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Tips on saving money for your children’s education

“Beware of little expenses, a small leak will sink a great ship.”

Childhood is that age of life where the child is like clay, you can mold it the way you desire. And Education is the best utensil to shape them.

As soon as a kid arrives in your life, you get so much involved and fascinated in taking care of them. You always want to fulfill all their needs and don’t want to disappoint them in any way. You always make an effort to put a smile on their face.

Sometimes you feel like it’s a very big responsibility and that’s totally normal. As their parents and path-maker, it is our nature to want everything amazing and perfect for our child – be it the schooling part of the other opportunities in life.

Education is one such thing, which can turn around the entire life of your child. It is the best and the most valuable gift that parents can give to their children.

Parents are always in a rush to offer their children whatever they desire. They don’t ever think about the pros and cons of it. They literally forget how expensive things are today, especially when it comes to children’s stuff. So they have to think twice before fulfilling their child’s wishes.

Also, the parent wants the best education for their children and the expenses of it is a major concern. It is likely that the best schooling in your city is too costly and can go out of your budget.

The same thing can also happen at the time of graduation, maybe your child has a wish to graduate from a foreign university and he gets selected for that too.

What if you are not having sufficient money to fund his/her education at that instance of time. This can terrify the entire career of your dear one.

These are milestones that you have to achieve for molding your child’s career, and planning for your child’s education earliest is one among them.

Your child’s education is most important and you probably don’t want money to come in between your child’s future and their dreams. Start saving for your child’s education as early as you can. Generally, you’ll need to pay for these necessary things:

School uniforms, School trips, Stationery, textbooks, and laptops, Tuition fees, Extracurricular fees for activities like sports and band, Transport, and Internet costs. So, here are some tips that can assist you in saving money for your child’s education:-

 1- Make a fine budget

 Whether you’re about to become a parent or you already have a child, it’s the best time to start saving as soon as you can.

When you make your budget, include all expenses and determine how much you can save each week in savings. Then do direct debit from your everyday accounting and deduct weekly money into your savings account.

2- Know your savings and investment

You can put your money into a savings account, managed fund, investment bond, or education fund to earn interest. What’s more, you can open a savings account with your child’s name or set up a family trust to take advantage of lower marginal tax rates.

3- Only pay for necessary things

When going back-to-school shopping with your child, make sure you only pay for things that fulfill their necessary needs. This could make an index like uniforms, school bags, stationery, and books.

If your children ask for anything that’s not necessary for school lists, such as fancy clothes or nicely decorated backpacks, say no. This will aid in the long run in saving money.

4- Do shopping online

You can increase your savings by shopping online for school uniforms and supplies. You can even take advantage of online store coupons, promo codes, and reward or loyalty programs.

Some stores offer free shipping so you don’t have to pay extra. These are very little things but they can be very helpful in saving money for your child’s education.

 5- Compare prices of products 

 It’s important to compare the prices of the products you are buying so you can save money on cheaper alternatives. If you’re shopping on Amazon, you can use camelcamelcamel(an online app) to track price changes for particular products. Simply scan the barcode of the product you wish to buy and the app will show you if a lower price is available at another store or app.

7- Make saving money a thing for all members

Talk with your children about your savings so they understand the benefits of saving and can help you in this section too.

For older children, you can ask them to get a part-time job so they can earn and save money to help pay for their school supplies.

“Saving money isn’t about being able to buy bigger and better things. It’s about being arranged to take care of your family.”

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