One of the best investments you will ever make is in your child’s future. However, with education fees seemingly rising all of the time, this is a lot easier said than done for most families. It can feel like an impossible uphill battle but don’t give up. Use the tips below and you will be able to put away some money for your child’s future:
- Start early – The earlier you start, the easier it will be to save. You are only going to give yourself an impossible challenge if you start considering your child’s future once they turn 16. Instead, from the day they are born, you should start putting money away for their education. This means that you will be able to save little and often, and so you won’t feel the impact on your daily finances. No matter how old your child is; you should start saving today!
- Seek outside assistance – A lot of people overlook the option of using the services of a financial planner. This is because they see it as an unnecessary expense. After all, you are meant to be saving money, not spending it, right? Well, a financial planner will enable you to save more money than you ever could on your own. They will put together a realistic and effective education fees plan, and they will advise you on the right investments based on your risk level and how many years you have to save for your child’s future.
- Set up a children’s savings account – You will be able to set up an account with a building society or bank on behalf of your child. Once they reach a certain age, they will be able to manage their account themselves. These accounts are extremely beneficial, as they enable children to learn about managing money from an early age.
- Allow for those important extras – When putting together an education fees plan, it is important to consider those vital extras. A lot of parents won’t consider additional tutoring for their children because they cannot afford it. However, if you want your children to succeed, which you no doubt do, then there is a very high chance they could require additional tutoring. That is why you need to incorporate this into your education fees plan.
- Invest consistently – Determine a set amount of money to invest every month. With every year or two that passes, you should increase this amount. By doing it in this manner, you won’t notice it when it comes to your monthly spending.
- Invite relatives to save for your children – Last but not least, it is a good idea to talk to your relatives to see whether they want to contribute towards your child’s future. If they are able to, it is likely that they will want to contribute, even if it is only a small amount. You could even ask them to put some money in your child’s saving account, instead of spending a fortune on a present at Christmas or birthdays.