It is important to remind yourself that irrespective of how hard or difficult the situation may be, a good education is the right of every child.
But with the economic situation, it is difficult for one to make a move.
However, it is important to remind yourself that irrespective of how hard or difficult the situation may be, good education is the right of every child.
In other words, a child’s education is a must; and saving for that education beforehand takes the pressure off you in the coming years.
So if you’ve ever thought about saving or planning for your child’s education but really don’t know how to go about it then you should see below the following steps.
1. Know what you can save by cutting your coat according to your size.
Get a clear picture of your income and identify what can be erased with ease from your expenditure and start the saving with that.
Also, there are other habitual spendings that are not really necessary: Do away with them and channel their money to the saving kit.
2. There should be no limit to your savings.
You might have more than one child and the prospect of saving for them all might seem ridiculous, especially if your financial income is not as big- as big should be.
However, you should bear in mind that there is no limit to your savings. You can save as much as you can if you really want to save.
All you need do is to set a target for yourself and see to it that you find every possible means to make it work. Of course, it will be hard but with sacrifice it is possible.
You must try as much as you can to constantly remind yourself that you have a limited time to save after opening a savings account. Because that is the only way you can actually come up with something reasonable.
Discipline yourself to save on the account everything that will concern the education of the child. From tuition fee to feeding, as well as transportation to accommodation.
Of course, there’s no way you can tell the exact amount as the cost of things changes with time. However, you can always estimate and by doing so, you will surely have a direction.
4. Make use of the family resource
This might sound ridiculous but it will pay off in the long run. Encourage grandparents, godparents and other family members to add their contribution to the plan instead of Christmas and birthday gifts.
Suggest to them that contributing to the education of your child, which is also their child, is the best legacy they can give.
Admittedly, this idea might sound ridiculous. It might even look embarrassing to those with high shoulders. But It’s your child’s godparents and grandparents we are talking about here, right? And it’s your child’s education we are also talking about.
There’s no better way to introduce your child into the world of savings than this. Educate the child about the importance of saving as you encourage him/her to contribute to the scheme, however small their contribution maybe.
The idea is to give the child a sense of involvement and not to make him/her source for funds.