Far away, in a village, there was a virus that struck the children of that village. If not identified early, the virus could kill the kids within days. Most of the people in that village were uneducated. But there was this girl of age 12 who was passionate about education. In the dark, under the lantern, this girl used to study for hours. Absorbing those books and knowledge that it contained. When the virus hit the village, she was the only girl who pointed out the problem and called a doctor from the city who saved many lives that day.
That’s why educating your child is essential. And saving early for your child’s education even if it’s a small amount can turn into something big later on.
Most of the parents who have barely taken their baby for a ride in the stroller wonder how we can pay for his education. There is a lot to figure out at that age. Can we afford an education? How much will we be able to save? And what exactly is the correct way to save for college? These are some questions that might haunt you for days and keep you awake at night.
The right time to start saving for your child’s education is now? The answer is quite simple. Start early so that you can help your children enroll in the best school and then college. It’s about staying consistent with how much you save; Whether it is a small amount each month or one large chunk every year, every saving will translate one day into something grand.
There is no surprise that more and more parents are willing to help their child with their tuition fee at a time when costs are soaring sky-high. It is a known fact that today’s adult is more likely to finish secondary school with a burden of massive debt.
Even if the students prefer to pay their study costs at an early stage, it might be difficult for them to save for their marriage, buy a home, or even start a family with no savings at all.
The outrageous cost for higher education with a lack of any saving from parent’s force students to leave school and support the family without completing there education.
Here are some simple ways to start saving early for your children. Follow these recommendations, and in no time, you’ll be able to pay for your child’s education without stressing out.
Begin Saving with Age Zero
The most expensive age for parents is when their kids are born right up until age five. The mortgage, the daycare bills, and the new baby is exploring home-like Tarzan in a jungle book. At this tender age, parents find it difficult to save some cash because they remain busy paying off the extra budget that the baby brought with them.
If you want to start saving early for your child, the best approach is to open an education savings plan. It is convenient and straightforward. If parents make some rules to live by in the early stage of the child, it will be easy for them to make saving a habit.
If you are in a tight spot with your budget, you should start saving some money from the contributions made by friends and family at birthdays and Christmas. This will add up quickly. Ask everyone to pay instead of giving gifts.
Train your kids in a similar way that they take the money and save a portion of it in the education savings plan. Don’t just order them to save; instead, enlighten them with the benefits of saving early for school and college.
Next, you must get rid of that mortgage, instead of complaining, learn how to get a mortgage loan properly. Once you get that off your back, you can move forward with other stuff.
As they grow, sell their stuff
There are just three words for kids – they are expensive!
But the good news is that there is a way in which you can get back what you’ve spent on kids. No joking! Remember that hi-tech car seat that you invested early to keep your kids safe? It is time to sell it now! Many parents are willing to buy that seat from you; you can find them online.
According to OfferUp.com, there are certain times of the year when parents can get the best price for specific items.
- If you sell a crib in March, there is a 30% more chance to get it sold as compared to sell it in December.
- To sell a stroller October is the right month, as most of the babies are born in July and August. So, in June, the demand for stroller rise by 10%.
- Right before the snow, is the best time to sell a snow gear. You can earn up till $110 in October as compared to $90 in November.
With the savings, you can either buy new items or used items that your kid currently needs or stock away items that they will need in the future.
Teach As they grow older
Make your child a part of the saving process; if your child doesn’t realize what you are doing for them, they will not appreciate the sacrifice. The best approach is to teach your kids along the way. They will be on their sometime later, so why not teach them the value of money?
Don’t set unrealistic expectations for them. They need to understand that money doesn’t grow on trees
Find new ways to save
Save according to what you can save as there is no one right way. Analyze your spending and see where you can cut down your expenses. Of course, if you are willing to invest in the education of your child, it is necessary to start brainstorming ways in which you can cut down your expenses.
Regardless of where you are in your life, saving for your child’s education demands a game plan. Set a goal that you are willing to save each month and make goals. A goal will help you stay motivated along the way.
Let’s wrap up
You must let your children realize the importance of long-term saving. If you open a savings account early, you can teach your kids why you are doing so and make them understand the benefits of saving for their college.
Education is a necessary part of our lives. Evolution was possible because people knew that learning is the only way to move forward in life. You must secure your children’s education future so that you don’t have to worry about it when you grow old.
Maybe you can make a financial plan for your kids and let them operate it early so that they can understand how to save money for their college and what are the benefits of saving money in the first place.
ABOUT Alycia Gordan
Alycia Gordan is a freelance writer who loves to read and write articles on healthcare technology, fitness, and lifestyle. She is a tech junkie and divides her time between travel and writing. You can find her on Twitter: @meetalycia