Savings

The average cost of sending a child through college in Ireland varies depending on a number of factors, including the type of course, the college or university attended, and whether the child lives at home or away from home during their studies.

The cost of sending a child through college in Ireland could be as high as €15,000 per year in today’s terms, which includes accommodation, travel expenses, tuition fees and other costs.

Saving for a child’s education in Ireland is an important financial goal for many parents, and it requires careful planning and a disciplined approach to achieve the desired savings target. To save €120,000 for two children with a 3.5% rate of return, here’s how much and how long you would need to save, assuming an initial investment of €0:

To save €120,000 over 10 years, you would need to save approximately €944 per month.

To save €120,000 over 15 years, you would need to save approximately €603 per month.

To save €120,000 over 20 years, you would need to save approximately €397 per month.

It’s important to note that the earlier you start saving, the more time you have to benefit from compounding interest, which can help you reach your savings target more quickly. Additionally, it’s a good idea to regularly review your savings plan and adjust it as needed to ensure that you’re on track to meet your financial goals.

Important to note that these costs will only rise and it maybe a lot more in 10,15,20 years’ time but certainly the sooner you start the better.