How to Fund the Education Your Child Deserves
When you are a parent, you want to do absolutely everything possible for your child. This includes ensuring they have the resources required for a good education. However, as your child progresses through education, the costs can soon start to add up.
From tuition fees to learning resources, as well as paying for living costs while studying, the cost of education can start to feel never-ending. For some parents being able to fund their child’s education is a cause for concern. So, we have put together this guide on how to fund your child’s future and ensure that they can experience the education and bright future prospects that they deserve.
Start Saving Early
Our top tip when it comes to funding your child’s education is to start saving up as early as possible. The earlier you start saving, the more you can save up, and at a more affordable rate. You should set up a bank account or building society savings account for your child from a young age and then pay in what you can afford.
Even by saving a little amount of money into a 2 percent interest account each month, such as £10, over an 18-year period, you will have £2,500 saved up to help towards university costs for your child. You can open up accounts from as little as £1, and you can encourage your child to save in that account too.
Make a Savings Plan and Stick to It
It is important that you have a clear plan of how much money you want to save, and how much your child’s education is going to cost. It is much easier to plan when you have an end goal. Setting up a spreadsheet of your savings is a great way to keep track of how much you have saved, and also keep on top of when you are due to make deposits into your savings account.
It is important that you look into the costs of education, as things may have changed considerably since your days at university. Further education in the UK today is a significant and serious long-term financial commitment and where your child studies will determine how much it is going to cost. Colleges and universities can charge up to £9,250 a year for tuition fees. But do not forget there are living and accommodation costs to pay for as well.
Cut Back on Your Spending
Saving money can seem impossible when you are sitting waiting for payday each month. However, you will likely be shocked to learn how much money you spend each month on things you do not need. Therefore, we suggest that you cut back on spending. Assess your income and outgoings so that you can realistically set aside an amount of money each month for your child’s future.
Get a Short-Term Loan
If you haven’t had the opportunity to start saving up years in advance in preparation for your child’s education, but don’t want this to stop your child from getting the education they deserve, then you can take out short-term loans to help pay for essentials, like a new laptop.
Many people worry about loan acceptance, especially if they have a bad credit rating.
Luckily, there are brokers where you can make a no credit footprint application with no fees and an instant decision. Even better, 90% of applications to fully regulated and authorised credit broker New Horizons are accepted, which can give you the peace of mind and financial support when you and your family need it most. This is a great option if you need cash quickly. Follow the link to boost your chance of a loan acceptance.
Apply for Student Loans
There are now some student loans that your child can apply for which will help cover the cost of your child’s education. Government loans include a tuition fee loan and a maintenance loan to cover the cost of living.
Both types of government-funded loans are repayable once your child starts earning a salary of £26,575 or more. Therefore, this will help them to get the education they need and take some of the pressure off your finances.
Get a Student Bank Account
Banks now offer a range of different student bank accounts available for those who are going to university, to help them have the financial support they need during their education. You can help and encourage your child to set up a bank account that is tailored specifically to students, as they offer interest-free overdrafts to help their finances in between payments.
By starting early and being aware of the financial options available to you, you can secure your child’s future and ensure they have all the opportunities they deserve in life.
Fund the Education Your Child Deserves is a feature post