Is 2020 the year you decide on an independent school?

Your choice for your child and practical financial steps you can take to make it happen

Never too soon to start budgeting

One of the biggest concerns for parents is how to manage the cost of sending children to an independent school.

With this concern in mind, SCIS – the Scottish Council of Independent Schools – spoke to Dave Roberts, director of Chiene and Tait, a chartered accounting firm in Edinburgh and he offered some great advice for parents who are unsure about how to take the first steps towards budgeting for, and best managing, school fees.

He said start as soon as possible, adding: ‘It costs on average £195,000 to put a child through private school education, based on P1 to

S6 – an increase of more than 20 per cent since 2012 – so the sooner you can start saving the better!’ He recommends that you begin to save each month.

Remember that grandparents can contribute up to £3,000 a year for each child and this is would be exempt from inheritance tax; and contributions of more being ‘potentially exempt’.

On average fees are increasing by four per cent annually; some schools offer ‘future funding’. By paying in advance you are protected from inflation.

Fee plans go from a simple monthly direct debit to an annual plan or a plan to cover the entire duration your child is at school.

With the latter you normally pay one lump sum towards the beginning of the plan with regular contributions throughout, which are invested in unit trusts. Units are then sold on a regular basis to pay for school fees.