As a parent, we only seek to find only the best for our children. It is a constant worry and struggles to lead them to the right path and teach them the right ways in life. When it comes to education, trends have notoriously shifted. Many schools became inaccessible for some children due to their high fees and skyrocket entry rules and conditions. Molding your child into a responsible and righteous person is every parents’ goal, and for that, and many other reasons, choosing the right education is of utmost importance. It all commences with smart planning, and here are a few guidelines on how to do that.
Up to 5 years
Babies and toddlers at this stage don’t need much only food, clothing, playtime and to cover the expenses of day-care. This is a fantastic period to do excessive savings and invest in life insurance savings in the long run. Investing firmly into savings plan is a powerful tool for the future because you are setting money aside because your child only has toy and food cravings. You don’t need to worry much about education at this stage. Since kindergartens don’t cost much, here you only have to try to set growth financial plans, so that you would have enough savings when the time comes to send your child for higher education. Setting a steady target date for child’s investment and savings plan is vital in order to have a reasonable amount of money for their education.
Primary school age
Children who go to primary school, and all those kids up to age 12 again don’t need much financial assistance/ You must take care of the basic necessities, pay the child’s admission to the school, health care, tutoring classes, and other smaller necessities like books and clothing. At this stage, you can still maintain the major focus on future education savings. As you child slowly grows he is showing off various desires and talents such as dancing, football, swimming, which can be rather costly activities. If you recognize a specific talent, no matter the cost, you should try to support them and encourage them to work harder if that is what the are good at. Investing in sport and extra curriculum activities can be lucrative and positive for their’s education since they might even make a career out of it. If they are not so keen on some activity, don’t push them, rather intrigue them with something different.
Starting from the age of 13 and above, children are more inclined to express their career path, and they are more focused on the goals they wish to achieve in life. During this period, it is essential for the parent to spend some of the savings in order to invest in their future education. College admissions and fees vary from country to country, from town to town, however, one thing is certain, a parent will do everything in their power to fulfill their child’s dream. Even though children might know what they want to do in the future, as a parent you should not allow them to pick a college on their own. Deciding on the college they are going to attend should be a mutual thing. It is fairly easy to locate a quality English college, but you should focus on the proximity of public transport, location, extra curriculum activities, the reputation, and the staff and refer here for more in-depth information.
Above 15 years
Investing in children’s future is a never-ending thing. At this point, your children have chosen their career path and might have enrolled their desired college, but there will always be some financial items that you might need to cover. Your savings might have covered the majority of college admissions and fees, as well as the main transport and campus costs. If you reckon that they are too young to do some freelance job to earn extra cash, you would need to cover their expenses for food, utilities and other. Here is where your early age smart planning comes into action. Unit-linked insurance plans come into action at this stage, so you would be covered for major expenses.
Investing in your child’s education is, on the one hand, a parents obligation. On the other hand, is a smart choice because life is unpredictable.