Latest news with #AlexandraMoy
Yahoo
25-05-2025
- Business
- Yahoo
‘We earn £345k, but soaring private school fees mean we can't go on five holidays'
Last summer, Al Moy, 38, an investment banker and father of three, received a letter from his daughter Ali's school saying they were increasing their fees by £10,000. Shortly afterwards, fees for the school his son Harry went to went up by £5,000. 'Almost overnight, the school fees went up from £55,000 per year to £70,000. The increase was shocking, but not entirely unexpected,' Moy says. 'Ultimately, I believe, the education provided and the sacrifices we will have to make are worth it.' Al is not quite sure why the increase at his daughter's school was so much more than his son's, but said they broke it down as £7,000 VAT, £2,000 on social activities and a £1,000 administrative fee. Moy earns a comfortable salary of £225,000, while his wife, Alexandra, who also works in banking, earns £120,000. Currently, they have two out of three children at fee-paying schools. Despite their collective income of £345,000, they have had to make a number of cutbacks to offset the increase in fees. These include holidays, eating out in restaurants, the weekly shop and household outgoings. As well as the fees for their 13-year-old daughter, Ali, and nine-year-old son, Harry, Al and Alexandra spend around £10,000 a year on a part-time nanny for their two-year-old, Barry. They try to alternate the days they work from home to make sure one of them is always around to help out with childcare and the school run. A recent report by financial planning firm Saltus found that the total 'lifetime' cost of sending a child to a private day school is now £476,399 – £94,486 more than before the VAT exemption was lifted. It is due to surpass £500,000 for children starting in 2026. Saltus questioned families about how they were going to manage the increase in fees, and while almost half (48pc) said they planned to keep their children in private school, three quarters (76pc) said they planned to make changes to do so. Four in 10 (41pc) said they would be cutting down on holidays, more than a third (36.6pc) said they would try to reduce everyday spending, and a quarter (23.6pc) said they would either be getting a new job that paid more or take on additional work, the Saltus Wealth Index Report showed. The Moys, who are originally from Singapore but also lived in New York for 20 years, have decided that rather than disrupt their children's education, they will make sacrifices in other areas of their lives. 'Both schools have excellent reputations and academic programmes, and our daughter is at an age where her peer group is everything. She's been at that school with the same group of friends since she was five so it would be a real wrench to move her,' Moy says. Moy, who went to private school in Singapore, says he doesn't have much experience of the UK state school system, but wants to give his children the best possible education he can. He feels a private school is the best way to do that. The biggest cutback they have made on their outgoing is holidays. 'Before the VAT increase, we'd have gone on around five holidays a year, including several long-haul trips,' he says. 'In previous years, we've been to the US a few times and stayed in New York and travelled around, visiting the Hamptons, but now it's mostly Europe and maybe one long-haul trip a year instead.' Moy estimates they have cut their holiday spend from around £40,000 per year to £20,000. During their last holiday to Holland, for example, they travelled mostly by train, didn't hire a car and did fewer activities as a family. 'We planned everything quite carefully and, while we didn't want the kids to feel in any way restricted, we also made sure that we were more mindful of budgeting and stayed in cheaper hotels. 'The biggest highlight for our daughter was probably a visit to the tulip fields,' Moy says. Rather than go away for two weeks at a time, they now take shorter breaks too. Another area the Moys have cut back on is eating out and being more careful when they do the food shop. 'Before we would just go to Waitrose and M&S, but now we go to Sainsbury's too and always look out for the offers and promotions in each different shop,' he says. They used to go out two or three times a month and enjoyed eating at restaurants like The Ivy, Bill's, Gail's and Gaucho's, but now they only go out about once a month. 'We rotate restaurants now and ask the kids what particular restaurant they might like to eat at,' says Moy. With at least one of the couple working from home during the week, it's been almost impossible to reduce the cost of utility bills, but they have cut back on some other household outgoings, such as the gardener. 'The gardener used to come twice a month, but then he increased his costs from £230 a year to £245 a year. We only have him come once every other month now.' Although they have tried to shield their children from the stress of worrying about finances, Moy thinks his daughter has also become mindful about reducing her spending. 'She loves to buy sweets and take them to school, but now she'll ask whether she really needs or wants them, and take something along from the pantry at home instead.' Moy says he understands why Labour put the VAT changes for private school fees in place and they didn't want to do a U-turn, but doesn't think they thought it through. 'It seems as though families like us are paying more and more, and being squeezed on everything from our salaries to our outgoings. I know each party has its flaws, but I think the Conservatives are at least a bit more transparent,' he says. The Moys have another two years before their youngest starts school. Will they go private as they have done with their older two? They are currently trying to weigh up whether they can afford it. 'We're looking at different options and researching the best local schools, including state schools,' he says. 'Fortunately we have two years before we have to decide.' Who knows what the financial landscape will look like by then. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Telegraph
25-05-2025
- Business
- Telegraph
‘We earn £345k, but soaring private school fees mean we can't go on five holidays'
Last summer, Al Moy, 38, an investment banker and father of three, received a letter from his daughter Ali's school saying they were increasing their fees by £10,000. Shortly afterwards, fees for the school his son Harry went to went up by £5,000. 'Almost overnight, the school fees went up from £55,000 per year to £70,000. The increase was shocking, but not entirely unexpected,' Moy says. 'Ultimately, I believe, the education provided and the sacrifices we will have to make are worth it.' Al is not quite sure why the increase at his daughter's school was so much more than his son's, but said they broke it down as £7,000 VAT, £2,000 on social activities and a £1,000 administrative fee. Moy earns a comfortable salary of £225,000, while his wife, Alexandra, who also works in banking, earns £120,000. Currently, they have two out of three children at fee-paying schools. Despite their collective income of £345,000, they have had to make a number of cutbacks to offset the increase in fees. These include holidays, eating out in restaurants, the weekly shop and household outgoings. As well as the fees for their 13-year-old daughter, Ali, and nine-year-old son, Harry, Al and Alexandra spend around £10,000 a year on a part-time nanny for their two-year-old, Barry. They try to alternate the days they work from home to make sure one of them is always around to help out with childcare and the school run. 'Before the VAT increase, we'd have five holidays a year' A recent report by financial planning firm Saltus found that the total 'lifetime' cost of sending a child to a private day school is now £476,399 – £94,486 more than before the VAT exemption was lifted. It is due to surpass £500,000 for children starting in 2026. Saltus questioned families about how they were going to manage the increase in fees, and while almost half (48pc) said they planned to keep their children in private school, three quarters (76pc) said they planned to make changes to do so. Four in 10 (41pc) said they would be cutting down on holidays, more than a third (36.6pc) said they would try to reduce everyday spending, and a quarter (23.6pc) said they would either be getting a new job that paid more or take on additional work, the Saltus Wealth Index Report showed. The Moys, who are originally from Singapore but also lived in New York for 20 years, have decided that rather than disrupt their children's education, they will make sacrifices in other areas of their lives. 'Both schools have excellent reputations and academic programmes, and our daughter is at an age where her peer group is everything. She's been at that school with the same group of friends since she was five so it would be a real wrench to move her,' Moy says. Moy, who went to private school in Singapore, says he doesn't have much experience of the UK state school system, but wants to give his children the best possible education he can. He feels a private school is the best way to do that. The biggest cutback they have made on their outgoing is holidays. 'Before the VAT increase, we'd have gone on around five holidays a year, including several long-haul trips,' he says. 'In previous years, we've been to the US a few times and stayed in New York and travelled around, visiting the Hamptons, but now it's mostly Europe and maybe one long-haul trip a year instead.' Moy estimates they have cut their holiday spend from around £40,000 per year to £20,000. During their last holiday to Holland, for example, they travelled mostly by train, didn't hire a car and did fewer activities as a family. 'We planned everything quite carefully and, while we didn't want the kids to feel in any way restricted, we also made sure that we were more mindful of budgeting and stayed in cheaper hotels. 'The biggest highlight for our daughter was probably a visit to the tulip fields,' Moy says. Rather than go away for two weeks at a time, they now take shorter breaks too. 'Families like us are paying more and more' Another area the Moys have cut back on is eating out and being more careful when they do the food shop. 'Before we would just go to Waitrose and M&S, but now we go to Sainsbury's too and always look out for the offers and promotions in each different shop,' he says. They used to go out two or three times a month and enjoyed eating at restaurants like The Ivy, Bill's, Gail's and Gaucho's, but now they only go out about once a month. 'We rotate restaurants now and ask the kids what particular restaurant they might like to eat at,' says Moy. With at least one of the couple working from home during the week, it's been almost impossible to reduce the cost of utility bills, but they have cut back on some other household outgoings, such as the gardener. 'The gardener used to come twice a month, but then he increased his costs from £230 a year to £245 a year. We only have him come once every other month now.' Although they have tried to shield their children from the stress of worrying about finances, Moy thinks his daughter has also become mindful about reducing her spending. 'She loves to buy sweets and take them to school, but now she'll ask whether she really needs or wants them, and take something along from the pantry at home instead.' Moy says he understands why Labour put the VAT changes for private school fees in place and they didn't want to do a U-turn, but doesn't think they thought it through. 'It seems as though families like us are paying more and more, and being squeezed on everything from our salaries to our outgoings. I know each party has its flaws, but I think the Conservatives are at least a bit more transparent,' he says. The Moys have another two years before their youngest starts school. Will they go private as they have done with their older two? They are currently trying to weigh up whether they can afford it. 'We're looking at different options and researching the best local schools, including state schools,' he says. 'Fortunately we have two years before we have to decide.' Who knows what the financial landscape will look like by then.
