Imagine the smile on the face of your child, looking directly at you, and wearing that beautiful school graduation gown- That look is priceless! One of the ultimate goals of most parents is to give their children/wards the best of education. The best education to an extent adds the icing on the cake to the parenting career. Sadly factors such as rising school fees, inflation, and general economic situation of a country always pose as obstacles to this great plan that parents have for their children.
Despite these factors, it is still possible to give your children the best education if well planned. We have listed 3 smarts ways every parent can plan for their children’s education, to guarantee them seeing their children in the beautiful graduation gown.
-
Start early
Planning for your child’s education is a long-term financial goal. The best time to start planning for your child’s future needs is when he or she is born. Assuming your child will go to the University at the age of 18, you will have nearly two decades to create the right-sized fund for your child’s need. The effect of compounded growth will allow you to achieve this goal with small, monthly contributions.
-
Diligently choose the right school
Children will mostly likely spend more time in school than at home, parents should be diligent when choosing a school for their children/ward.
The type of school a child/ward goes will have a great impact in the life of the child/ward. Before you settle for a school, you should consider the vision, mission and culture of the school to see if it they align with what you want for your child. You also need to fact check from people associated with that school, such as parents who already have their children enrolled in that school to hear what they have to say about the school
-
Set up an EduTrust
An edutrust is a legal agreement where money is put aside for the sole purpose of educating the children, irrespective of whatever, untold events the future holds. It is aimed at assisting parents and guardians in securing uninterrupted education for their child(ren) or ward(s).
As a parent, this trust enables you to provide for the education of named beneficiaries. The standard, level of education is determined by you, subject to adequacy of funds in the Trust account. The Trust can comprise of a lifestyle component to provide for other needs of beneficiaries such as vacations, excursions, school trips etc.
We will love to celebrate you and your kids as they graduate from their dream schools. Get started on making that graduation smile a reality today by setting up an education trust for your child here
