Tips on saving money for your child’s education
The cost of putting a child through school can be incredibly financially challenging. According to a recent report by insurance group Zurich International Life, UAE parents can expect to pay up to AED 1 million to put a single child through school (based on two years at infant school, six years at primary school, six years at secondary school and three years at a British university).
With school fees rising every year, it is important to plan ahead. Mother, Baby & Child spoke to Aysen Gultekin, a savings expert from Compareit4me.com, about the best ways to finance your child’s education.
Saving for your child’s education
- As soon as your child is born, start putting funds aside. With around six years until they start school, you can build a substantial fund.
- There are many flexible investment packages out there. Adopt a disciplined approach and set up a monthly debit order to assist you with the frequency of saving.
- Family resources are key. Encourage family members to contribute money towards your child’s school fees in place of extravagant gifts at Christmas, birthdays and other events.
- Involve your children. Teach them about savings and what you are doing at the present to guarantee a better future for them.
- Seek professional advice. Studies have shown that individuals who make use of a financial advisor do 25% better moneywise than those who do not.
- Consistently evaluate your plan. Circumstances will change over time so, involve your planner, and re-asses your situation on a yearly basis.