They say that children that complete high school can make up to $35,000 a year, those who complete college will make up to $50,000, and children who complete an advanced degree or receive a doctorate can make up to $100,000 a year or more. However, in order for your child to reach a six-figure salary you need to make a serious investment in their education. This can be done early in your child’s life by sending them to a great school with great teachers, or instilling in them the merits of working and studying hard to accomplish their dreams. For many parents this a full time job, albeit a rewarding and fulfilling job, but it can also be expensive. Yet, when it comes time for your child to go to college you might be left looking at your savings and wondering if there is enough left over to send them to a great university. Here are 5 ways to save money on your child’s education.
- One of the best ways to save on your child’s education is to plan ahead. For many parents, this planning can start the day your child is born. If you want to have enough saved up so that you can send them to amazing school – without having them apply for an interest heavy loan – it might be wise to start saving up the day they enter the world. It is prudent to put the money in a special college savings account, which can accrue the most interest. You can ask your local banker what some of your options might be.
- In order to save up for your child’s college tuition, you want to make sure you don’t spend a fortune on private grammar, middle and even high school. There are plenty of amazing public schools, which will save you an enormous amount money. Tuition and fees at private school can be staggering and not worth the investment. You could also home school your children so that they don’t have negative outside influences, which can be common at some public schools.
- It might also be wise to invest in extracurricular activities, like sports or dance. Children who have more specialized interests are considered assets for many colleges and in turn are offered more scholarships. Imagine the money you’ll save by not having to pay for your child’s college tuition. Your child, if they have a specialized interest, can also apply for a partial scholarship, which will offer a steep discount on tuition.
- And whether you are looking for Washington DC tutoring or tutoring in any other city, having some assistance with homework will help your child maintain the best GPA so that they are more eligible for financial assistance when it’s time to go to college. Also, a tutor can help your child study for the SATS and other exit and entrance exams.
- Lastly, you can also set up a friends-and-family college savings account for your child in the first couple of years of their life. You can ask your closest friends and relatives to contribute to the fund, which is usually high interest yielding, and can turn into a great nest egg so that you aren’t fretting on the day your child get their acceptance letter from a university in the mail.