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PostPosted: Fri Mar 02, 2012 10:25 pm 
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Joined: Sun Oct 09, 2011 2:03 pm
Posts: 3
Having gone through the excitement of deciding to send my son to St Albans, I am now a little anxious about managing the payment of fees and I am in need of advice on my financial options. A bursary and scholarship are not an available option. If you have been there and done it, or are in the process of doing it, can you recommend any good financial advisors specialising on options for managing the payment of school fees? Would be great and much appreciated if you are able to point me in the right direction.

T


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PostPosted: Fri Mar 02, 2012 10:37 pm 
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Joined: Tue Feb 08, 2011 10:23 am
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Big Brother is watching us all - sorry but had to post as I was reading the post and noticed that the ad at the bottom of the screen was for financial advice from Which Magazine - creepy.


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PostPosted: Fri Mar 02, 2012 10:39 pm 
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Joined: Thu Oct 06, 2011 12:01 am
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I'm in the same position. Hope someone could help.


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PostPosted: Fri Mar 02, 2012 10:46 pm 
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Joined: Mon Oct 18, 2010 10:13 pm
Posts: 283
This is an appropriate topic to raise and it is well timed. I was in the same position last year .

There are some financial advisors but they work with families who plan 7 years ahead or if you have a lump sum to invest , it's a waste of time .

Here are a few tried and tested tips , some of which I have adopted .

It's now march , start saving for the fees due in August / September . Set a monthly budget , you will surprise yourself at how much can be saved before September .

Look through your bank statement , you will find some wastage , get rid of it and put that towards your fees account .

Save the school fees in a separate account, open the account in your dc's name as you may have to pay tax on any savings you have , depending on your tax rate

Once you have saved a lump sum , check with the school as you may get a discount for paying in advance or paying a lump sum

Blazers , rugby and hockey kits are expensive , contact the school and buy second hand if possible , you can get grey trousers or black trousers from the usual main retailers at a fraction of west end prices .

Take each year as it comes , and avoid the ' I have to pay for 7 years feeling' , if DS gets to year 9 or 11 , you can always apply and transfer to a grammar school 12+, 13+ or sixth form if your circumstances change .


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PostPosted: Fri Mar 02, 2012 11:22 pm 
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Joined: Fri Sep 15, 2006 8:51 am
Posts: 8113
Good advice Lefol. A bit of the "how do you eat a elephant? - one spoonful at a time..!"


I once had an extra evening job - one evening a week + some extra sessions here and there. Got the money (+ child benefit) paid into a building society account and it was always enough to pay DS's private infant school fees. By the time his sister started it was another matter :oops: - but I always knew that the money would be there.


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PostPosted: Sat Mar 03, 2012 12:23 am 
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Joined: Tue Oct 04, 2011 8:44 am
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Location: Reading
Its also worth seeing if any of your costs count as childcare rather than school fees. We use the government scheme and put our max £243 PCM in (free of NI and tax) and can use this for before / after school care (chargeable) and for holiday clubs. Every little helps


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PostPosted: Sat Mar 03, 2012 11:01 am 
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Joined: Thu Nov 10, 2011 12:05 pm
Posts: 63
Utilise the yearly tax free entitlement of ISA savings accounts for you and your partner


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PostPosted: Sat Mar 03, 2012 11:16 am 
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Joined: Fri Feb 03, 2012 8:24 am
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A sizeable proportion of indy school fees are paid by grandparents. Are your child's grandparents in a position to assist?


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PostPosted: Sat Mar 03, 2012 9:37 pm 
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vivienphung wrote:
Utilise the yearly tax free entitlement of ISA savings accounts for you and your partner

what does it mean?


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PostPosted: Sat Mar 03, 2012 9:38 pm 
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Joined: Thu Oct 06, 2011 12:01 am
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Caroline1852 wrote:
A sizeable proportion of indy school fees are paid by grandparents. Are your child's grandparents in a position to assist?

no:)


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