It doesn’t matter if you’ve had to shell out a few hundred for uniforms, pencil cases and school bags, or thousands in tuition fees and accommodation – each time September rolls around, the new academic year can put a real strain on a family’s finances.
The Aviva Family Finances Report 2011 stated that in addition to average monthly outlays of £196 per child between the ages of 2 and 11, and £124 per child between 12 and 18, the cost of standard school supplies, such as pens, pencils and notepads are estimated at £199 per year. And that doesn’t even take into account the cost of school uniforms, shoes and gym equipment!
And of course, it gets even worse if your child decides to go to university. Research into the 2010/2011 academic year by NUS (so remember, these figures are probably much lower than now) shows that on average, families with a child studying living in London will have to fork out £16,613, whilst those studying elsewhere in England will face expenses of £15,523. Even with a tuition fee loan, maintenance grant and loan for living costs, there is still a shortfall of between £8,000 and £10,000.
Not particular fun reading is it!? However, it does put into perspective the fact that in order to be able to pay for all of these outgoings and still have some semblance of a life, parents must look carefully at their finances.
If you need some professional advice about financial planning, thebestof Haverhill recommends that you speak to Richard Woodwards from Foster Denovo Limited. Richard has built an exceptional reputation for helping individuals and families protect their wealth and in turn, protect their family.
He will offer expert advice on how to invest your money so that it helps you and your family live the life you deserve. Factors such as short and long term needs, whether you are looking for income or growth, and the impact any loss of money may have on your family are all taken into consideration before any decision is made.
“Richard Woodwards has been our financial advisor for around four years. He is eminently reliable and friendly; and he is always willing to give more of his expected time and energy to fully explain the performance of our investments. Importantly, we are pleased with his ability to keep our ship afloat in the troubled waters that is the present financial climate. He inspires confidence and we commend him without reservation”
MH, Haverhill For more information, please visit the Foster Denovo Limited page on thebestof Haverhill.