As the new academic year approaches, parents, begin to worry. They have to set aside a large sum of money for their children’s school tuitions, especially for those who start a new grade level. You do not have to worry too much, with these simple tips, you can prepare education funds for your children far before they have to start enrolling in a school.
Adjust Your Budget to the Number of Children
Make the appropriate budget according to the number of children that you have. By doing that, you can make a more accurate and detailed calculation on how much money needed for enrollment while also managing another daily spending. This is important, so you are more prepared as you already know the necessary things for your children's education needs.
Apart from adjusting your budget, you should also consider the levels of education that your children will pursue in the future. Don’t forget to count the gap years between one child to another, should you have more than one kid. You will be able to see the big picture of the amount of money to be collected for education funds.
Make Your Financial Priorities
As has been mentioned before, creating a budget for the education funds will most definitely clash with other vital spendings. Therefore, it is very important for you to make clear financial priorities. Record and calculate each monthly spending, then allocate your money according to the spendings and financial priorities.
By having clear financial priorities, it is easier for you to reduce or eliminate unnecessary spendings, so you can focus on providing for the prioritized needs. If you decide to prioritize the education funds preparation, then you can set up a savings account specifically for keeping your monthly allocated income. Be it your fixed income or other additional income.
Start an Investment
If it is not possible for you to have additional income by doing multiple jobs or having a side business, investment is the most appropriate solution for your education funds preparation. Starting an investment is a definite way to develop your money and generate profits, not to mention that it is very easy to do. The profit can be allocated to your children’s savings account to be used as education funds.
However, you need to decide on the best investment according to your financial situation and abilities. Check further on the investment company’s credibility and reputation, make sure that it is legal. Start a safe and secured investment, utilize it as a way to collect more money for your children’s education funds.
Create an Education Savings Account
To optimize your children’s education funds preparation, making a clear budget and financial priorities are not enough. Most importantly, you need to create special savings account for your children’s education funds. This savings account must not be used for daily purchases, but must only act to save all the allocated money for your children’s education needs in the future.
You can easily check the various savings products available at PermataBank by simply opening the PermataMobile X. Choose one that suits your saving needs. Opening a new account can also be done through this mobile application. Not just for preparing the education funds, but you can also teach your children the importance of saving money with PermataTabungan Bintang or Simpanan Pelajar.
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