Raising a child is a stressful experience and needs patience and endurance all the way. As a parent, you are assigned the task to prepare, protect, and nurture your child for the world outside. With everything you do for them, what you want is for them to succeed in life. However, in today’s modern and advanced world, education cannot be simply ignored. It is the most important factor in the upbringing of a child, but quality education today is not as cheap as it used to be. It comes with great cost and sacrifice.
People usually mistake it as a lighter issue, and they put off this matter until the child turns an appropriate age for school. However, if you think it through you shall realize that education is a very long course that starts from kindergarten and ends with a degree of bachelor’s or even a doctorate. This journey requires thorough planning and a strong game plan. Here are some of the reasons you should plan early for your child’s education.
Choosing a School
CURRICULUM: If you want your child’s future secure and guaranteed, you may want to opt for the best schools in the city. You have to choose between public and private schools, look for good colleges with the best programs for intended majors. You have to keep yourself updated with all the news about admissions. These days it takes more than just filling the applicant’s form; schools have several procedures and requirements that should be met at all costs. Your child may also need to prepare months before the admission test. You may also require some time for yourself to assess the best schools. It all starts with the selection of a top-quality early learning centre that will set the tone for your child’s future success.
You Need to Save and Invest
Calculate the estimated cost of your child’s education and start saving early. Your preference for private schooling may cost you double the amount of public schooling, but it will surely benefit your child. Work out the tuition fee, living, transport, and other necessary expenses. Starting up an investment account for your child’s education is a great way to avoid potential risks in the future. An average family has more than one kid to worry about. Thus, you need to plan out your savings and investments and your insurance services. If your child is likely to attend a medical school, you have to start saving before they finish high school. Be realistic about assuming the inflation factor and start saving early.
The average inflation in education is 6% per year. The costs of education double every 12 years. So for your toddler, you may want to calculate the inflated cost for his bachelor’s degree. And if your child is aiming for studies abroad, you might also want to consider the exchange rate of the dollar with the currency of the country where your child may complete his or her graduation. Thus, saving for your child from the beginning can help you overcome this problem.
An Insurance Plan
You need a stable plan for your child’s bright future. In any case, if you are met with unfortunate disasters, having yourself insured, will guarantee a secure future for your child. Make sure you buy a health insurance policy that can provide enough coverage for your child to receive a quality education in your unfortunate absence.
The Final Word
The greatest gift you can give a child is quality education and a healthy upbringing. Education for your child should be your top priority, and to ensure this, you need a stable plan. To take notes, you should begin the saving and investing process in the early days of your child’s life. Survey schools and prefer the institute that suits your child best. This sensible approach will help your child achieve their goals while you fulfill your responsibility as a parent.