Mike Robertson Associates Ltd, Lifestyle Financial Planners, Battle East Sussex


Education




Independent Financial Advisers or IFAs or Lifestyle Financial Planners who are professionals that offer independent advice on financial matters to their clients and recommend suitable financial products from the whole of the market. We listen to you on all areas including many matters such as investment, retirement planning, insurance, protection and mortgages (or other loans). IFAs also advise on some tax and legal matters.

Your children and grandchildren are some of the most important people in our lives. As parents/grandparents you never stop worrying about them and want them to have the best opportunities for success and happiness. One of the ways of ensuring that your children and grandchildren can take advantage of everything life has to offer is by funding their education. Saving for their education will provide them with the security and support they need whilst studying and preparing for life.

Below is some information our Lifestyle Financial Planners (LFP) have put together, you may want to consider these points when thinking about saving for your child's or grandchild's education:

Step 1: Why is it important?

There are many different education options from independent schools to home education and the costs are constantly rising. You may also have university costs to consider if your child or grandchild wishes to study for a degree.

You want them to be able to flourish throughout these learning years, to have enough energy to absorb all that life has to throw at them. There will be rugby club, piano lessons, girl guides and many more opportunities that you would like them to be able to experience.

However, the average cost of an independent school in the UK from reception to year 13 is £156,653. Even if you choose a state school, you will still have school uniforms to buy, school trips, transport etc. The average cost of attending state school from primary through to secondary school is on average £63,000.

Many people are opting to home educate their children. This however does not make you exempt them from the costs associated with education. You may have to reduce your income to be at home with the children and pay for activities they wish to take part in. There is no financial assistance available for home education costs, therefore you will have to buy any supplies you need and pay to sit exams.

Planning for these costs can take a weight off your mind, allowing you to just enjoy watching your children or grandchildren on their education journey, without the worry of how to pay for it.

Step 2: How much can you save?

A Lifestyle Financial Planner or personal financial planner is a professional who prepares financial plans for people. These financial plans often cover cash flow management, retirement planning, investment planning, financial risk management, insurance planning, tax planning, estate planning and business succession planning (for business owners).

How much you can save will depend on how long you have until your child or grandchild needs the funds - is it just for university fees or their whole school career? Alongside this you will need to look at how much spare income you have available to save. You will want to consider what type of education you would like them to receive and work out how much the cost would be.

If you don't have much disposable income, you may want to think about budgeting in other areas to save more money for their education. Some examples of ways to budget are:

  • Plan meals and get shopping delivered on-line so you can't be tempted to buy things you don't need.
  • Re-using, recycling and repairing items you already have rather than buying new.
  • Eating out less.
  • Find free activities the family can enjoy instead of paying for days out.
  • Holiday at home.
Independent Financial Advisers or IFAs or Lifestyle Financial Planners who are professionals that offer independent advice on financial matters to their clients and recommend suitable financial products from the whole of the market. We listen to you on all areas including many matters such as investment, retirement planning, insurance, protection and mortgages (or other loans). IFAs also advise on some tax and legal matters.

Step 3: Making their education decisions easier.

With the average university fees costing £9,000 a year and no sign of them reducing, the stress of deciding whether to go to university can be immense on a young person.

They are trying to make one of the most important decisions in their life about their career and long term happiness. Instead of the decision being about what course would be best for them, they are forced to decide based purely on their lack of finances, meaning they may never have the opportunity to succeed in their chosen profession.

Even if your child chooses not to go to university the money could be used to fund their own business or to work abroad and give them access to learning experiences they may not have otherwise had. Giving your child or grandchild the freedom to choose their path in life, secure in the knowledge that financial support is available to them is immeasurable. Rather than watching your child struggle, you will be able to feel proud that you are giving them every chance to have a happy and fulfilled life.

Step 4: Get advice.

A Lifestyle Financial Planner or personal financial planner is a professional who prepares financial plans for people. These financial plans often cover cash flow management, retirement planning, investment planning, financial risk management, insurance planning, tax planning, estate planning and business succession planning (for business owners).

There are many different ways in which you can save for your child's or grandchild's education. Make sure you research the different options available and find the right one for you. This can be an overwhelming process and there are a lot of factors to consider, therefore getting professional advice is the key to making these important investment decisions.

Step 5: Benefits of education.

Whatever you want to be in life, whatever your passion or interest is, whether you want to be successful or respected, education is the key.

Education provides you with opportunities to help others by sharing your skills and knowledge. It allows you to be confident in your opinions and to have choices about how you earn money and where you live. It enables to make good choices about your health, how to manage your money and who to be-friend. It is the foundation of a successful life.

As Nelson Mandela said, "education is the most powerful weapon which you can use to change the world".

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Mike Robertson Associates Limited is an appointed representative of Lighthouse Advisory Services Limited, which is authorised and regulated by The Financial Conduct Authority. Registered in England No 4501167. Registered Office 30-34 North Street Hailsham East Sussex BN27 1DW

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Mike Robertson Associates Ltd is located in Battle, East Sussex, near Hastings, Bexhill and Eastbourne