Cutting your Kids’ Schooling Costs
Whenever the school season is just around the corner, there’s only one thing that parents are thinking about – the impending costs. Education is a primary right and a pertinent need of every child but it can become very costly. Availing of scholarships and education grants for your children is the best way to get them through schooling. But of course, only a small percentage of children can be given these privileges.
There are simple and effective measures that parents can employ in cutting the costs of their children’s schooling, especially during the back-to-school season. Most often, these measures are often taken for granted, but don’t miss out!
Organize and Save
Keep an inventory of your children’s school supplies and keep it organized. If you are not organized, you will be spending more money on replenishing your supplies. Small things like pencils and crayons may not cost too much, but if you replenish your supplies unnecessarily, you are losing valuable money.
You should also try involving the kids when making the inventory. This will give them a sense of ownership for their things and would know where to take and put their things.
Tax holidays are often offered by many states during the back-to-school season. Price ceilings will be put on different school gears. You might want to do a little research and ask about the schedule and the details of the tax holidays in your area.
It’s a basic economic principle – “the more you buy, the more you save”. Well, this is applicable if you are buying a specific item which you will really need in the near future. In buying pencils, for example, you might want to buy a box rather than buying one for each of your kids. Face it, you will be needing to replenish these after some time, so might as well avail of the lower price by buying in bulk.
You might want to consider buying your child a bicycle for him to bring to school. This, of course, is not always feasible. Finding a cheap and safe way to bring your children to school daily is an important thing. Car pools and school transportation services are options that you can look at.
Whenever you have the time and energy to prepare food for your children, do so. You will not only be saving on the pocket money that you will give to them but you are also secured that your children are eating healthy and safe meals.
Getting your children through school is a hard task and a costly one. Saving money through practical and simple means can assist you in this endeavor. The benefits will eventually add up to bring a brighter future to your children.
How to Save Money for Tuition Fees
As soon as their child is born, parents can start saving up for their children’s college education. With tuition fees climbing up yearly, it is better to have a sound financial plan so that it would not be difficult for you to send your kids off to college when they grow up. Aside from the cash that you have saved yourself, here are the top 3 sources that can help you get your kids through college: 1. Scholarship grants 2. Part-time jobs 3. Financial aids These are good alternative sources for your children to start off on their college education. But as a parent, you would not want to fall in those long lines for financial aid or let your child work himself to death just to have money for tuition and other expenses. Here are some ways on how you can have a jump start at shaving off those hard-earned bucks for your child’s college education: 1. The earlier, the better. Start investing your money as soon as your child is born. First, put the savings or investments under your name. Later on, decide whether you want to transfer the account to your child’s name by the time he or she turns 15. This way, you will have minimal taxes, if at all. However, you need to be careful when transferring account names. Some states require a total turnover of funds once your child turns 18 or 21. This is also ineffective if, in the future, you apply for financial aid. Also remember that tuition fees 10 or 15 years from now may double or even triple the current rates. 2. Establish a trust fund for your child. This is a very wise plan for a child’s parents or relatives to invest in. A trust fund is similar to a time-deposit where the money will be given to your child after a certain number of years. After the designated time, the fund may be received in one lump sum or through an installment basis. When building up a trust fund, check out details like the interest rates, taxes and withdrawal restrictions. All in all, you need to approximate the costs of tuition fees, dorm room, meals, books, and other expenses that may come up. Make sure that you invest money wisely as your child grows. By the time that there are only two or three years to go before you send your son or daughter off to college, “lock” an ample amount of the funds by investing them in low-risk bonds to ensure that you will get to have enough for them to start their college education.