The Cost of Sending a Student to Secondary School

It’s the dreaded Leaving Cert week. Continuing our theme of “Be prepared…”  Here is the minimum it will cost to send a student to post primary school.

The costs were compiled in a survey done by MABS in North Cork.

You will find you have more costs under some headings but Murphy’s Law often applies and you will find you rarely have less costs.  If you think you are going to struggle to pay for everything, now is the time to budget, plan and prepare.

Limerick MABS Phone : 0761 072 210 or email Limerick@mabs.ie

WE ARE HERE TO HELP ……

 

  Clothing & Footware Books Stationery Misc Voluntary

Contribution

Total
First

Year

196.50 270.06 11.25 360.74 112.50 951.05
Second Year 402.00 70.00 72.00 571.00 60.00 1175.00
Third

Year

61.95 133.50 0.00 1124.00 0.00 1319.45
TY 138.50 65.75 14.49 789.19 112.50 1120.43

 

Fifth

Year

213.95 340.00 150.00 2523.50 0.00 3227.45
Sixth

Year

0.00 60.00 0.00 1852.00 0.00 1912.00

 

Notes

First year – some books and uniform passed down from sibling

TY – costs were lower because certain uniform pieces did not need to be replaced

Third year – zero stationery costs is probably unrealistic to expect in most cases

Fifth year – included a school trip abroad and spending money of €800 and sports costs

Sixth year – zero clothing and footware and stationary costs are probably not to be expected in most cases

Voluntary contributions above are lower than many schools seek

 

learning schooling text
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Last Day of School …. A BAH HUMBUG moment – Time To Start Planning For September 2018 Back to School Costs

Summer is finally here!  While all the second level students who don’t face exams have heaved a big sigh of relief at taking off the uniforms for the last time, now’s the time for families to think about and budget for the academic year 2018/2019.

It’s not only the scouts who benefit from being prepared…

Here’s the minimum it’s likely to cost you for each primary school class, based on a survey of families working with MABS in 2016/2017.

Year Group Clothing & Footwear Books Stationery Misc Voluntary Contrib Total
Junior Infants 307.00 42.62 41.21 204.00 0 594.83

 

Senior Infants 119.79 79.00 42.46 123.00 0 382.25
First

Class

134.00 86.89 22.75 176.00 0 419.64
Second

Class

128.00 134.99 20.00 347.50 30.00 660.49
Third

Class

137.00 111.00 28.00 129.00 0 405.00
Fourth

Class

102.85 147.85 32.99 174.98 0 458.67
Fifth

Class

40.00 74.50 32.00 111.00 98.00 355.00
Sixth

Class

176.00 102.50 30.50 284.00 0 593.00

If you are eligible don’t forget to apply for you Back to School Allowance.

If you think you’ll struggle to cover the costs, give MABS a call now, the sooner you start working on your budget the better placed you’ll be to manage the costs.  Limerick MABS Phone 0761 072 210.  We’ll be glad to hear from you.

 

Last Day of School …. A BAH HUMBUG moment – Time To Start Planning For September 2018 Back to School Costs

Summer is finally here!  While all the second level students who don’t face exams have heaved a big sigh of relief at taking off the uniforms for the last time, now’s the time for families to think about and budget for the academic year 2018/2019.

It’s not only the scouts who benefit from being prepared…

Here’s the minimum it’s likely to cost you for each primary school class, based on a survey of families working with MABS in 2016/2017.

Year Group Clothing & Footwear Books Stationery Misc Voluntary Contrib Total
Junior Infants 307.00 42.62 41.21 204.00 0 594.83

 

Senior Infants 119.79 79.00 42.46 123.00 0 382.25
First

Class

134.00 86.89 22.75 176.00 0 419.64
Second

Class

128.00 134.99 20.00 347.50 30.00 660.49
Third

Class

137.00 111.00 28.00 129.00 0 405.00
Fourth

Class

102.85 147.85 32.99 174.98 0 458.67
Fifth

Class

40.00 74.50 32.00 111.00 98.00 355.00
Sixth

Class

176.00 102.50 30.50 284.00 0 593.00

If you are eligible don’t forget to apply for you Back to School Allowance.

If you think you’ll struggle to cover the costs, give MABS a call now, the sooner you start working on your budget the better placed you’ll be to manage the costs.  Limerick MABS Phone 0761 072 210.  We’ll be glad to hear from you.

 

A Personal Contract Plan [PCP] to buy a car ? What’s the deal ?

Steering Wheel

With a PCP you are really hiring, NOT buying a car.

PCPs seem convenient and attractive but they are complex.  It’s important to do that thing that so few of us do ….. to read the terms and conditions carefully if you are thinking of signing up to a PCP.

The most common use of a PCP is to pay for a car.

A PCP usually has 3 parts

  • The deposit
  • Monthly repayments
  • Lump sum payment at the end

 

The deposit – will often be between 10% and 30% of the value of the car.  You can pay it in cash or you can use the trade in of your current car as the deposit.

Monthly repayments – will usually be for 3 years and the amount will often be low.  This can make a PCP seem very affordable.  The monthly repayments are low because a large portion of the cost of the car is left to be paid at the end of the contract.

Lump sum at the end – this is called a Guaranteed Minimum Future Value (GMFV).  The lump sum is usually a large final payment.  You will not own the car until you pay this.  The lender will set this final payment when you enter into the contract.

 

PCP’s are among the least flexible types of finance.  You can’t usually increase or reduce your repayments.  If you want to extend the time over which you make monthly repayments you may be charged a fee to do so.

If you get into financial difficulty while you are making repayments you WON’T be able to sell the car unless you get the permission of the lender.  You are not the legal owner of the car.  The lender owns it until you pay the final lump sum.

Think carefully and do your research before you sign up for a PCP.

 

Education Costs – Not Cheap & Certainly NOT FREE

It’s tempting to leave it until the summer to start thinking about school costs but if you can bring yourself to think ahead, now might be the time to start planning, budgeting and saving for what can be an expensive time.

It’s February in Limerick.  Families of sixth class primary school students will either be heaving a huge sigh of relief or experiencing angst that they now know the secondary school that will educate and guide their child over the next six years.

There are lots of things to think about.  Being MABS the cost is something we are very conscious of.

Thanks to our colleagues in North Cork MABS and their work with families in their area we can offer you a sense of what it will cost you to put your children through each year of secondary school.

We estimate it will cost you at least €1,316 to get your child through first year.  That’s based on a voluntary contribution of approximately €250.  If your child’s school asks you for more, then you need to factor that in and increase your budget.  We’ve included costs for books, stationery, uniform, insurance, lunch money, colours days, concerts, and a school trip to the Young Scientist competition. However, there are certainly other costs that may come up.  Some schools now ask parents for booking fees, to buy an iPad or to fund trips abroad.  When you go to your welcome meeting or to accept your child’s place it might be an idea to ask the school’s parents council to give the parents of incoming students a heads up on the costs that they should expect so that you can prepare.

First year is by no means the most expensive year.  Parents often think of Transition Year as costly but the one to really watch for is Fifth Year.  The True Cost of Education MABS survey shows that Fifth Year is the most expensive school year – costs more than doubled to €3,227, by comparison to First Year !

Parents BE WARNED.  BE PREPARED.  Get budgeting.  Limerick MABS can help.  Give us a call 0761 072 210 or email Limerick@mabs.ie or Like our Facebook page @MABSLimerick for information and tips.

 

 

 

 

 

Feeling You’ve Messed up ….

Thinking Thoughts ...

When you can’t pay your way, it eats away at you. Have you ever felt like you are shrinking in on yourself and there’s a ball of fear somewhere between your heart and your throat ?

Some very unpleasant things happen to good people.  When illness, loss of a job or relationship breakdown sends your life and your finances into a spin what do you do ?

Most people are so traumatised, they stick their head in the sand and hope things will improve without them doing anything. When life takes a negative twist, and then another; and it feels like the hard times go on and on, it becomes harder and harder to cope.  The power of positive thinking is all very well but it truly is easier said than done.  Over time hope ebbs away.  You lose yourself, who you thought you were drips away.  Stress wears you…

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Take Control of Your Money

Taking the time to manage your money can really pay off.

You don’t need to feel manic about money; flustered that your bank account is bare or panicky that your purse has nothing in it but loose change.  There is another way to live, a way which puts you in control of your money rather than money or the lack of it, controlling you.

The first step in taking control of your finances is in building a budget.  The thought of building a budget may not make your pulse quicken with excitement.  Facing your realities may be scary but doing your budget will be worth the effort.  Many people who work with us tell us “I wish I’d contacted you sooner, I could have avoided so much stress”.

Having a budget makes you

  • less likely to end up in debt
  • less likely to be unable face unexpected costs
  • more likely to have peace of mind when it comes to money matters
  • more likely to be prepared to pay your way
  • more likely to have savings for a rainy day
  • more likely to be able to control your spending and spot savings you can make
  • more likely to be able to borrow when you need to
  • more likely to be able to save for things that give you pleasure … a holiday, a new car, a little treat

How do you Build a Budget

Building a budget can be as simple as making 2 lists.  First list your income.  Next list your spending.

Budget Sheet

What building blocks will you need to Build your Budget

  • Your household bills
  • Your latest bank statements
  • Your payslips (whether you are getting a welfare payment, a wage or a salary)
  • Think about and write down what you spend on
    • Food
    • Education costs
    • Travel
    • Leisure
    • Clothes
    • Occasions, such as birthdays and Christmas

You don’t need to have perfect information to start your budget, just get the information you have and make a start.  You can fill in any missing figures when you get them.

Don’t know what you spend?

Call, email or private message Limerick MABS for free spending diaries.  Write everything you spend in these for a few weeks.  This will make it really clear where your money goes.

When your budget is built

  • HAPPY DAYS
    • You find you have more money than you need to pay all your expenses
    • You can move on to thinking about saving for rainy days
    • You can plan to have some of life’s little treats
  • BUDGET DONE –  A BIT OF WORK TO DO
    • You find your outgoings add up to more than your income
      • Work out if there are places where you can cut back
        • make lunches at home
        • plan your weekly menu and shopping so that you control your spending – our FREE cook book 101 Square Meals may help you to do this
      • Work out if you are spending on things you don’t need
        • a gym membership you don’t use ?
        • transport costs you could cut down by walking?
      • Get everyone in your household involved
        • make a plan you can all stick to
        • agree how much you will each spend
      • Try to cut your household bills
        • switch utility providers
        • look out for deals and offers
      • Review your spending and budget regularly – your spending changes and with luck your income will go up over time.
      • Make sure you are getting your correct tax credits and any social welfare payments you are entitled to.
  • CAN’T MAKE YOUR MONEY GO ROUND?
    • If you can’t make your income and expenditure balance give Limerick MABS a call.
    • A professional money adviser can work with you FREE of charge to get your budget built.

NO SHAME, NO BLAME, JUST PRACTICAL HELP FROM LIMERICK MABS