Education is the greatest treasure parents could give their children and regardless of what critics and revolutionaries teach about education, being educated is the only way to survive in the modern world. However, tuition fees continue to rise year per year in renowned universities. Here are some steps to help you save money for your child’s education.
1. Realistic Saving Goals
Everyone giving you tips on budgeting tells you to set goals, but what they fail to tell you is that these goals have to be realistic. You can save enough for your child’s education if you could set up goals. Some questions and goals could include the age of your children, how long you have to save money, the likelihood of furthering their studies in college or already applying their high school education with their other talents, the cost of the tuition fee, and if your child would support you by working in financing their education.
2. Calculate Yearly Savings
Ask yourself if you could afford to save as much as you’d like. List down the priorities of your budget and assess if your budget is tight. See what you could adjust with your spending habits so that you could save more money. Take into consideration if the government could provide you grants for your children as well.
3. Investment Strategy
If you have younger children, be more aggressive during the early years you have the chance to save up for your children’s education. The more aggressive you are in building up your savings, you could generate greater capital, which you could transfer to more conservative investments once your child approaches higher education.