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  1. Growing My Finances.

     

    While a family may save for years for the children's education, there are ways that this saving can grow a little faster.

    The secret of a good savings plan is to invest wisely.

    Many years ago, my husband and I took a part time Saturday job to earn a little extra for the family. Very soon, we have enough to put aside a small sum of money to buy a property. We rented the house to help us pay for the monthly mortgage instalment.

    When our eldest daughter went to university, we sold the small house to finance her education. Today, she is a Global Marketing Manager of an international petroleum company. The investment that we put in her education is money well spent.

    However, not everyone should invest in property. This is because all investments carry risks. So we should invest in an area that has minimum risks and within our capabilities to manage. Some parents invest in stocks and bonds and they can also do very well. Parents can talk to a financial planner to help them decide.

    It is best for parents to get ready the funding at least 3 years before the child goes to university. Keep the money safely so that there will be no anxiety when the time comes to use it.

     

  2. Saving and Preparing for My Education

     

    Rather then setting your heart on an expensive university and raising funds for it, families should just set a reasonable and achievable budget for themselves and look out for good universities within the budget.

    I know a family with three children. One day, it dawned on the parents that their children were growing up and would need extra resources to go to university. In order to raise funds for the children, both parents took on a second job full time. Eight years passed; the children had all graduated from universities but the parents were now sickly and haggard. They had sadly neglected their health in order to send their children to university.

    But it does not have to be this way.........

    Saving for university should be planned early and  involve the whole family. Both parents and children should also be realistic about their budget and work happily to realise their plan. You may ask .......

    How early should I start saving?

    Families should begin to save as soon as possible. By this I mean at least 5 to 10 years earlier. You may think that it is very hard to save for such a long period of time. But let me assure you that when a family is doing it together, it is lots of fun. Children should also learn to save for the future. This is excellent financial education for them.

    Saving together for the future will actually draw the family closer. Children will also learn at a young age to save and  live within their means.

     

  3. How Much Money Is Enough For My Education?

     

    While a university education is a head start for us, going to an expensive university is not the only way for us to succeed in life.

    In fact, my experience of sending my three children through universities shows me that students should live simply and even work part time to supplement their pocket money.

    Living simply and working part time is always good for students for the following reasons:

    • Students learn to budget
    • Students learn good values of living frugal lives
    • Working part time can bring in a host of valuable working experiences
    • If students are working on part time jobs related to their field of studies, the work experiences will help them get a good job resume upon graduation.

    Families should plan early and discuss the resources that they can provide for each child's education. Students are responsible for using the family's resources for maximum benefits.