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An Investment Savings Plan to meet your future needs

Many of you will have heard me talking about the 3 Savings Pots you need to have.

Saving for a future financial commitment such as 2nd or 3rd level education fees makes perfect financial planning sense. For the purposes of this article I’m going to focus on Pot 2 – The Medium Term Savings Plan.

A recent survey carried out by Zurich Life estimated that the average cost of sending your child to college is €6,178 per year.

And if the students are studying and living in rented accommodation the annual cost goes up to €12,109.

Eye watering figures when you look at them!

The solution to all financial challenges is to plan ahead and save regularly.

Saving money on deposit is fine for the short term. But with deposit rates at close to 0% p.a. and inflation currently around 5% p.a. the real value of your savings is being eroded.

However, if you commit your savings to an investment plan, you can benefit from steady, consistent growth over the medium to long term.

You can select a plan that is suited to your attitude to risk and your ability to ride out the short term periods when investment markets are rocky.

Using the example of a family saving to fund their two children (currently aged 10 & 12) going to college, the following savings would be required.

The investment saving plan can also be boosted by adding a lump sum at the start to reduce the monthly commitment or reduce the amount of years you need to invest for.

The key to having a successful investment savings plan is to;

  1. Know how much your savings goal is
  2. Select an investment profile that you are comfortable contributing to
  3. Stick to the plan

For more information on how to start your investment savings plan it is important to seek impartial and professional advice that is tailored specifically to your needs and experience. Just get in touch if you’d like to have a chat about your savings pots.



Please note source of all figures and charts above is Zurich Cost of Education in Ireland survey 2021. The figures quoted are based on the following assumptions;







“We used Coleman Financial to look after our mortgage protection for a recent house purchase.  Daragh got us the best deal in the market and demonstrated very clearly, the difference in cost between all the providers.  We made a saving of over €15 per month, which over 25 years can make a significant difference.  He also helped me retrieve a pension fund I had from a previous job which means I can now control how it is invested and when I can access it”

Vanessa & Pat Kiely 27th January 2017

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