You asked

When should I start saving for my child's future?

There really is no such thing as starting saving too early for your child’s future.  The earlier you begin the more interest you will accumulate. It’s an expensive feat putting your child through education so the sooner you start saving, the better.
 
Whether you want to save to put your child through private school or university, starting while they are still in nappies will give you and them the best head start!While for most mums in Ireland, private schools aren’t on the agenda, a “free” education in Ireland still costs money when you consider necessities such as uniforms, registration fees and school books.
 
A report published last year, for instance estimated the cost of educating a child from public primary school to third level to be a whopping €60,000.With the likelihood of university fees being reintroduced, parents may need to save substantially more for those expensive years.  With this in mind, it’s important that you figure out how much you need to save and what options are available to you.
 
The first step towards saving for your child’s education is to estimate how much money you are likely to need. Consider the type of school they will be attending (public or private), the high likelihood that by the time your child attends school that fees will be reintroduced for third level, how long you have to save and inflation.If fees are reintroduced the cost of four years in University for students who live away from home will rise from an average of €32,500 to €60,000.
 
Starting early and consistency are key when it comes to saving for your child’s future.  One way to begin saving is to start with child benefit, which is currently €130 a month for the first three children. Saving this amount every month from  when your child is born and getting a return of 4% will net over €30,000 by the time college rolls round. Throwing in a lump sum here and there will also make a huge dent as will increasing the fund where possible when he gets older.
 
 

More questions

There really is no such thing as starting saving too early for your child’s future. 
When you become a parent it is more important than ever to build a nest egg to cope with any unexpected expenses such as doctor’s bills or expensive car or home repairs.
Updating your will (or putting one together) is a necessity when you have a baby
Applications for Maternity Benefit are handled by the Department of Social Protection.
Although you are entitled to maternity leave, and can qualify for Maternity Benefits, these are subject to specific rules.
If you thought going back to work, or being a stay-at-home parent were your only options, think again.
Plan your weekends well and do the necessary preparation during the week to ensure that there is time for fun – not just chores – on Saturday and Sunday.
It is important to remember that you are only human and it is impossible to have a perfectly balanced work and home life. Unexpected things do happen and it is at times like these that you should simply take a deep breath, relax and accept that you are doing the best you can.
Join up with other stay-at-home moms and dads in your area. Getting together with them regularly will make up for the adult company you are so accustomed to in the workplace.
It’s surprisingly common for stay-at-home mums to resent having to stay home and care for children.

Latest

Trending

Hello Mama!
Help us help you by allowing us and our partners to remember your device as having browsed MummyPages and serve you better content and ads

We're on a mission to help our mums and their families thrive by informing, connecting and entertaining.

Join us in our mission by consenting to the use of cookies and IP address recognition by us and our partners to serve you content (including ads) best suited to your interests, both here and around the web.

We promise never to share any other information that may be deemed personal unless you explicitly tell us it's ok.

If you want more info, see our privacy policy.