‘Save for a rainy day’ is a saying that holds good no matter what your financial goals are. Even in the case of your child’s education saving today to avoid misgivings later is the best way to go about things. Your child is your reflection and you want to give him things you could perhaps not get in your life. One of these things includes education in a top university.
Let’s face it quality education comes with a high price tag. There is no point wasting time cursing these universities because they promise to offer the best and it is no joke. Yes the tuition fee is sometimes out of this world but that said, nothing in life is free. So instead of waiting for some miracle to happen to secure your finances, you have to take charge at this very moment and decide your own fate.
Saving for your child’s education doesn’t have to involve elaborate efforts. For what you need to pay some years down the line, today you don’t have to live like a pauper. Future savings start with making smart and sensible choices in the present. Here is a list of things you can do to achieve this goal.
Invest in an education savings plan: There are many banks and financial companies that offer plans involving several investment options with a guarantee of desired income at a later date. You could invest in stocks, bonds, securities, the choice is yours. Just know that by diverting a percentage of current earnings to this account it will help you plan your finances better.
Invest in real estate: This may sound a little off the track but this is an option that will never bail you out! Real estate as in a house, an apartment or a commercial property is an asset that will appreciate in value over the years. Though there may be periodic market fluctuations, in the long run this option will serve your goal of saving for your kid’s education. If you don’t want to sell the property at a later date, you can use it to generate income in the form of rent.
Avoid installment schemes: Wondering how this can help you save money for your child’s college fund? Well this may not have a direct impact on your plan but by staying away from monthly installment schemes you will be doing your finances a big favor. For one, you will not be tied down to any financial liabilities when it is time for you to pay for your kid’s college. Two, you will be debt free from day one and you will have absolutely nothing to worry about regarding payment to creditors.
Other small things like planning your grocery purchases, separating needs from desires and effective monthly budgeting are strategies that you can employ to aid your aim of providing your kid with education that will help him make a place for himself in the society and lead a contended life.