Every parent or guardian can relate to the difficulty that arises when choosing the best education for your children. You want to give your child the best platform to succeed in life; no matter what path they choose to go down. In order to achieve this you will need to put in some pre-planning. Investing in their future with quality education is undoubtedly the best way to give them the greatest chance of achieving their goals. The importance of planning is further highlighted if you are an expat living in a foreign country. After all, you may not have access to the free education options and you’ll want to make sure your children receive education that is taught in their native language. Keeping that in mind, read on for some recommended steps to follow when managing tuition fees planning.
Understand your needs– The first step in planning anything is to understand what you need. What will your child need to be accepted into a university or college programme? How much will it cost you to achieve all of this? You will need to do research into the costs of tuition in both local and overseas institutions. After all, you don’t know what path your child is going to take and thus you need to try and plan for all eventualities.
Map your journey– Now you should have a good idea of how much it is going to cost you for your child’s education. You’ll need to map out your journey, i.e. how you are going to get from now to your target savings. This also involves making sure that your family members are sufficiently protected so that if something happens to you, your child’s education will not be affected.
Start saving early – Education fees can often be expensive, which is why it is advisable to start saving early so that the process of accumulating the funds is more manageable. Thus, when you map out your journey give yourself plenty of time to save up the amount necessary.
Research and plan – You should also do as much research as possible into some of the countries that will be suitable for your child in terms of education. You should also see if there could be any financial support available to you. A lack of research could result in you spending more money than necessary, as you may be eligible for an education grant or loan.
Choose between public and private education – The final step in financial planning for your child’s education is determining whether your child is going to go to a public or private school. This is vital; as it will play a huge role when it comes to how much money you need to accumulate. Assess the advantages and disadvantages of both options and decipher what route you’re going to go down.
There is no denying that planning to fund your child’s future education can be difficult. However, Taylor Brunswick Group can help you to choose a plan that fits in perfectly with your investment management program and will ensure you meet your goals for your child’s education.
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