Education is probably one of the big things that parents like us invest on for our kids. I currently have a grade schooler and we’re already thinking about her college tuition. That’s why I thought I’d share some ways you can save money for your child’s education.
Whether it’s saving up for college or getting into a prestigious preschool, I’m sure you’d find a tip or two here handy.
Ways to Save Money for Your Child’s Education
Of course, we want our kids to have a good education, right? While it’s easier said than done in today’s economy, here are great ways you can save and cut out some school expenses.
Be clear on your savings goal
It’s imperative that you’re clear on what you want to achieve. For instance, if you’re saving up for college, would you need money for an Ivy League or a community college? Are you aiming to set aside money just for the tuition or even the miscellaneous fees?
As I mentioned, we’ve started thinking about saving up for our daughter’s college fund. It’s a good thing I recently chanced upon an awesome savings calculator for college. What’s great about this is I can readily calculate the future tuition cost and how much we need to save up for that.
By the way, this one is just one of the calculators you can try on the website called Savingscalculator.org. They also have calculators to calculate compound interest, CD rate, and retirement. Isn’t that neat?
When the pandemic hit, my husband and I decided to try homeschool because at that time we felt like the traditional school where our daughter previously studied just wasn’t worth it. Why, you ask? Well, because the learning modality was going to be pure online.
So, I enrolled my daughter with a homeschool provider. And for 2 school years, I taught her myself. Needless to say, we saved a lot of money which we can use for her future education.
Find helpful online resources
With this, I mean two things: scholarship/grants and educational resources. I’m sure you know there are many online scholarships available for every financial situation there is. But did you know that there are also weird and unique scholarships that you can get from making doodles, promoting veganism, or just being left-handed?
As for educational resources make sure to take advantage of high quality educational websites. Instead of hiring a tutor, there are many educational sites you can check out to get your child ahead in his or her academics. Personally, I love those that help them be more hands on and interactive such as those with printables or live worksheets,
Go for preloved stuff
I used to do this back in college. We would scout for secondhand textbooks since a lot of ours were crazy expensive. These days, there are probably a lot of groups, forums, or social media pages that offer second hand school items like books, bags, and school uniforms. Little savings amount to a lot in the end anyway.
Make it a family affair
Yes, get everyone involved early on. I think it would be great if everyone has a good grasp on how to save money for their future education. For example, kids can take on summer jobs or even sell some lemonade on a holiday weekend to help out.
So, do you have other useful tips for saving money for education?