6 simple guide that will help you save for your child's education

The economy is on the downside, and the sustenance of normal standard of living is becoming difficult with each passing day. The idea of saving for a child’s education is promising enough to immediately get one started, but with the present day downtimes, discouragement will not give room to the encouragement of any move.

As a matter of fact, it is important to remind yourself that however hard or difficult the situation may be, education is one right that no child should be denied. 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 you've been thinking about how to plan and save for your child’s education? Or perhaps the possibilities of the plans you've made are too slim to meet with reality? If your experience is similar to any of these, then see below the simple steps to help you save for the security of your child’s future.

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Graduation

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Here are some simple guide to help you save for your child’s education

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. 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. Try setting a target for yourself, and see to it that you find every possible means to make it work.

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saving

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3. Create a savings account: You should constantly remind yourself that you have a limited time to save after creating a savings account. Save on the account everything that will concern the education of the child. From transportation to feeding; from tuition fee to accommodation. Estimate the cost of each of them and tend the value of your savings to their direction.

4. Make use of 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, in place of gifts for Christmas, birthdays and other events.  Suggest to grandparents and godparents that the best legacy they can offer your children is a contribution to their education. As earlier said, this idea might sound ridiculous. It might look embarrassing to those with high shoulders; but hey, it’s your child’s godparents and grandparents we are talking about. And it’s your child’s education we are also talking about.

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Dad and a graduating son

 (sagicorlifeinc.com)

5. Involve the child: This is one way to introduce your kid into the reasonable world of savings. Give understanding to the child as he/she grows with time. Educate growing child on the need for him/her to see his/her education as a paramount thing. Let them also contribute to the savings however small it might be. The idea is to involve the child and not to make him/her source for funds.

6. Review your budget regularly: You might get a pay rise, and that should mean for you an addition to the amount you've been saving. And even if the dark side of life decides to befriend you for a while, by letting you experience a reduction in pay, try not to discourage yourself in the process; For the future of the child is a thing that must be secured.

In conclusion, you should be reminded that the goal is to secure the future of your child, and it is a goal that is worth any sacrifice.