Whether you’re saving for your children’s education or to further your own, it pays to save some money in advance.

With the costs of higher level education increasing all the time, it’s wise to start saving early so you’re better prepared for the day you wave your children off to college or head off yourself! 

How much do I need to save?

  • The student contribution fee is currently €3,000 a year.
  • If your child lives away from home you could expect to pay over €11,000 a year on average for bills and accommodation. (Source: DIT: Campus Life)
  • Looking to further your own education? The cost of many Master’s courses can reach over €7,000 a year (for a 2-year course). And that’s before you add in costs such as books, laptops and other college material.

Simple tips to help you reach your saving goal

Decided to further your own education? Here are some simple tips to help you out. 

  1. Start early. The earlier you start saving the less you'll have to put away.
  2. Think savings. If possible, any money left over at the end of the month should be saved. Top up your savings whenever you can.
  3. Pay savings first. Make your savings the first thing you pay into each month. 
  4. Open a separate savings account. As well as offering you a competitive interest rate, having a separate account reduces the temptation to dip into your savings for day-to-day expenses.
  5. Monitor your savings. Keep an eye on your savings and evaluate if you can afford to put away a bit extra each month. With open24 online banking and our mobile app, it's easy to keep track of your savings 24/7.
Average costs of education
Primary school
€3,780
8 years x €472.50
Secondary school
€5,040
6 years x €840

College living
at home

€14,016
4 years x €3,504

College
living away

€31,170
4 years x €7,792.50
Start saving early
Saving a small regular amount over a long period of time really adds up.
8 years
Average time parents spend saving to put their kids through college.
87% of parents

Support their children financially through college.
-7% since 2015.

€447 per month

Average parental
contribution per child to
cover costs of college.

68% of students

Work throughout the academic year to fund their third level education.
17 hours per week avg.

Sources:

www.creditunion.ie/communications/pressreleases/2016,
DIT student cost of living guide 2015/16,
Barnardos school costs survey 2016

Icons from the Noun Project:

Created by Seb Cornelius, Kelly Carnes, Milky - Digital innovation, Beau Wingfield, Andrew Was.

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