All parents know that it is a well-known fact that educating children is very expensive. Should you choose to send your children to boarding school costs could vary from $25000-$50000 per year Day school could cost approximately half of that.
Here am a few simple steps to help your financial planning of your children’s education.
One. Make an accurate estimates of the educational costs. First on the list would be tuition fees, and you must try to anticipate the rise in fees over the next several years until the child finally graduates. Equipment such as books and supplies also form a main part of education expenses include such things as pens, paper, photocopying and other expenses that should be included. Don’t forget to Include school uniforms, school outings, school camps, recreational activities and any extra tuition fees.
Two. Parents must identify available sources for funding for child’s education. Look into the possibility of where funds can be arranged. Is there any financial aid which is available from the beginning of your child’s educational career? Often assistance can depend upon the total amount of the school fees and also how much the school really wants that particular child to enrol and whether the school gives scholarships. A great idea is always make a short list of schools and see what every schools can offer to your particular child. There are also many local groups and religious groups that provide scholarships.
Three. Payment options. Parents must look into possible payment options that are made available by the institution or school being considered.
Four. Parents are always advised to start saving for their child’s education as early as possible. Young couples starting off in life should consider beginning a savings bank account to cater for future child’s educational needs.
Five. Parents could consider developing an investment strategy. This is advisable so that you are better able to afford your child’s education. Savings alone may not be enough, whereas savings wisely invested may go to cover the full cost of your child’s education.
In today’s economy, many parents struggle from payday to the next payday to make ends meet. Having large educational bills doesn’t help to balance the budget. Therefore it is most important that parents look into every possible form of assistance and strategize to be able to offer the educational needs of the child.