As a parent we always want to give the best for our children, be it the first tricycle we purchase for them when they are the toddler or be it the money we shell out for their Masters’ education, we strive to provide the best. Many of the children think of their future only after they enter into the high school, but it is not the case with the parents, it is completely a different story, as they have to segregate certain amount every month so that they will be ready to pay for the child’s education when the appropriate time arrives, they can’t be going at the back of any financial institutions or Money lenders to borrow money at the last moment. College and school education are soaring so high that as the kids grow, so does their educational expenses. The inflation is almost unpredictable. And so, it is necessary to start at the earliest as a parent to begin planning for the kids’ school and college funds, while they are still toddlers. Many of the parents do not have a remote clue as to how to save for theirs kids education, planning is the main key word, if you plan out well and implement it accordingly, then you won’t face any problem at the last moment. Here below are few tips you can employ:
1. Make a through research of the different college saving schemes, the market as of now; have got innumerable colleges saving schemes which come with various benefits. Analyze them properly and pick out the best one which will fit your necessities. These schemes often come with tax benefits, on consultation with your financial advisor, know the workings of it and pick out the best scheme.
2. Select the prepaid educational tuition scheme. When you opt in for this scheme, the tuition costs are locked ahead itself; it means that you need not worry about the raising cost during the periods ahead. Through this plan, the student will be eligible to join any of the colleges which are in the list of the schemes, and in case the student wants to shift to any other college which is not in the list, they can do so, just paying the extra cost alone.
3. Start your plans, very much in advance, may be while they are yet kids or toddlers, this way you can save more money compared to the parents, who start to save only when child enters the high school level. This education cost is a definite cost, so why not set aside certain amount from the child birth itself. This way you can put in a hefty amount and place your child in a reputed college as per their desires. Thus a little bit of planning and an organized approach will surely reduce you of the educational costs, which you may have to face in the later stage.