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It is best to be prepared to pay for tuition on an annual basis because:

 

 

1. You are sure you will not spend the money. It is so easy to "borrow" the tuition fee for some other expense and you might end up with nothing to cover for it when it is time to pay.
2. You might forget to pay for the installment and when you forget, you will probably be charged a late payment fee. Furthermore, you or your child might be embarrassed. Schools usually check on non-paid accounts right before an important exam.

When we pay for tuition of our children or even for our own schooling, we must learn to take advantage of discounts when these are made available.  

Usually, tuition may be paid annually, semi-annually, quarterly, or even monthly. In some cases, there is a discount given for payments paid in advance of the school year. If the discount is bigger than 3%, which is what a short-term savings deposit will yield, then, it is best to take advantage of that discount. Sometimes, this is not clearly stated in the schedule of amounts due. Be sure to compare the amounts carefully so you understand what you are actually paying for.

While planning and saving for the monetary part of education, I would like to remind all of us of a very important issue that we must take into consideration. I have been exposed to so many would-be-entrepreneurs who went to school taking up courses that they were not really interested in. So many just want a degree and "bahala na." During my school days, I recall that many adolescents found themselves suddenly in college without understanding what it is they really wanted to pursue and what their unique capabilities were. They just went to the school where either their friends were going or where their parents wanted them to go. They took up courses that were either the easiest or the most popular. Life was much simpler then and most of them were able to switch to their chosen profession eventually. This kind of a tolerant environment is no longer the case today.