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College savings

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    #32
    jlm29
    Registered Users Posts: 3,818 ✭✭✭jlm29


    listermint wrote: »
    No poor plumbers around the place . That facts never changed

    There seems to be no plumbers full stop. They’re certainly dodging me anyhow, I’d say one of the kids will be a qualified plumber before anyone shows up to fix my wonky sink.


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    #33
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    We’re saving child benefit. Still tossing around with whether financially it makes more sense to pay the mortgage off faster or be saving it though. Where does one go for actual financial advice that aren’t trying to sell you something?


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    #34
    RiseToMe
    Registered Users Posts: 1,272 ✭✭✭RiseToMe


    Sinus pain wrote: »
    You are very generous. I pay college fees and we are in Dublin so no rent- but I expect them to pay for their own bits and bobs and social life from a part time job. My dd is off Monday and Friday and the whole weekend this year - so she works on her days off. I don’t expect them to contribute to the house while in college


    We have a 2 bed apartment in Dublin from which both kids will be able to access all Universities and that will be free for them to use. They are very close in age so will overlap. But that's not to say they won't opt for a course elsewhere and we need to be prepared for that.

    We are lucky to be in the financial position that we can put this money away. It doesn't haven't to be for college either, it can be used for a car or travel.

    And no, to the poster who asked if they will have free rein. They will be given an allowance from it.


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    #35
    jlm29
    Registered Users Posts: 3,818 ✭✭✭jlm29


    mirrorwall14 wrote: »
    We’re saving child benefit. Still tossing around with whether financially it makes more sense to pay the mortgage off faster or be saving it though. Where does one go for actual financial advice that aren’t trying to sell you something?

    That’s the problem. I don’t want to be putting the sales mans college through college while he makes a mess of my own money!


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    #36
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    Anyone afraid of financial advisors should get some recommendations from family and friends and see a few of them and educate yourself. It's free usually apart from your time spent. Educating yourself is a great investment. No obligation, if you don't like it or it's not for you just say no. I had lots and lots of friends and family using them when I was an advisor (not in this line of work myself anymore) and I haven't fallen out with anyone yet!
    Have one myself and watch the fund returns diligently and happy with what it's doing for me. It's in same investment fund as my pension.


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    #37
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    Heres Johnny wrote: »
    Anyone afraid of financial advisors should get some recommendations from family and friends and see a few of them and educate yourself. It's free usually apart from your time spent. Educating yourself is a great investment. No obligation, if you don't like it or it's not for you just say no. I had lots and lots of friends and family using them when I was an advisor (not in this line of work myself anymore) and I haven't fallen out with anyone yet!
    Have one myself and watch the fund returns diligently and happy with what it's doing for me. It's in same investment fund as my pension.

    I just want someone to tell me honestly if what I suspect is accurate and I should be paying my mortgage down rather than saving. But giving me that advice doesn’t result in any payment for a broker so I’m hesitant. Would they really tell me the full truth? We do have a pension and insurances dealt with by an advisor currently


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    #38
    Masala
    Registered Users Posts: 3,483 ✭✭✭Masala


    jlm29 wrote: »
    This is lovely in theory, but there are many many people who need their child benefit to buy school uniforms, put shoes on their children and to keep up with childcare costs.

    I certainly appreciate that... cos that is where our Child Benefit went for the first 16 years and then we got a major shock when we started looking at funding Child #1 College. I am just giving my advice on what I would do different if I had to go back to those days. It certainly was worrying going to Credit Union and getting a loan ...knowing that my finances were bad. I didn't even have savings.... at least if I had put some aside my chances of a loan would be alot better.


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    #39
    Bobeagleburger
    Registered Users Posts: 45,395 ✭✭✭✭Bobeagleburger


    mirrorwall14 wrote: »
    I just want someone to tell me honestly if what I suspect is accurate and I should be paying my mortgage down rather than saving. But giving me that advice doesn’t result in any payment for a broker so I’m hesitant. Would they really tell me the full truth? We do have a pension and insurances dealt with by an advisor currently

    Do the maths.

    Online calculators can help.

    No need for a financials advisor imo. All those guys generally tell you is stuff you can find out yourself.

    They'll probably do it quicker tbf.


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    #40
    Masala
    Registered Users Posts: 3,483 ✭✭✭Masala


    McGaggs wrote: »
    I would respectfully suggest that this advice will leave you having lost money by the time it's needed.

    Sorry ... I don't understand??

    The PO guarantee your savings and they have have a number of growth schemes if you prepared to lock your savings away for a fixed term. better than the Banks who will apply charges and offer sweet f/a in interest.

    If you want to use the money to 'invest' in 'the markets' and know what you are doing ...so be it.


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    #41
    Unknownability
    Registered Users Posts: 938 ✭✭✭Unknownability


    Masala wrote: »
    Sorry ... I don't understand??

    The PO guarantee your savings and they have have a number of growth schemes if you prepared to lock your savings away for a fixed term. better than the Banks who will apply charges and offer sweet f/a in interest.

    If you want to use the money to 'invest' in 'the markets' and know what you are doing ...so be it.

    He is talking about inflation, the growth on these accounts most likely won't exceed inflation.

    So basically €1 today buys you a bottle of coke in 15yrs you get €1.10 back but a bottle of coke is €1.50 now.


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    #42
    Truckermal
    Registered Users Posts: 6,047 ✭✭✭Truckermal


    I'm putting away 20 quid a week into the CU since she was born 8 years ago plus any cash she gets for Birthdays goes in too! I think she nearly has 8K at the moment.


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    #43
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    mirrorwall14 wrote: »
    Heres Johnny wrote: »
    Anyone afraid of financial advisors should get some recommendations from family and friends and see a few of them and educate yourself. It's free usually apart from your time spent. Educating yourself is a great investment. No obligation, if you don't like it or it's not for you just say no. I had lots and lots of friends and family using them when I was an advisor (not in this line of work myself anymore) and I haven't fallen out with anyone yet!
    Have one myself and watch the fund returns diligently and happy with what it's doing for me. It's in same investment fund as my pension.

    I just want someone to tell me honestly if what I suspect is accurate and I should be paying my mortgage down rather than saving. But giving me that advice doesn’t result in any payment for a broker so I’m hesitant. Would they really tell me the full truth? We do have a pension and insurances dealt with by an advisor currently


    Well start with this advice.

    What is your mortgage interest rate?
    How much is your savings earning in interest? Or growth if invested?

    If mortgage rate is higher than savings rate, you are as well off paying it. Unless, paying extra off mortgage will mean you'll be strapped for cash later and borrow at higher rates for personal loans.

    If its an ultra low tracker rate I'd probably be hesitant to pay it off.

    My personal situation, have a mortgage at 2.8% interest and 2 cars. Haven't ever put extra into the mortgage as I put a fair whack into my pension (40% tax relief straight away) and bought both cars in cash saving me personal loan rates of approx 8% straight away.

    Any advisor will tell you to do a pension plan for the tax relief because its good advice, not because they are just selling you something.
    They will also tell you not to save on banks but in a fund invested if you have the time frame to do it. Unless you are massively risk averse. Because its good advice to do so.

    An advisor will look at your overall personal situation and come up with a plan, I always presented myself as a financial planner even though I had pensions, savings and insurance products to sell most of what people remember me for is the plan I put in place.

    Still give advice to lots of clients even though I've nothing to sell any more! I'm the event they want to do something I refer them to ex colleagues I know will give them good advice and service.


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    #44
    shrek008
    Registered Users Posts: 162 ✭✭shrek008


    We have 3 in Uni at the minute, all in 3 different cities so have fee’s and accommodation to pay x 3, cost is approx €850 pw x 39 weeks! Its a fierce strain but i think you just have to swallow hard and get on with it! Wouldnt it be a hell of a lot worse if it was medical bills we were faced with, on the financing bit, we use the credit union and find them great! My advice for what its worth is to pay the mortgage down and worry about college when and if it happens!


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    #45
    Sammy2012
    Registered Users Posts: 1,240 ✭✭✭Sammy2012


    listermint wrote: »
    Plan for it by all means. But they don't all have to or may want to go the formal college.

    As stated apprenticeship is solid option.

    And if during school one or both develop differently or take an interest elsewhere keep and open mind

    Fully agree listermint that apprenticeship is always an option. No point planning too much as in truth nobody knows what's around the corner. But college is big money now unfortunately so if I plan for it and dont need it well I'll have lots for a nice round the world trip or else maybe early retirement!


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    #46
    Sammy2012
    Registered Users Posts: 1,240 ✭✭✭Sammy2012


    listermint wrote: »
    Plan for it by all means. But they don't all have to or may want to go the formal college.

    As stated apprenticeship is solid option.

    And if during school one or both develop differently or take an interest elsewhere keep and open mind

    Fully agree listermint that apprenticeship is always an option. No point planning too much as in truth nobody knows what's around the corner. But college is big money now unfortunately so if I plan for it and dont need it well I'll have lots for a nice round the world trip or else maybe early retirement!


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    #47
    SCOOP 64
    Registered Users Posts: 5,246 ✭✭✭SCOOP 64


    LuasSimon wrote: »
    It’s a huge concern for a lot of parents but many like myself can’t afford to save with mortgage/car/run of the mill bills etc .
    Thinking at this stage anyone with a household income of 40-50k with 2 kids going to college would be as well off on the dole and get the grant .


    Would you be entitled to Susi grand with a family income under €50,000?


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    #48
    SCOOP 64
    Registered Users Posts: 5,246 ✭✭✭SCOOP 64


    mirrorwall14 wrote: »
    We’re saving child benefit. Still tossing around with whether financially it makes more sense to pay the mortgage off faster or be saving it though. Where does one go for actual financial advice that aren’t trying to sell you something?


    Pay mortgage off first then one of you retire to keep income under €50,000 then get Susi grant to pay ,no brainer.:D


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    #49
    codrulz
    Registered Users Posts: 369 ✭✭codrulz


    I'm in college atm so I'm happy to give out my costs for the year as an example for reference. Obviously, variable costs change from person to person but still a rough sample of yearly costs for college currently.

    €9500 P/a on accommodation (private student complex apartment)
    €3200 College fees
    €13,000 Maintenance (€250 pw)
    €1000 on miscellaneous/ averaged out cost of laptop, books computer over four years.
    ______
    €26,700


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    #50
    SCOOP 64
    Registered Users Posts: 5,246 ✭✭✭SCOOP 64


    codrulz wrote: »
    I'm in college atm so I'm happy to give out my costs for the year as an example for reference. Obviously, variable costs change from person to person but still a rough sample of yearly costs for college currently.

    €9500 P/a on accommodation (private student complex apartment)
    €3200 College fees
    €13,000 Maintenance (€250 pw)
    €1000 on miscellaneous/ averaged out cost of laptop, books computer over four years.
    ______
    €26,700
    Whats the maintenance, part of the college fees?


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    #51
    codrulz
    Registered Users Posts: 369 ✭✭codrulz


    SCOOP 64 wrote: »
    Whats the maintenance, part of the college fees?

    A stipend from my parents


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    #52
    Mooooo
    Registered Users Posts: 8,611 ✭✭✭Mooooo


    15 years ago since I was in college, 4k for accommodation in limerick, I think "registration" fees were 2 to 2.5k, and bills on top of that then, food or whatever. Bus up and down home was about 20 quid, had no car thru college which was common in first year but I would nearly say rare by the time I left. Worked in summers but not during course time, except at home when required, which provided for bills, social life etc


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    #53
    u140acro3xs7dm
    Closed Accounts Posts: 1,512 ✭✭✭u140acro3xs7dm


    codrulz wrote: »
    A stipend from my parents

    Do you have a part time job?

    €250 a week is a very generous allowance to live on.


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    #54
    codrulz
    Registered Users Posts: 369 ✭✭codrulz


    Brayson Scrawny Stringer wrote: »
    Do you have a part time job?

    €250 a week is a very generous allowance to live on.

    No I do not, Internship over the summers.


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    #55
    Sonny noggs
    Closed Accounts Posts: 1,523 ✭✭✭Sonny noggs


    Brayson Scrawny Stringer wrote: »
    Do you have a part time job?

    €250 a week is a very generous allowance to live on.

    Assuming the accommodation cost includes bills (electricity, heating) and no transport / commute / car costs then it isn’t bad.


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    #56
    codrulz
    Registered Users Posts: 369 ✭✭codrulz


    Sonny noggs wrote: »
    Assuming the accommodation cost includes bills (electricity, heating) and no transport / commute / car costs then it isn’t bad.

    Rent includes all my bills and don't have any commute costs which is nice.


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    #57
    u140acro3xs7dm
    Closed Accounts Posts: 1,512 ✭✭✭u140acro3xs7dm


    codrulz wrote: »
    Rent includes all my bills and don't have any commute costs which is nice.

    I'd never leave college if that was me.😂

    I know people on the higher rate of tax that wouldn't have that much disposable income.


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    #58
    randombar
    Registered Users Posts: 3,389 ✭✭✭randombar


    codrulz wrote: »
    I'm in college atm so I'm happy to give out my costs for the year as an example for reference. Obviously, variable costs change from person to person but still a rough sample of yearly costs for college currently.

    €9500 P/a on accommodation (private student complex apartment)
    €3200 College fees
    €13,000 Maintenance (€250 pw)
    €1000 on miscellaneous/ averaged out cost of laptop, books computer over four years.
    ______
    €26,700

    52 weeks in the college year??? 😂


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    #59
    The_Honeybadger
    Registered Users Posts: 4,166 ✭✭✭The_Honeybadger


    codrulz wrote: »
    I'm in college atm so I'm happy to give out my costs for the year as an example for reference. Obviously, variable costs change from person to person but still a rough sample of yearly costs for college currently.

    €9500 P/a on accommodation (private student complex apartment)
    €3200 College fees
    €13,000 Maintenance (€250 pw)
    €1000 on miscellaneous/ averaged out cost of laptop, books computer over four years.
    ______
    €26,700

    Your parents are exceptionally generous. There are a lot of working folk who have nowhere near € 250 per week to play with after rent and bills.

    We’ve three that are all close in age and we could conceivably have all three in college together for a year or two. Dreading it!


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    #60
    s4uv3
    Registered Users Posts: 952 ✭✭✭s4uv3


    I'm banking on my two doing apprenticeships. Chances are they'd earn more as plumbers or hairdressers than I ever will....:pac:


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    #61
    Shelflife
    Registered Users Posts: 3,074 ✭✭✭Shelflife


    Ive two in college atm.

    €3250 in fees
    €5000+ in accommodation so your looking at over €12k per term each. both work weekends and summer and manage their money well. Both are 4 year courses so in effect it costs approx €50k to put each of them through college.

    College isnt for everyone so but its def prudent to start saving as soon as you can.

    We put the childrens allowance away every month, never took it out and just budgeted as if we didnt have and im glad we did. self employed so no grant available to us.

    I would put the money into a long term guaranteed saving plan, so that you will pick up a bit of interest, any cash gifts to the kids should go in here as well.

    Its a big commitment and the sooner you start the better.


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