Are you a parent of a student beginning their 3rd level education? This can be challenging, especially when it comes to managing finances. The thought of adding regular savings to cover the associated costs might feel overwhelming, but it’s not impossible and with college places being released soon, if you haven’t already, now is the time to act.
3rd level education remains one of the biggest costs of raising a child in Ireland and according to Zurich, the average annual cost of 3rd level education for a child living at home is €7,636.
In this guide, we’ve compiled some tips for parents on how to save money for your child’s education. Let’s take a look.
Start a Savings Plan
Starting a savings plan will ensure your everyday expenses are kept separate and makes it easier to manage and track the progress of your savings. Some of the benefits of a savings plan include lessening the temptation to spend on unnecessary items, being able to set a target goal for your savings and working out how much you need to put away each month.
Shop Around and Buy Used
Are you shopping around to save money as a family? Take a look at your phone and internet providers and household utilities. Which providers are currently offering the best deals? It might be time to switch and save money. When it comes to books or study materials, you could look for second hand options or utilise the local library for borrowing to reduce overall expenses throughout the year.
Set Realistic Budgets
Budgeting doesn’t have to be intimidating. Get started by writing down your monthly income and expenses. Devise a plan to cut down on unnecessary expenses and create a manageable budget. Budgets can cover everything from monthly bills to entertainment, clothes, and food shopping. It’s important to be realistic here to avoid overspending.
Seek Professional Advice
If you are struggling to put a plan in place that works for you and your circumstances, talking to a local, trusted advisor can help you explore the options available to you, help you to see things more clearly and make a solid plan that get the results you want. If you need further help and advice, our friendly financial advisors are here to help. You can contact us here to schedule an appointment.
If you want to see how much you can realistically save, check out the handy Budget Calculator below: