Organize Your Budget to Afford Quality Education for Your Children
Saturday, November 24, 2018, 6:00 AM | Leave Comment
From the second we find out we are going to become parents there is this little voice in the back of our mind that keeps repeating the dreder word, education.
With the increasing cost of quality education there is significant pressure put on parents to have enough funding set aside to provide their children with the best possible start in life.
Yes, at times it might seem almost impossible, but with careful planning and some smart money decisions there is a good chance you will be able to come through for your kids.
Here are some ways to organise your budget so as to afford the desired quality of education for your kids.
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Take some time to create a detailed plan
And this is not just about starting to save early on, it has more to do with having a clear idea of all the costs involved, and also having a contingency plan if your child’s original ones don’t pan out.
Make a selection of all schools you want your child to attend, starting from kindergarten all the way to college. Adding all these costs up will give you a much clearer idea about which portion of your budget needs to be delegated towards the education of your children.
Now, we can hope for scholarships, but we can’t plan for them. There is also the decision between private and public schools, and that can be tough, but it is necessary that you make it early on so that you don’t raise kids with unrealistic expectations of what their parents can actually afford.
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Set a fixed monthly amount you will put aside
This is probably the most important part of the plan. Consider your child’s education a loan that you must pay off, so instead of setting aside a bit whenever you can, ensure that you meet the monthly payment goals that you have calculated based on the plan mentioned in the previous paragraph.
Now this will take a lot of discipline, and there will be months when you might think this is not a priority, but it is important to stay constant. That is the only way you can reach the needed funding goal. Now as you child gets older the calculation might change, may be a cash reward here or there, a scholarship opportunity or simply changes in the cost caused by the ever changing economy.
So you might be able to adjust the height of the monthly instalment and give yourself breeding room. But it is always bet to prepare for the worst and be pleasantly surprised by the best.
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Learn how to take advantage of each opportunity
This is crucial, do all the necessary research an see what are your options and how you can help your child take every advantage of the education you are providing for them.
For example, in most cases finding a teacher or tutor is a must, but if you learn how to make the most of that first tutoring session and each one that comes after you will be able to help your child learn more and in choter period of time, thus cutting down on the costs in the long run.
Make sure you talk to your child’s school counselor and find out what are some additional programs offered pro bono by the school. Some of them can make a big difference when it comes to providing them with a better chance of succeeding in higher eels of education.
And finally, stay on top of all the opportunities offered by different companies and organizations, they can end up helping your child’s education budget substantially, and all you need to do is fill out paperwork and collect some additional documentation.
Photo credit Pexels
Photo credit Pexels
Photo credit Pexels
Providing a quality education for their kids is every parent’s dream, but of course, reality sometimes tends to diminish that, and we can get desperate. However, the key is planning in advance, knowing what you are up against and setting reachable goals.
You might have to give up a few perks, and may be postponed treating yourself to some items, but in the end a well planned education budget will provide your child with a great starting point in life, and be the cornerstone of their future success.
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