Managing Back to School & Back to College Costs.

While a credit union is a really nice place to work (especially ours 😊) many of our staff would feel their most important role is that of parent. 

Between us we’ve got every age group covered, from tots right up to twenty somethings, so we really do understand what it’s like at this time of year trying to manage back to school/college costs often right off the back of a family holiday of some description.

“What I’d say to our members when it comes to these seasonal costs is, do your best to budget for them and keep those regular savings coming into us year-round.  It’s always a good idea to set up deduction at source to help give you a bit of discipline around your savings.”  Says Gillian Dunne, ANSAC CEO. 

“Outside of this, please do know that ANSAC is here when you need that small loan to see you through.  I sincerely hope that it gives you all peace of mind to know that we’re always here as an option and that we’ll make the process of getting your loan as quick and as efficient as possible.”

Below we ask two of our staff members who have children reaching milestone moments in their education what the process has been like. 

MIRIAM, ANSAC MARKETING & DEVELOPMENT OFFICER

Miriam, has a 12 year old daughter bound for first year of secondary school 

Q: You’re in the midst of getting the materials together for your daughter starting in secondary school, has it been more expensive than you thought?  

A: A little yes, but the school have given plenty of advanced notice which has helped.  

There were two one off costs for 1st years, a €300 locker fee and the purchase of an iPad with the necessary software which came in at about €800.   A quick trip to the uniform shop also left a €300 dent in the finances for the very essentials which we’ll need to add to.  We also paid the Voluntary Contribution.  

So all in, we won’t see much change out of €2,000 for this first year.  That’s a big jump from last year! 

We’ll also have additional transport costs for her as she’ll be taking a private bus to school.   Needless to say, we’re very grateful for the Schoolbooks scheme with three young children benefitting from it. 

Q. Any advice for parents following in your footsteps? 

I suppose it's just good for others to budget more for first year and try and spread out the costs so its doesn't all come in August. 

MARK, ANSAC FINANCE MANAGER

Q: Mark, congratulations on your daughter starting college.  A big milestone! Lets talk about the financial aspect.  What kind of costs are we talking about for a first-year college student in Ireland these days?

A: Well, where do I start?

Straight off the bat, there’s the student registration fee — €3,000 a year. That’s the big one.  We were hoping that it’d stay at the €2000 which it had been reduced to as a cost-of living measure, but this isn’t the case.  I can only imagine the strain of this on families that have multiple children in college.   It also comes at a time when families have to adjust to the family benefit payment coming to an end.

I think this might be where some families will need a small loan this year, to cover that extra €1000 in registration fees. 

Then we’ll have to pay for a new laptop, books, transport, food, entertainment etc.  She may get a part time job which will help with some of this. 

I appreciate however that these expenses are like a drop in the ocean for some families.   Based on where my daughter has applied, I’m relieved to say we won’t have to factor in accommodation costs as she’ll be commuting from home. 

The disparity here is just enormous for families.

Q. Equally Mark do you have any advice to the parents out there with younger children?

A. Just to start that college war chest for them as early as you can.  We’ve a six-year age gap between our children so we didn’t have to support two going through college at the one time.

If you’ve children quite close in age, it's even more important to have funds set aside to ease the burden when the time comes.   With the cost-of-living crisis, you might feel like you can’t afford to save much, but even if you ring fence a small amount each month it’ll help you out down the road.