There are many reasons why you decided to leave the country and work overseas. Since you will earn more and in dollars, it will make it easier for you to save money, buy your dream home, and of course, set aside sufficient amount for your child’s education. If you want your child to study in a good school until college, then you need to start preparing for it NOW.
We understand how tough life can be, especially for parents. This is why we are here to help you by outlining various tips on how you can start preparing for your child’s education.
Tip No. 1: Know How Much You Need
Before you make a plan on how to prepare for your child’s schooling, you need to know how much you need, or at least an estimate of tuition fees and other expenses.
Ask how much the tuition fee of your target school is and include inflation rate of 10 percent every year. Consider other expenses such as allowance, school service fees, and tutorial fees among others.
The amount you will arrive it may not be the exact amount, but at least you have an idea on how much you need to save. Use this as your guide when setting up an educational fund for your kid/s.
Tip No. 2: Start Saving Now
When will you start saving for your child’s tuition? Apparently, you don’t do this when s/he starts going to school. You need to do it now and as early as possible. In fact, the earlier you start saving, the bigger the savings will be.
Even when your kids start schooling, you still need to save for it. This way and whatever happens, your child’s education will continue even if you’re no longer working overseas.
Tip No. 3: Request For Money As A Gift
For your child’s binyag, first birthday, Christmas gift, or any other birthday, don’t be shy to tell guests to give money instead of gifts. Material things may not last long, but money could be useful when the right time comes. Whatever amount you collected must be placed in his Educational Fund.
It may not be a lot, but this could be a big help in augmenting your kid’s educational fees. Just make sure you don’t use this for unnecessary expenses.
Tip No. 4: Look For Other Ways To Earn
Don’t just stop with how much you’re earning overseas. You have mouths to feel and bills to pay – and that doesn’t stop there. In fact, the money you are earning may not be enough to cover all the expenses back home.
If you really want to prepare for your kid’s education, then you need to look for other ways on how to earn money. Getting a part-time job is a good idea, but make sure your family back home is doing their part in helping you with expenses. There are tons of home business ideas they could do for extra income. This way, you don’t carry all the burden.
Tip No. 5: Consider An Educational Plan
Educational plans are not popular these days because of what happened to few companies back then. Still, don’t use this as an excuse not to consider this option.
Thankfully, there are many legitimate insurance companies that offer educational plan with reasonable monthly premium. The good thing about getting this option is that you are “forced” to save for your child’s future.
Some plans have investment arm as well, so make sure you ask about it. This is a good way to not only prepare for your child’s education but also help you grow your money.