INSURANCE . RETIREMENT . INVESTMENTS
Starting an Education Fund for your children is one of the best financial decisions you can make and it gives them a head start at life when they are ready to pursue their educational paths.
Think of this fund as a long-term investment which requires your sacrifice today, for your children’s benefit and your ease of mind in the future.
How can you go about starting an Education Fund? Check out these steps:
1. Consider ALL expenses associated with University/College: The cost of education not only resides in school fees but also the costs of textbooks, boarding, transport and more. Carefully consider all of these expenses before starting an education fund for your child.
2. Determine how much income you can allocate: Review your income and monthly expenses and determine how much income you have remaining after your expenses have been covered. Based on Step 1: Consider expenses associated with University/College, you should have an idea of the total cost of this fund and this should be your financial savings goal. Based on this amount, you can determine how much income you need to allocate per month or year in order to reach your goal.
3. Find a reputable savings institution: An Education Fund works like any Savings Fund and provides interest over time. Research all possible financial institutions to determine which one is best for you before deciding. Financial institutions also employ Financial Advisors who will be best equipped to provide you with information and guidance on starting your fund.
4. Speak to a Financial Advisor: A Financial Advisor would be best suited to provide information and guidance on how best to start an Education Fund, based on factors such as your income, existing savings and cost of educational programs.
5. Have a separate Savings Fund: Unexpected costs unfortunately cannot be prevented. However, it is best to plan for such events by having a separate savings fund that you can draw upon in times of need. This prevents you from having to use the savings in the education fund for other expenses.
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