Three years at Uni now costs £42,000 and is rising

This comprises tuition fees of 9,435, living expenses of 20,200, and student loans of 12,450.

These costs are set to rise every year, as locally-based firm, Principle First’s Michael Kennedy explains: “If your child is younger, the costs they will face will be substantially higher. For a child of 10 today, for example, who would go to university in 8 years’ time, the total cost is likely to be over 50,000,” he said.

“For a child of 5 today, the cost is likely to be over 57,000, and for a baby born this year, a 3-year university education in 18 years’ time is likely to cost over 64,500.”

How much do I need to save?

Bearing these figures in mind, forward planning and regular saving is crucial, for anyone hoping to give their child the best shot at a professional career.

Michael Kennedy has seen families facing tough decisions, when they had several bright children eager to gain their degree: “At Principle First we have seen people facing the choice no parent wants to make: a situation where they can afford to send only one of several children to university, and they must choose who stays behind.”

The following guidelines will show the monthly savings required to cover the full projected costs of a third-level education.

To cover the full costs for a 10-year-old, you would need to be setting aside 417 a month, starting today.

For a 5-year-old, the monthly saving would have to be 246 per child, and for the new baby, 169.