Being a parent is one of the part of life which teaches you a lot of different things which neither the college nor the professional life can teach you. The parents are the ones who have this responsibility to build the life of their kids. They not only have to take care their physical needs but their psychological needs too. Talking about the psychological or mental needs, education should be the priority of every parent for their kids.
Every parent wants to give their kid the best education possible, but the school and college expenses are the only obstacles between the completions of their wish. The expense of the education has always been the major portion of family income, and still, there are thousands of parents who are struggling to get enough money to enroll their kid in the college. For this, they have to be smart and not only have to start saving but the smart saving. To know what is smart saving you have to read this article till the bottom because in this article I am going to tell you the smart guide for saving money on child education.
Figure out how much money you need:
The first point of the guide on smart saving is figuring out how much money you need for your kid education. Every parent wants to send their kids to college so you should aim for the best college in the city or country. The amount of money also depends on whether you want your kid to get the degree from the private college or public college.
To give you a clear idea, let’s discuss it with the example. If you have two kids and you send them to a private college, it will costs you $20,000 a year on average for each child. Collectively, when your kid would get the degree, you will have to manage $240,000 on school fees for both of the kids. All of these figures are excluded from every other expense like school uniforms, trips, sporting clinics and even without the expenses of academic writing services like cheap coursework online.
Savings doesn’t mean that you have to start keeping your money in the piggy bank. There are different ways too through which you cannot only save your money but also can make money from the money. Following are few points through which you can invest money today for the tomorrow of your children.
- Invest in shares.
- Invest in managed funds.
- Term Deposits.
- Open Savings Account.
- Investment Bonds.
- Education Funds.
The top five points are more towards the banking side investment. The education fund is something which is solely for the education needs and is created to help the parents and kids to continue their studies.
These are the special funds that help you in saving for the education of your children. If you are planning to invest in it, then there are some questions that you should ask from the providers of educational fund.
- What will be their fees for the services?
- How much and how often do you need to contribute?
- Can other like grandparents, uncles and aunties can contribute?
- What are the investment options and is the suggested timeframe meet the needs of your kid’s education?
- What are the criteria which should be met before getting access to the funds?
Save the money creatively:
For investing in all the above options, you have to be slightly smarter in your policy. Investing by allocating a certain amount from your monthly income could be a way, but there are some other methods too from which you can save substantial money which would help you a lot at the end of the day. Try to save by reducing the extra expenses of your house. Even reduce the other expenditures of your kids like buying toys for them, throwing big birthday parties every year and enrolling them in the pointless activities classes like gymnastic and some sports which they are not going to play ever in their lives. These are some things which every parent do for their kids. Though spending million on these things from their birth, children still complain and blame you for not sending them to the college. Be the smart parent and save these extra expenses and invest them in the education funds to make sure that your children should get into the college.
There are the reasons why all the parents should worry about the qualification of their children. The college education has become the must in today’s highly competitive world. Each year colleges are producing thousands of graduates, and even among them, there are very few who get the proper jobs. In the market where even the graduates are struggling to get the jobs, how your kid can earn his living without going into the college. You are not only responsible for your life, but you also have to make the lives of your children so start saving money from today for their future.