save regularly to accumulate the fund over time.
Most people will aim to accumulate the fund over time. Say you were targeting a fund of €20,000 in 10 years’ time for your child’s third level educational expenses. If you invested monthly in a savings policy achieving 3% yearly growth over this period, you would need to save €141 per month.
Andy Dixon Harvest Financial Services contributed to “Budgeting for a little bundle of joy need
not be a catastrophe” in Sunday Times in May 2022.
This marketing information has been provided for discussion purposes only. It is not advice and does not take into account the investment needs and objectives, financial position, risk attitude, liquidity needs, capital security needs and/or capacity for loss of any particular person. It should not be relied upon to make investment decisions.