Sunday, November 19, 2017

Penny Pincher

As readers will know I have a seven year old daughter so I am well aware of the cost of bring up a child. It is expensive to provide children with everything they need, let alone what they want, these days, but I have recently found out just how much her education is likely to cost once she finishes her main schooling. And the numbers are shocking!

If Mitten went to university in the UK she would be charged as an overseas student and even now the cost could be as much as £18,000 (AED 100,000) a year. To study medicine is even more costly so I do hope she doesn’t want to become a doctor or a dentist. Her curren ambition in life is be a Nurse. And then on top there is the cost of renting somewhere to live, books, food, transport etc.  If it’s pricey now, what will it be in 10 years time?

The numbers are quite scary and still it isn’t cheap if she studied in the UAE. I am told that the best colleges in America can easily be more than twice that cost, but people know this and start ‘college funds’ when their children are young.

I know that education is really important and gives a lot of choices, but I wasn’t fully aware of just how expensive it could be for older children. I am glad we have found out as we are lucky in having plenty of time to plan for Mitten’s future. We are saving now and intend to have enough to pay for what she wants to do in 10 years time without bankrupting ourselves then.

I was given information of these costs and what to do about it by my friend Keren Bobker who is an experienced Independent Financial Adviser. She has just posted details about this and of a cost effective plan on her financial blog, so I urge you to take a look and speak to her about how you can also plan for your children’s futures. She’s totally ethical and gives good, honest advice.

http://financialuae.wordpress.com/2011/10/04/saving-for-a-future-plan-for-education/

And if Mitten doesn’t want to go to university, then I’ll have a big pot of money to spend on myself, so everyone wins!  After discussing this subject with Mitten she said that if she does want to go to University she will get Aunty Keren to pay for it, clever kid eh!

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