We all want your sons and daughters to get the best possible education. But the biggest worry of all is – how can we cope with the stress of ever-increasing university expenses and fees? Because after all, the money we spend on our kid is perhaps one of the biggest family expenses. Today, we have for you 5 ultra-important ways to provide high quality learning experience for your kids. They are:
1. Set up an RESP
Full form of RESP is Registered Education Savings Plan, which is perhaps the easiest and convenient way of raising money for your kids. Biggest USP of RESP is that it lets you be flexible when you create one either with the bank or in accordance with your financial advisor. All you have do is invest anywhere between 20-100$ a month and soon you will have a lump-sum amount ready! Use RESP calculator to help you calculate the amount of fund you would need in the proposed number of years.
2. Get creative with your savings
Savings don’t necessarily mean keeping an X amount aside every now and then, savings can also be made on daily basis. Wondering how? Just keep a tab on the most expensive things, such as elaborate birthday parties, investing in new editions of technology gadgets when the current ones are doing a perfectly find a job and investing in gymnastic or Zumba class when you can replicate the same exercises at home by watching some online videos. Save more on everyday activities and soon you’ll be able to create a healthy amount for your children’s education expense.
3. Make full and proper use of family expenses
A small idea towards this would be to encourage your parents, grandparents and relatives to contribute to your education plan by gifting you cash. Yes, you heard us right there! Avoid taking gifts at Christmas, birthday parties and other such important events. After all, what could be a better legacy for your elders if they contribute towards your education? They could also extend a testamentary legacy in their will and that would be one of the most thoughtful and kind gesture!
4. Scholarship – that should be the biggest eureka moment for you
Always, always encourage your children to get the best of grades, so that they can become eligible for a scholarship. In fact, you should also encourage your child to apply for bursaries and scholarships as they can prove to be a real asset for your children. Also, this is just an old-age myth that only exceptionally talented students can get scholarships. Many average-grade students can also get scholarship provided they enrol for various organisations, individuals, governments and business-linked scholarship. Right from the extremely esteemed to 哈佛大学 to your community college; everybody has a list of scholarships.
5. If you can’t raise enough money, lower the costs
This basically means that if you really cannot afford to pay for your child’s heavy college fees, then reduce the amount of money your child needs for college. You can do so by being informed if your student’s high school offers dual credit and/or [advanced placement] courses – something that could account directly for college credit hours. You can either look for a community college that offers education a lower cost or you could simply apply for pre-placement offers right after your high school to fund your college fees; options aplenty.