How to Plan Successfully for your Child’s Education

February 19, 2019Mandi Morrison

Years ago, Malcolm X said: “Education is the passport to the future, for tomorrow belongs to those who prepare for it today”. It doesn’t come as a surprise that decades later his words are still relevant and still ring with truth, but sadly, for a great number of people in the world, education has become difficult to obtain. With the world economy changing rapidly, education is seen as necessary but unaffordable for many. Fortunately, it doesn’t have to be the case: if you hope to be able to afford to send your child to the best schools, you should start preparing early.

Kindergarten/Preschool
Before children start going to kindergarten, the only expense you will have will be food, clothes, toys, and health. This will allow you to invest a lot of time and money into different savings and insurance plans. If you have the means, you can also research some growth plans which will offer you a significant capital appreciation over a long period of time. Even though your child is still young, you should already have a specific investment target for their higher education expenses and start saving money for their future education. Never forget that the price of education is quite high so you want to start on time. Use this time to ask financial advisors for help and plan your portfolio – these steps will ensure that your child’s future is bright.


Middle School
This is a tricky stage because you will have to focus on your child’s admission to the schools you have chosen together. There will also probably be a need for tutors on different subjects, healthcare expenses will be higher, and there will be many other extracurricular activities that might require some money. Middle school children start to learn who they are and will hit puberty, which is in itself a big challenge for the entire family. This is also a time when your child’s talents start showing more, and they will probably show interest in a specific area.

High School
High school children have to deal with a lot of stress, but so do their parents. This is the time when they will have to decide what career to pursue and prepare for exams. They might want to pursue sports career, they might need an IELTS exam preparation course for attending an English college, or they will need new musical instruments if they want to pursue the career of a musician. In general, this is the time when your children will need your financial and emotional support, and to meet the costs of this tricky time, you will need careful planning.


College
Just because they are old enough to go to college doesn’t mean that they don’t need your help. They might have decided what career path to follow, but they will need your support and encouragement in order to follow their dreams. Keep in mind that college admissions, as well as fees, are becoming more expensive with every passing year, and your early investments should help you out at this time. There should be a maturity amount to pay-off these expenses but make sure to time the dates wisely as you don’t want to pick the wrong date or fall short of funds.

Community connections
In order to save some money throughout your child’s life, you could try relying on your community and family. Making good community connections early on means that you will have someone to rely on later. Not only will you be able to find a sitter more easily, but you will also be able to rely on other parents to pick up your child in case of an emergency. Later on, it will be easier to find tutors among people you already know, and what is more, community contacts and connections will help your child learn about many things: from colleges to scholarships.
As expensive it is to be able to go to college these days, it’s still one of the most important steps in a person’s life and the most important investment. Parents who want their children to be able to go to the best schools and colleges should start preparing for this step while the children are still young, as this way there will be enough time to put aside enough money. By carefully planning and wisely saving money, you will be able to afford the best education for your child.

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