Saving For Education: Starting Early

2007-03-08 10:33:40

( Financial )



AFFORDING COLLEGE

Preparing for our children’s college education is very important, especially because college is very expensive and you may end up very deep in education loans if you do not plan for it early on.

The best option is saving for education while your children are still young. Saving for education is very easy if you do it systematically. You can appropriate a small amount of your income every month, and put it in the bank. Saving for education entails that you must be disciplined and focused; you must not be tempted to use the money for other things. The earlier you can start saving for education, the better. By the time your children are of college age, there should be some considerable amount of money that be used to fund or jumpstart their college education.

SUPPLEMENTARY LOANS

If the money saved is not enough to subsidize all four years of education, you can then avail of education loans to supplement the amount that is missing. At least by saving for education, you and your children will not depend on loans for them to finish their college degree.

The worth of being able to send your children to college cannot be equated in terms of money. There is a sense of fulfillment that makes the sacrifices of saving for education worth it. If you are a young family, saving for education should be a part of your collective goals. Start as early as you can when expenses are still manageable. If the time comes that you can no longer set aside a specific amount at regular times, then just do so when you have extra money to spare. Just try to save whenever you can, and in time the money will grow into a gift that your children will appreciate for all of their lives.


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