Saving for Education

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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 cost of education in Ireland
Primary school
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€1,573
€12,854 over 8 years
Secondary school
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€2,818
€15,696 over 5 years

College students living
at home

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€6,159
€24,636 over 4 years

College students
living away

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€13,305
€53,220 over 4 years
Start saving early
Saving at an earlier date allows you to be more prepared for the future.
grey outline of a house 10 years
is the average time parents spend saving to put their kids through college.
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48% of parents

Said recent cost of living increases made it much more difficult to meet secondary education costs

€818 is the average

cost of basics needed for a first year of secondary school

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65% of students

are still living at home
with their parents

Sources:

Zurich Cost of Education Survey 2022
TU Dublin Cost of living guide 2022/23
Source bernardos school costs survey 2022

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

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Whether you’re saving for your own education or your children’s future, talk to us about our range of flexible savings plans today.

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