The other day, the Philippine branch of an international news agency interviewed me on the advice I could give to not so rich parents who have suddenly realized that they do not have enough budget for the college studies of their children.
My reply was that many times, parents find themselves in the foregoing situation due to lack of planning. In fact, financial planning for newly-wed couples is one of the best family planning methods around. But since it is no use “crying over spilled milk”, I said that there are two options that parents in the situation above can take.
One option is to force the issue by keeping their target cost of education for their children and barrelling their way through with the use of loans. This is a risky option since loan repayment will be an issue in the near future and might even give rise to more problems.
The better option is to face reality and accept lower cost of education for their children. This could mean a standard course over one that is highly technical in nature (e.g. business management vs. biology, which has a lot of laboratory fees). This can even mean enrolling the children in a public university vs. a private one. I had successful officemates who were graduates of public universities (and I am not talking of just the University of the Philippines).
This strategy can also mean taking vocational courses first under the ladderized education program. Under Republic Act 10647, ladderized education:
“refers to the harmonization of all education and training mechanisms that allow students and workers to progress between technical-vocational and higher education programs, or vice-versa. It opens opportunities for career and educational advancement to students and workers. It creates a seamless and borderless education and training system that will allow transfers in terms of flexible entry and exit between technical-vocational and higher education programs in the post-secondary school educational system;”Whatever the strategy, we should make do with what we have and what fate has dealt us with. A dear cousin of mine sent me this awesome SMS, which I eventually posted on Facebook:
“Old man has 8 hairs on his head. He went to the Barber shop. Barber in anger asked: Shall I cut or count? Old man smiled and said: “Colour it!”
LIFE is to enjoy whatever you have with you. In fact we don’t need to count what we have & what we don’t have. WE JUST NEED TO COLOR WHATEVER IS GIVEN US.”
Life is full of color. Let’s keep it..
(Originally written by Efren Ll. Cruz, RFP at http://www.savingstips.com.ph)