University money for my kids

[Paull]

Hello there!

I'm pondering whether to set up some sort of payment plan for when my kids decide whether to go off to University in a few years.

Both my partner and I have steady incomes but not nearly enough to pay for both of them to do degrees. I'm thinking of setting up some sort of plan in which I can pay in money every month that will gain interest and help them if they do decide to go!
I realise that university fees aren't looking like getting any cheaper in the near future, so I want to have a platform for my kids.

Now from what I've researched, Fidelity provide a Junior ISA programme and offer a calculator platform aswell, which looks pretty promising. I'm just wondering if anyone has used this service previously or can give me some advice on what they think I should do?

Thanks for your time,
Paul :tinysmile_grin_t:

[enquirer]

Re: University money for my kids

I would be inclined to look at bonds. Perhaps short term, and then increasing and reinvesting the capital each time. Money intended to go into a bond can be parked in a building society until the existing bond matures.

I would avoid anything with 'plan' in the title.

[PlanB]

Re: University money for my kids

I'm pondering whether to set up some sort of payment plan for when my kids decide whether to go off to University in a few years.

Both my partner and I have steady incomes but not nearly enough to pay for both of them to do degrees. I'm thinking of setting up some sort of plan in which I can pay in money every month that will gain interest and help them if they do decide to go!
I realise that university fees aren't looking like getting any cheaper in the near future, so I want to have a platform for my kids.

Has no one told you or your children about Student Loans :scared:


http://www.slc.co.uk/students/studen...e-england.aspx

Why are you even thinking of financing them through university? I didn't bank-roll mine. When they finish their degree they will owe silly money to the "state" which will be deducted from their PAYE income once they earn over £21k

[wales01man]

Re: University money for my kids

In simple terms that I can understand how much a month would you have to save at todays interest rates to save enough in 18 years to pay fees in 18 years time of say 40k presuming they increase to that level?

[Paull]

Re: University money for my kids

I don't mean paying for all of their food and bills, just a bit of a start so that they don't have to borrow so much money!