The rising cost of education in Ireland
We can’t stress enough the importance of child savings and making a financial plan in order to fund your child’s education. The cost of education is rising in Ireland and can put great financial stress on parents if they don’t have a plan in place. 52% of parents of third level students go into debt over covering college costs. Saving as little as €140 per month into the Alpha Savings & Investment club for your child’s education from the day they are born until it’s time for them to go to college would put you in a great financial position and relieve the stress of worrying about having to take out a loan from the credit union or bank.
Benefits of Child Savings
- You can start for as little as €100 per month
- It gives your savings the potential to grow rather than sitting idle in the Bank, Credit Union, or Post Office earning 0% interest.
- It gives your loved ones a head start in life by covering third level education costs or helping them get on the property ladder.
Benefits of compounding interest for your child savings
If you saved the Government child benefit of €140 per month towards saving for your child’s education and future your savings have the potential to grow significantly over 5 to 18 years. The interest will compound each year which in turn combats inflation.
Make your savings work harder for you
Regular monthly savings will allow you to gradually build up the funds necessary to support your child’s third level education. You have an option to save regularly each month from as little as €100 per month or you can choose a single premium investment bond. You can invest from as little as €5,000 through an investment bond.
At Alpha Wealth we love helping our clients kick-start their children’s future and starting a child’s savings plan is the best way to do that. If you would like to discuss starting a savings plan to save for your child’s education please do not hesitate to contact us – nick@alphawealth.ie or dlooney@alphawealth.ie
Be sure to check out our new Alpha Savings & Investment club to make your hard earned savings work harder for you
