Prepare For Your Kids’ Education
Wednesday, October 31st, 2007Parents need to prepare financially if they want the best education for their children. Education costs continue to rise so it’s always best to be ready as early as possible.
Primary and secondary education can be expensive in Europe and the U.S. with yearly fees for independent day schools ranging from US$10,000 to US$25,000. Tuition for college education can cost more than US$20,000 excluding accommodation and living expenses.
It is never too early to begin saving for your kids’ education. You can even start saving before they are born. Understand that changes are inevitable so never be complacent even if your employer is still paying the bill for your children’s schooling.
You can make a rough estimate of the amount of school fees required. If you are not sure about your computations, consult a financial adviser. You can ask then for a calculation of the savings required now to meet the cost of fees due later.
Savings methods include regular and lump sum investments like life insurance with or without benefits.