Parents urged to plan early for third‑level costs in Clare and Mid‑West

As September brings a return to school, families in Clare and the Mid‑West are being reminded to consider the financial demands of third‑level education.

Carey Corbett Financial Solutions in Ennis notes that, despite the State’s Free Fees Initiative and reduced student contribution fees, the total cost of a university degree remains significant. For students who live at home, annual expenses—including contribution fees, transport, books, laptops and daily costs—are estimated at €6,000 to €7,000 per year. Those who rent accommodation away from home can expect €14,000 to €15,000 or more each year, meaning a four‑year programme could exceed €58,000.

The firm warns that traditional deposit accounts or credit‑union savings are ill‑suited for long‑term goals, as low interest rates often fail to keep pace with inflation. Instead, they recommend using the monthly Child Benefit payment of €140 to fund a regular investment plan from birth or early childhood.

Investing the €140 each month in a diversified, medium‑risk multi‑asset fund could grow contributions of €30,240 over 18 years to between €40,000 and €50,000, providing a stronger cushion for university costs. Even starting the investment at ages 10‑12 can offer sufficient time for compound growth.

Carey Corbett outlines three steps for families: quantify the education goal, choose an appropriate investment vehicle and begin regular contributions as early as possible.

Source: Clare Champion. Photo: Mushahid Shahid / Pexels.