I really do not believe in new year’s resolutions but I believe in having a goal. The year is just starting and it’s the best time to revisit and evaluate our life goals.
If there’s something I regret not doing sooner, it’s not saving for my child’s education. She’s already 10 years old and will be in college in eight years. Though any savings we have will also be made available for her education, having a separate fund solely for college education will give us peace of mind. She’s an only child but life is uncertain. It’s better to be prepared.
My daughter’s talent and interest is into arts and she already told us that she wants to be an Architect. Education is supposed to be the right of every Filipino but in reality, it is a privilege because not everyone can afford it. We are not rich but we are among the lucky ones who can afford to send our child to college if we prepare properly.
Below are the things we will do to prepare for our daughter’s college education starting this 2023:
- Start savings by setting aside a portion of our income each month. We already opened a savings account for our daughter where I set aside money every month. We are also considering other investment options such as the stock market, mutual fund, and educational fund. Meeting with financial advisors to discuss goals also helped us come up with options. If you don’t want to talk to a financial advisor, a financial calculator tool can help in computing for how much to save monthly considering how much your child’s college education will cost (https://calculator.me/savings/college.php). This at least will give you a figure to start with.
- Have other sources of income. Saving for your child’s education should not keep your family from enjoying other activities such as traveling for these are also important for your well-being. Having a side hustle or small business will help add funds to your child’s college funds as well as for your other financial needs.
- Have a good primary and secondary education. The choice of where to enroll our daughter in Elementary and Secondary school is planned. We believe that her current school is one of the best in Bacolod City and we are hoping that she will likewise get into the Philippine Science High School system.
- Encourage good academic performance. Not everyone is cut out to be honor students but having good grades will increase your child’s chances to get into a good university and get a scholarship. State Universities and Colleges (SUCs) have free tuition fees but admission to quota courses is very competitive. It is to your child’s interest to be academically prepared. Also support and hone our child’s talents and interests. In our case, our daughter is into arts thus we make her attend art classes and join the art club in school.
- Search university options. Check their admission requirements, performance in the board exams, and tuition fees. If it’s away from your home then you should also consider the cost of living. Although there are schools offering B.S. Architecture in Western Visayas, we are also looking at the top Architecture schools in the Philippines. This will provide you with possible options for the best school for your child that is within your financial capacity.
- Look for available scholarships. In addition to scholarships offered by schools, there are other organizations offering scholarship. Government agencies such as the Department of Science and Technology offers scholarships for various Science and Technology related courses. The Provincial Government of Negros Occidental and the SM Foundation also offers scholarships. These grants can help you support your child’s college education.
- Prepare child for college life. College life is very demanding especially if your child has to stay away from home. Preparing your child for college is also preparing them for life. Developing your child’s independence and resilience will increase their chances of becoming successful not only in their career but also in life.
If you have kids, it’s never too early to prepare for their college education. It will be less expensive the sooner you prepare financially.