Education is one of (if not the most important) keys to success in life, and many Filipinos recognize this. This is why many parents, in the midst of mounting financial worries, immerse themselves in double the work they’re doing just to save enough for tuition fees and other education-related expenses. Getting your child the best education you can afford is one of the hardest challenges in parenting. But you don’t need to kill yourself working just so you can afford tuition at a good school. Instead, be positive, seek help, and try to find ways to make sure you have the money ready when enrollment time comes around (as it soon will!) that don't involve working yourself into the ground.
Here are 10 things you can do to make sure you aren’t scrambling for tuition money when school starts again next month.
Set aside savings in advance.
To make sure you’re not short on cash for tuition payments come June, start saving money early on. For example, you can start saving for tuition one or two years before your child even starts formal schooling. Put aside a little of your salary each month for educational expenses. If you’re in a company that gives out half your 13th month pay in May, save as much of this as possible for tuition payments. You can also create a budget model to balance your expenses. SmartParenting.com.ph has some good models you may want to try.
Ask for school payment plans.
Many schools nowadays offer installment plans for students’ tuition fees, so find out if your child’s school is among these. Find out which plan suits your capacity, and make sure you pay on time.
Ask for payment options before using your credit card.
Credit cards, in cases when you don't have all the cash ready come enrolment time, may be another good option. Go to your bank and ask for payment options before using your credit card. If you think the terms are reasonable, then your child’s education may be just a swipe away. Some schools have tie ups with certain banks that give more favorable payment options for their tuition fees. If your child’s school is among these, you may want to consider applying for the credit card they’re tied up with—and being strict about using it only for school payments.
Scholarships count.
Scholarships—even partial ones—make a huge difference, and there are more of them around than you think. Assess your child’s capacity, and ask the school or government agencies about it. There are also private individuals or organizations that assist with sending children to school. Ask you relatives and friends if they can recommend such organizations, or do your own research in advance. If your child fits the requirements for a partial or even full scholarship, you will find your expenses slashed down quite a bit.
Get loans from reasonable lending companies.
Although there are quite a few reliable lending companies, there are also many that wouldn’t hesitate to rip off hardworking parents, so choose wisely. Get information on interest and payment terms from each lending firm you’re eyeing, and ask trusted friends or family for recommendations—and make sure to check out a number of them to get a good comparison. Review their offers thoroughly before finally making a decision. And when you do decide on one, make sure you pay on time; a good credit history will mean you are more likely to be granted a loan the next time you need one.
Borrow money from family or friends.
You may have other family members, relatives, or friends who are willing to lend you money in a pinch, and on better terms than would a lending firm or bank. Don’t lose their trust, so pay it back according to your agreed terms. Just because they’re family doesn’t mean you shouldn’t put things in writing. This way, you can both keep track of payments made and pending. It’s better to have things clearly set down on paper to avoid any strain on friendly or familiar feelings because of money borrowed or lent.
Find other means to have extra income.
If you can do something financially fruitful during the weekends or spare time, be patient and work hard on it too. Freelance work, online jobs, and other sidelines are readily available to those with extra time, effort, and ingenuity. Perhaps you can engage your children in summer jobs as well, if they’re old enough to handle minor responsibilities, which can help you in keeping additional savings. They may not have enough to contribute to their tuition, but at least they’ll be able to purchase some of their own back-to-school items.
Live within your means.
We all know that sometimes we may go a little too far in terms of rewarding ourselves and spending for luxuries. If it’s not a great need, save your money for important expenses like your child’s education and health care. This way, you won’t find yourself cramming on work to save some for the coming school expenses. Remember, this doesn't mean you can't indulge once in a while—just make the times you do really count, or find cheaper alternatives to extravagances.
Saving for your child’s education is really a top priority, so knowing how to do it correctly may save you from possible financial troubles in the future. At the same time, it’s a good idea to make sure you get to spend time being involved in your children’s school and home life, so they will grow as young achievers. For one thing, it will help pave the way toward a future scholarship!
(Photo source: sxc.hu)
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