We all know there are significant
costs associated with education especially at University level. From fees, to
equipment to books and general upkeep, the high level of costs may prevent many
parents from being able to send their children to school. Giving a child a head
start in life by saving or investing even a small amount when they are young
could be one of the most important things you do for him or her.
Here are some of the things you
need to consider when saving for your child’s education.
·
Start
early - There’s no time like the present and starting to save
early can help you prepare for the costs of your child’s education. Consider
all your options by visiting your local bank or financial adviser. They should
be able to talk you through all the short, medium and long term investment and
savings options available to you.
·
Get your
children involved - Get your kids to get part time or holiday jobs
and insist that they contribute to their own education fund. Not only does it
give them much needed real-world market experience, it instills in them the
value and costs associated with getting an education which are great life
lessons for the future.
·
Open a
savings account - Whatever the reason for saving; the first step
should be to open a savings account.
·
Invest in
a pension - Investing in a pension is a great way to plan for the future and to
make sure that you can take care of yourself and your family for as long as
possible.
·
Take out a
life-insurance policy - We all hope and pray for long-life and prosperity
but unfortunately, this is not always the case. A life-insurance policy allows
you to be prepared for the worst-case scenario, providing for your family even
after you are gone.
This has been courtesy Sterling
Bank Plc as part of The Bankers Committee Financial Literacy Public
Enlightenment Programme brought to you by The Bankers Committee, comprising all
the commercial Banks in Nigeria and the Central Bank of Nigeria, CBN.
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