With the rising cost of education fees, you need to prepare yourself fully for what lies ahead. After all, they are not in line with the salaries of those paying them. Either way, this should not deter your quest of wanting a prestigious education for yourself or loved ones. Provided you prioritize education fee planning, you won’t have to worry about spending more than you had initially planned for.
Unfortunately, not many parents and grandparents have the clearest idea of the best place to start. If you happen to be in this category, then today is your lucky day. Below are some the things you ought to know when planning for education.
Where Do I Begin?
With high figures on the horizon, there is nothing wrong with planning how you are going to fund the course of your child as early as possible. But before you get started, there are a few questions you need to ask yourself. How old is your child? How much of their education do you want to fund? Can I pay termly or annually? By answering these and other questions, you won’t have to worry about leaving anything behind.
What Are My Options?
There are different ways to fund your child’s education, and the approach you settle on will depend on your personal circumstances. If you happen to have between 5-10 years or more before you need it, then investing your money may be an option. The good news is that you can count on a qualified financial adviser and invest tax-efficiently while at the same time beating inflation.
One of the best ways to contribute to your child’s education future is by making gifts throughout your lifetime. However, such gifts ought to be made more than seven years before your demise to escape inheritance tax.
The Bottom Line
Giving the gift of education to your loved ones contributes to a brighter future while at the same time allowing your money to be put to good use at the right time. Through effective education fee planning, be rest assured the best outcome can be achieved for you and your child. Of course, this is in line with your goals and personal circumstances. So, what are you waiting for before you start planning for the education future of your loved one before it finally becomes too late!