Financial Advice for Planning Your Children’s Education

Financial Advice for Planning Your Children’s Education
September 28, 2017 Mrs. K Compare
Financial Advice for Planning Your Children’s Education-Karlocompare

How many times has the thought of your child’s higher education haunted you? Or how often has the idea of paying a huge amount of money for your child’s current education become the cause of your anxiety? Well, it’s not like any parent would opt for money over their child’s education. More often than not, parents do try and go the extra mile to provide their children with superior education.

Have a look at these few ideas that might come in handy when financing your child’s education minus all the headaches and stress:

Save up:

Try your best to actually start saving for your child’s education ahead of time. Summer vacations are a time when you can start saving money to be able to afford the entire year ahead. The savings would be a massive help on a rainy day and you wouldn’t have to arrange a huge amount of money suddenly. Ideas like creating a separate bank account where you put in your savings or converting your money in dollars to stop yourself from spending might be of help. You can also opt for this smart strategy where 50% of income goes to necessities, 20% to savings, and 30% to lifestyle choices. We all know that during the school year, a lot of school related expenses pop up that need to be catered to. On top of that, schools fees have to be paid every quarter. Save up slowly and gradually, and start early, and you would find that you breeze through the school year.

Bank Loans:

Arranging a larger amount of cash isn’t exactly easy. Sometimes, admission fee at the beginning of the school year, or exam fees for international exams, during the school year, can significantly impact cashflows. This is precisely why we have banks helping us in time of dire needs. There are banks like Standard Chartered and Al Falah that can provide you with personal or education loans for the education of your child. However, if you are going towards the personal loan route, you must always be prepared to be able to pay back your loans in time. Ace your loan payments and ensure you’re never late on your installments.

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Educational insurance:

You know the importance of planning and saving for your children’s future, but day-to-day expenses and demands prevent you from doing so. Sign up for an educational Insurance and secure the future of your child. This is not strictly related to your child’s current education or schooling, but it can help you better prepare for your child’s future education, especially higher education. The money that may come in insurance will not only aid you with your child’s education but also help you in any emergency. Insurance plans such as Jubilee Insurance, State Life Insurance and EFU Insurance all cater towards building a fund for your child’s higher education.

Talking to the school:

You may think this idea is worthless but it is true that it is your parental right to take a stand for your child and even ask the school/university to either give you an extension to pay the fee or reduce the amount all based on your child’s prior merits. Seeking help is not ‘lame’ it’s a clever move that will come in handy for your child’s future. Talk to your child’s school, college or university and see if there are any extensions possible, or any way to pay in installments instead of a lump sum amount at the same time.

Scholarships:

Getting recognized for merits is an achievement of its own. You can suggest your child to apply for a scholarship that can cover their educational expenses. You can also talk to your child’s teachers in school to see if any merit based scholarships are available. If so, your child can definitely study on a reduced cost, and it would help support your pocket as well. In case of higher education, several merit based scholarships are available, and all you need to do is conduct effective research.  You must encourage your kid to work hard and ace at school for a better future. That’s when supportive parenting comes in the picture and that’s actually the most crucial part.

There are so many options related to paying off educational expenses that you can use. You just need to be vigilant and proactive in saving and planning your expenses in order to be able to pay off for your child’s education. If you want to explain personal loans, you can use our comparison tool as well to find out which bank’s personal loan option would suit you best.

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