These days the moment you give birth to a child, the first thing that strikes your mind is “I need to start saving for my child’s a course in miracles amazon books, life, career, marriage…” and so on. You have already planned the schools to try and every night you are dreaming about the bright future you want for your little one. Every parent knows that education is the first step their child has to take in life to make it big. Not only would it give him a solid economic stand but would also help in developing him as a beautiful and intelligent person in life.
We all know that good education does not come for free. However you can avoid making a huge burden out of it if you plan efficiently.
1. One of the ways you can accumulate funds for your little one’s account is by opening an account in your bank where you keep depositing a certain amount of money every month from your earnings for his/her education.
2. You can also open a fixed deposit account for your child. During his years of higher education, he can utilize the money obtained after maturity of the fixed deposit that you had opened for him or her.
3. Loans are a good option too, but keep it as your last resort as while repaying loans you will definitely end up paying a higher price than your actual budget plan.
4. You can also consider taking up a flexible education saving plan. Savings you do here can be used not only as school fees but also for tuitions and other education related issues.
5. While planning your child’s education make sure you take into account higher studies, possibilities of studying abroad, school trips and excursions that you wouldn’t want your child to miss out on, school uniforms additional project costs etc.
6. It is best to engage a financial advisor. Your personal financial advisor will guide you on how to save your earnings for your child’s future. These days there are a variety of education schemes available as well.
7. There are Child Trust Funds that you could rely on. ISA’s, bonds and saving accounts could be opted for. Equity based savings and purchase and sale of stocks and shares can help you attain funds for your child’s education and growth in career. Try and purchase shares in small quantities which you speculate could give you higher returns in the future.
8. Fix a budget beforehand and plan accordingly. Rest assured your child’s future will be in safe hands once you have saved and planned for his education. Remember every child has the right to proper education and as parents it is your responsibility to guarantee him or her, a secured future.
Gone are the days of depositing coins everyday in your child’s little piggy bank. You must take into account that education these days is expensive yet unavoidable. You must plan your finances accordingly to ensure your child gets the best education money can buy.
Start saving today. Cut down on unnecessary expenditures you both as parents were indulging in for sometime and save for your child, after all it is your child that will act as your main support system in your old age. So he or she needs to be economically stable to be able to take care of you in your old age, illness and times of need. And only a good education can help him get to the level in life where he can assure you and relieve you of your financial worries in your later stage of life and help support you at all times.