The cost of educating a child in today?s competitive world has increased steadily in recent decades. It is very difficult for all the parents to reduce the financial burden of sending their kids to school without sacrificing the quality of their education. As compared to the other aspect of life schooling is becoming more costly.
Here I am going to discuss the top 3 ways to save money in the face of rising education costs that help the parents to reduce the cost of their children?s education without cutting corners
- Plan Ahead for the Investment
The large amount that it costs to educate a kid from primary through university can be scary to parents. According to the latest research of HSBC?s Value of Education survey of parents and students, it has been found that Singaporeans spend twice the global average on children?s local education approximately S$96,196 a year for their children?s local education that is almost double the global average of US$44,221.
After knowing this shocking factor, it is very important for all the parents to plan ahead for the sizable cost of your children?s educational needs. Properly saving in advance is one of the best ways to avoid or limit the burden of study loans that your child might require for a university degree.
- Invest in Various Child Saving Plans
If you really want an uninterrupted education for your kid then it is good to come up with a proper strategy for saving for your child?s education. It is the first step to make their schooling possible. First of all, you can research fees and tuition rates at various schools and compare them. It helps you to make an estimate for your savings goal.
Here is a complete table of International school fees in Singapore. Have a look!
Source: Guide Me Singapore
The next step is to consider how much of your current budget can be dedicated to this cause. Once you get a proper estimate, then contribute that amount to a savings account or you can also invest in AXA Early Saver Plus Plan, this will help you build the habit to save regularly and can help make you a more disciplined saver.
- If You Need Financing, Find the Best Education Loan
If your child is studying in university or college then you must know that the cost of attending a university in Singapore has increased drastically. Between 2007 to 2017, there is a hike of 32% in college fees. The rising of that much amount means parents are forced to rely on student loans or education loans in order to finance their education. As we all know that not all student loans are created equally, so it is essential to do some research in order to find the best fit for your financial circumstances.