Jan 4 2017
Bringing up children is expensive – it costs over a quarter of a million dollars to raise the average child to the age of 18. And there is a lot of pressure for parents to save even more than this by putting money away for their children’s education.
But, let’s face it – not every household in the country can save money for retirement, let alone the extra needed to put their kids through university. Today, we’re going to look at some golden rules that any parent who is struggling to save should follow – and hopefully, they will help you ease your burden, now, and in the future.
Don’t feel guilty
First of all, try to avoid feeling guilty about your inability to put money aside for your child’s education – you are in the same boat as millions of other people. You also have to bear in mind that giving your child a stable and pleasant home environment is a great thing to do – and it will allow them a chance to grow into good people. All’s not lost, either – if you help your child with their studies, there are scholarships available which your child may qualify for.
Educate your child
If you have no savings to contribute, your child will need to take on debts if they want to go to university. Again, this is OK – and the vast majority of students leave with big bills to pay off. However, it does mean that educating your child about money and finances is going to be critical. If you can teach them good habits and the difference between ‘good ‘ and ‘bad’ debts, it will do them a lot of good. Click here or look elsewhere on the web to see some excellent guidelines about where to begin.
Start saving now
It’s never too late to start saving, and every cent will count when your child goes to university. So, even if you haven’t been putting money away since your kids were born, you can still do so now. As we revealed in a previous post, you have plenty of options. As you great older and your career progresses, you will start to earn more – and you can put a lot more aside for your children.
Learn about financial aid
Scholarships are not the only way of getting funds for your child’s education. There are plenty of grants and loans that parents can take out, too. You can also consider community colleges if you have one nearby, which will lower your costs by a significant amount.
Don’t rush them
Finally, there is no need for your kids to go straight to university after high school – it’s just pure tradition. There is nothing to stop them from taking a year out, and if they are still living at home while working, you can encourage them to save as much as possible for their education. Not only is it a great life lesson in saving for something you truly want, but universities will take your kid’s experience into account. It may even strengthen their application if it’s a role associated with their college course.