Why should I start saving for my child?
Unfortunately for parents, the cost of raising children increases year on year
right up until they’re ready to fly the coop. A lot of parents underestimate
the costs needed to provide for their children’s future education and end up
borrowing to meet these costs.
Providing a child with the best education is what every parent wants for their
children – but it doesn’t come cheap. The annual student contribution for
university, is currently €3,000 (August 2020). If your child was to go on to do
a four year course at university, you would be expected to hand over €12,000,
and that’s excluding accommodation, transport, food and book costs!
Of course, there are many other expenses along the way – you might want
to give them a headstart with buying their first home, buying their first car or
helping them set up their own business. By taking the time now to plan for
these future expenses, you can become the architect of their future.