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5 Keys to Apply in Financial Planning for Your Child’s Education

It has now become so common to hear of school fees that are so high that they are downright unfathomable. Not only is quality education expensive, but competition for top schools is also very steep. These top schools contribute to a costly education by setting incredibly high tuition fees. So, what can a parent do to ensure their child gets the best education without breaking the bank?

Here are five ways to start the journey of quality education for your child:

  • Inquire About Children Savings Plans

Visit your bank and insurance provider to find out what saving plans they offer for children. Most of these institutions have policies in place through which you can pay premiums and earn interest on your savings. And the insurance providers offer coverage to go with the policies. You can select the number of years you wish to have the policy, and after it has matured, you get to collect a tidy sum with which you can pay school fees.

Related: How to Discipline Your Kids

  • Start Planning Early

It is never too early to put in place a plan for your kids. In fact, you can start even before they are born. Find out the approximate costs from kindergarten all the way to college so you can have an idea how much is needed. Do your research and consult with parents who have school going children or whose kids have just completed their studies.

  • Find the Most Affordable Schools

Scour schools to find which one will give you the best balance: one that offers quality education and is within your budget. Note that no matter the bad reports about public schools, some of them do provide a quality education. If you can find a quality public school or a quality school district, it will save you the expense of a private school. As for private schools, you will need to be clear on their qualifications and keep in mind that many of them accept applications way before the child will attend. This will help you plan better.

Related: Practical Tips to Succeed at Homeschooling

  • Do Not Go Beyond Your Means

It is good to be realistic and not get your child into a program that you will not be able to afford in the long run. Enrolling your child in expensive programs that you cannot cover will likely backfire and he or she might end up not completing the program and time and money is wasted. Have a budget and stick to it. Remember that other costs will come in apart from school fees such as school trips and extra-curricular activities that will require you to deep into your pocket.

  • Find out What the State Offers

Many governments have assistance programs to aid the younger generation in attaining their academic goals. This varies from student loans to government grants to scholarships. Parent PLUS loans, for instance, are offered by the Federal Student Aid office. They’re a good option for parents wishing to borrow on behalf of their children. You should always check out parent plus loan interest rates to see if they’re an option worth considering if there is a need. Check the qualifications and make sure your child applies for aid offers. They will save you a ton of money.

Even with all the above, it is important that your child performs well in school. Getting good grades increases their odds of not only being accepted to the top schools but also qualifying for scholarships and financial aid. But what if your children need a little help? Then, it is important also to consider finding tutors for them.

  • Finding Cheap Yet Great Tutors for Your Child

The process of finding a good instructor should be taken with great care. Otherwise, you risk spending your hard-earned money on someone who will not get you or your child the results you’re looking for. Here are some methods to help you find a qualified tutor:

  • Get referrals from other parents, friends, and family
  • Get recommendations from your child’s school
  • Check on verified internet sites with excellent reviews
  • Have a budget to know how much you are willing to spend
  • Narrow your search to focus on your child’s particular needs
  • Look out for a tutor with a personality that your child will like

Tutors should be thoroughly vetted not only to ensure they will give you value for your money but also to ensure your child’s safety. He or she should have several reference letters and should be able to show proof of their work. Also, their academic qualifications should be excellent.

Relate: 10 Mistakes You Should Avoid To Make Yourself a Better Parent

In a highly competitive society, getting your child off on the right footing will go a long way in ensuring their success in life. A quality education is a foundation in this process. That is why it is important to make sure that you have a good financial plan for your child’s education.

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