Tips on Saving Money For Your Children’s Education

 Formal education is the right of every child. One legacy that you will give your child, and that will also serve a child through life is education. That is why planning and saving towards your children’s education should be taken seriously. These tips will help you to save money for your children’s education. 

Budgeting 

Budgeting is very important in every financial venture we intend to do and the same applies to saving towards your children’s education. Make a proper budget/plan on your daily/weekly/monthly spending and adhere to it.There are several budgeting  apps that can help you not overspend.Do your research and follow through accordingly.

Create a trust fund

Trust funds are helpful in different ways towards saving for your children’s education. They act as a kind of guarantee in case of any eventuality. 

Open an educational auto save account

An educational auto save account is easy to open, it has to be with a standing order with your bankers,whereby a certain amount can

be deducted at a particular time from your regular account and deposited into the educational account. 

Block leakages

Leakages are things that you spend on that can be forgone. When you cut down or totally block these unwarranted expenditures, you can invest the monies into your children’s education. 

Pick a school that you can afford

Quality of teaching is not always measured by how expensive the school is. Even as you desire quality education for your children, it is best you pick a school that you can afford. 

Open a target account

Opening a target account towards saving for your children’s education will give you a push towards your children’s education savings goal. You have a clear picture of how much you want to save and the duration it will take you to meet up.

Open savings account for your children

Opening savings account for your children has many advantages, it guarantees your children’s education even if you are absent. And at the age of 18 which allows the child access to the account, the child can pay for school requirements without calling you for everything. 

Bonne Chance!!