Ask a mix of people to name private schools and generally you would probably get a list which starts with Eton and Harrow and maybe a school local to the individual, but then the list would quickly fade out. In truth there are very many private schools and many variations of education are provided. Most people want the very best for their children, and a good education is usually high on the list.

Most private schools provide a good education in the usual subjects, with all the advantages of smaller class sizes being expected and ‘low take-up’ subjects available. If your child has a learning difficulty of some sort then there are specialised schools available, where the disadvantaged child with hearing or vision problems etc. will receive the specific education which they need.

Conversely, gifted children can be ‘brought out’ at private schools which cater for their particular strengths, which are developed whilst general educational subjects are also taught. So it follows that few parents could honestly claim that private schooling is not a requirement of theirs. If the fees can be afforded then a child is likely to benefit in the jobs market for the whole of their working life.

It would appear that education in state schools is regarded by many parents as failing the pupils and private school education is becoming more popular but also, by the rules of supply and demand, much more expensive. Over the last seven years, figures show that fees have increased by 50%, with the result that the cost of a senior boarding school is now likely to be over £20,000 per year. Non boarding could reduce the direct cost to around half these figures, but remember that ‘boarding at home’ also has a cost!

The possibility of scholarship for a gifted child could be a lifeline which most private schools have available. Alternatively, bursaries are available in cases of low family income, although these are means tested and priority is given to pupils already at the school where the parents are in ‘reduced circumstances’. According to the Independent Schools Council, assistance is currently given to around 30% of pupils. More details are available online at www.isc.co.uk.

Parents in the armed forces, the clergy and some who are employed abroad may find that some or all of the fees are paid for them. Try asking – you may be pleasantly surprised! On the other hand, if a change of occupation was to bring an end to the perk, the disruption to the child’s education could be serious.

So how much are you looking for in total funds? If your child’s education is to be totally at private schools from the age of 4 through to 16 or older, you are going to have to provide £200,000 or more; if you opt for boarding school the figure will be very much higher. This figure drops to around £14,000 if you opt for state school education, on the very reasonable grounds that the private school costs sound too much like your phone number! You thought that state schools were free? Yes they are, but you still have to pay for food, transport, clothing, books etc.

If you opt for state schooling for your child until they reach 11 years old, you could probably get away with a non-boarding cost of around £50,000 over a 5 year period, although don’t forget to ask about scholarships or bursaries. You could find that your total costs are reduced to somewhere between £38,000 and nil!

No scholarship and no bursary? It is still possible if you are determined. If you start soon enough you may be able to fund the 5 year private education option by saving £100 a month into a high interest fund, especially if you are prepared to take a low risk option (rather than no-risk) to increase the interest rate. This would probably be feasible over a ten year period, bearing in mind that you would still need to be saving the same amount whilst your child is receiving the private education.

With less time available you would need to look at alternatives. Saving the taxation costs by going for ISAs or the appropriate National Savings schemes could be a wise move which would give the apparent interest rate a significant boost. Maybe couple these funds with a remortgage to ensure that you can cover the school fees

It’s the old story. Do your homework, trawl the internet, and make sure that you have got the best deal which you can find. You are using your money to ensure that your child’s prospects are as good as you can make them – use that money wisely.

A final cautionary word. All the figures quoted above are for one child only. If you have 2, 3 or 4 children (or worse still twins, triplets or quadruplets who will all start school together) then you have a few problems and the writers sympathy.