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

 

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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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Feeling You’ve Messed up ….

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 down even when you can put on a good front.

The bills pile up. You stop opening them.

The people you owe money to call and call and call. You don’t answer them.  You are ashamed.  You have no answers.  It feels like the minute you are not in good standing with your bank or who ever you owe money to, that they start treating you like you are some kind of sub-human.  Dealing with collections agents, no matter how understanding they try to make you perceive them, or how well they think they present themselves, is a body blow.  You want this onslaught of organisational torture and corporate types to stop at you.

The phone ringing frightens you. You feel like screaming but you know that won’t help.

The postman arrives with registered letters. You don’t want to answer the door now.  You feel hunted.

How do you make things better when you don’t know where to turn with the weight of debt ? You’ve messed up.  That’s how it is in your head.

If you are feeling any of this MABS, a free, small local organisation in your town may be for you.  We don’t judge.  Bad things happen to good people.  Most of us are only a few pay days away from times being tough.

It’s a hard thing to do, to take the big, brave step of telling a stranger about the mess. You feel you’ll be judged, made feel small and bad. Telling a stranger who works for Limerick MABS may be just the thing to do to take that first vital footstep on your journey of change.

What do MABS do ? We get it.  We see it every day.  Your situation is unlikely to be the worst we’ve ever seen.  We try to take the weight off you.  We help by letting you let out.  We help by organising, getting your paperwork together and getting your budget down on paper.  We help by treating you like you matter and helping you does matter to us.  We’re at the end of the phone when the envelope arrives that you are just too afraid to open.

Working through your debt can be an emotional journey, we don’t pretend otherwise. The emotion at the start of your journey may be tears of despair or anger. We’ve taken that journey with hundreds of people each year.  We’ve helped people for the last 25 years. A recent client told us we brought him “back from the darkness of hell to sunlight” he had gone from “despair to jumping in the air” because his Money Adviser negotiated a write off of his debt.  The emotion at the end of your journey could be tears of relief.  You could be this person too, we are a phone call 0761 072 210 or an email away limerick@mabs.ie.

Money Muddles ….. by Yvonne B

 

Where do you go when your head is swimming with money muddles ?

 

Who do you turn to when you feel the muddle is too big or too hard for you to sort it out by yourself. Do you talk to a friend ?  Or would that be too embarrassing ?  Do you pay someone to listen to you and give you advice ?  Or is that unaffordable ?  Do you struggle on, feeling more and more stressed out because nothing is changing and nothing is getting any better ?

 

Or, do you do “none of the above” ?

 

MABS ….. is a strange name.  From the letters M … A… B… S… it’s hard to tell exactly what it is and what it does.  You’ve heard it talked about.  You vaguely think you know what it is and who it is for but my guess is you’re not really sure.

 

MABS is a FREE service for anyone with personal money worries, from a small niggling worry to a whopping great debt.  It’s also for people who want to be organised about money so that it isn’t always a worry.

 

No money worry is too small or too big to bring to MABS. It’s FREE because the Government funds MABS, but MABS is not a government organisation.  So, you can rely that anything you discuss with MABS is in complete confidence and that any advice you get is unbiased.

 

What does MABS do ?

 

MABS listens – you can talk about money being tight, unpaid bills or how you are not good at managing your money without feeling embarrassed. Every year thousands of people all over Ireland talk to MABS without blame and without shame.

 

I bet you’re thinking, what kind of people talk to MABS and you’re probably thinking, MABS is NOT for people like me. The truth is, MABS is for people like me, like you, like all of us.  All kinds of people have money worries for all sorts of different reasons at times in life.  Being worried about money and making ends meet can make any one of us feel vulnerable.

 

MABS works with people whose income is low and who can’t make ends meet.  You’d expect that.  It also works with people with big incomes but big personal expenses.  It works with people whose lives have changed and money is short because of redundancy or because they can’t find a job or because of a family break up.  It works with people who have a lot of cost because they are battling illnesses.  It works with people who’ve got behind in paying bills, such as electricity and gas; who are struggling to pay rent or who don’t have enough money to stretch out over a week.  It works with people in mortgage debt.  It works with people who have to go to Court because of unpaid debt. It works with parents struggling to cover the costs of children going to school and college.  It works with people who aren’t in any particularly difficulty with money, who just want to be organised and have a budget done so that they feel in control of their spending.

 

Over the years MABS has worked with Office Workers, Factory Workers, Civil Servants, Doctors, Architects, Teachers, Gardai, Trades People, Mothers, Fathers and all sorts of others.  It doesn’t matter how you label yourself, MABS doesn’t label you, it just tries to get your money to go round on the things you need to pay for, so that you don’t need to spend your life stressing and worrying about money or the lack of it.

 

It doesn’t matter what your reason is, MABS will listen. You may want to talk just to ease your mind, or to get advice.  Or you might want to meet a Money Adviser, to get someone on your side to help you sort out your money muddles, someone who can talk on your behalf to companies you owe money to and get you started at getting on track and in control of your money.

 

If you want to talk about money worries, call LIMERICK MABS on 0761 072 210. If it’s easier not to talk send an email to Limerick@mabs.ie or a private message on Facebook @MABSLimerick.

 

Money worries can be un-muddled, give it a try.