Fees and financial advice

[svg123]

This is a great thread times appropriately.
We are in the same boat and wondering if there are any independent bursary/scholarship schemes run by any charity.
I too agree with the concept of one spoon at a time. Maybe, look for some part time job, etc.
Thanks everyone for sharing your views.

[vivienphung]

Utilise the yearly tax free entitlement of ISA savings accounts for you and your partner

what does it mean?

Any individual who is age 16 or over and resident in the uk can invest in an ISA. The interest pays out is free of tax. So if you or your partner pays tax at say 40%, then the interest received is effectively saving you tax at 40%.

Every tax year which runs from 6 April to the following 5 April, a qualifying individual can invest up to just more than £5k in cash with the other £5k in shares. All major banks offer ISAs at competitive interest rates.

As we are now getting close to the end of the tax year 2011/12, any individual who has not used up their limit on an ISA should invest in one. After 6 April gone, there is another allowance for investment.

Every individual is allowed only one set of allowance each tax year. If you have already opened any ISA in the current tax year but have not used up the limit and want to take advantage of the tax free interest, then you should top it up to the maximum.

[vivienphung]

If one of the parents is not working and has no income, make sure you find a part time job which pays around £7k a year. There is no tax/NIC payable on this amount or lower.

[Waiting_For_Godot]

How do you save 40% in an ISA? The money that goes in comes from already taxed income!

[hermanmunster]

How do you save 40% in an ISA? The money that goes in comes from already taxed income!

yes the money that comes in is already taxed but you may earn a smidgeon interest in an ISA which you are graciously allowed to keep as it is considered untaxable income . Personally I can't be bothered and stick to premium bonds and the gee gees

I think the comments about ISA's and savings were really more relevant for people planning to pay school fees in the future and identifying the best deals to get more interest etc ie ISA (I jest about them really...). The main gist however of this thread is that there are many people who are suddenly faced with paying the school fees NOW and have done little in the way of planning.

[PlutoMum]

DH and I are also having to decide between local comp or Indie school. We had hoped for a scholarship but sadly that was not to be. Unfortunately entrance scores are standardised for age but not for how much tutoring a child has had.

We have been brainstorming how to manage the fees and ideas so far are:
- increase my working hours (I currently work part-time since having kids)
- reduce weekly food shop (Aldi instead of Tesco, more home cooking etc - although not sure how I'm supposed to spend more time cooking and working)
- taking in a lodger
- rent house out for the Olympics
- house swaps for holidays
- downsizing our second car to a "station car"
- cancel our charity direct debits
- change the cats to a cheaper cat food (they currently only eat Hills which we just worked out costs us about £50/month for 2 cats!)
- eBay lots of stuff in our garage
- re-start the lottery
- move?
- babysit a couple of nights a month
- booked an appointment with current head teacher to be sure that indie route is necessary over local comp (St Albans versus Hitchin Boys)

Right off to Aldi now to try to do my weekly shop for a tenner!

[hermanmunster]

DH and I are also having to decide between local comp or Indie school. We had hoped for a scholarship but sadly that was not to be. Unfortunately entrance scores are standardised for age but not for how much tutoring a child has had.

We have been brainstorming how to manage the fees and ideas so far are:
- increase my working hours (I currently work part-time since having kids)
- reduce weekly food shop (Aldi instead of Tesco, more home cooking etc - although not sure how I'm supposed to spend more time cooking and working)
- taking in a lodger yes 4k tax free or something like that
- rent house out for the Olympics
- house swaps for holidays
- downsizing our second car to a "station car" Bicycle
- cancel our charity direct debits
- change the cats to a cheaper cat food (they currently only eat Hills which we just worked out costs us about £50/month for 2 cats!) better still get 'em mousing:lol:
- eBay lots of stuff in our garage
- re-start the lottery
- move?
- babysit a couple of nights a month
- check cheapest tarrifs for fuel - ensure use comparison websites for insurance
- booked an appointment with current head teacher to be sure that indie route is necessary over local comp (St Albans versus Hitchin Boys)

Right off to Aldi now to try to do my weekly shop for a tenner!

[Amber]

DH and I are also having to decide between local comp or Indie school....
- booked an appointment with current head teacher to be sure that indie route is necessary over local comp (St Albans versus Hitchin Boys)

Necessary? It does strike me that you would be making a huge amount of sacrifices for this, PlutoMum. Are you sure the local school is so very awful? Do you have other children to consider? Bright children who are well supported at home do tend to do rather well wherever they go...and if your own life is going to have to alter so radically, maybe you really need to think about if it's worth it.

Though I have to say that I am most worried about the cats....if they are anything like mine, any decision to offer cheap alternatives is not going to be well received at all.

[mad?]

Necessary? It does strike me that you would be making a huge amount of sacrifices for this, PlutoMum. Are you sure the local school is so very awful? Do you have other children to consider? Bright children who are well supported at home do tend to do rather well wherever they go...and if your own life is going to have to alter so radically, maybe you really need to think about if it's worth it.

Actually I think those sacrifices are about what most people make in these circumstances. Few people can afford indie education let alone part time work hours, holidays and 2 cars. When we 'crossed the tracks' to indie one of the main things that stuck me as that with the odd exception every child had both full time working parents and that house swapping was de rigour for holidays (although occasionally it was chateaux swapping!), so you will not be out of place! That said, as Amber says, is it really necessary? If not, make the cutbacks anyway and you'll be able to retire years before the rest of us! Good luck.

[Waiting_For_Godot]

I think the class sizes are very large at St Albans and I tend to think single sex comps are really good so I'm not sure it would be worth it. Remember, a decision is never set in stone!