I am a mother of two boys – now grown up and pursuing their place under the sun. When my kids were younger, I felt I had too many balls to juggle – pursuing a career, maintaining harmonious family relations, educating my children and inspiring them to be the best they can be, developing my physical and spiritual wellness. All these took its toll but none was as worrisome as saving up for the future with the wages my spouse and I can muster.
I was fortunate to have worked for a company who had a strong advocacy for financial education. I learned the equation “Income-savings = expenses” in my early 30s and kept true to this principle. As I receive annual salary adjustments, I made sure I saved most of it. The money I saved, I use to invest in insurance to protect the breadwinners and education policies for my two children.
I first invested in an education plan that provided elementary, high school and college funds. Since my savings was small, I can only afford one that provided a proportionally small education benefit. My children were 6 years apart so by the time I was done paying for the first policy, I was buying another for my newborn son. When my youngest was 3, I purchased 2ndeducation plan for his brother. This time, I bought only an education plan. Three years after, I purchased a 2nd education plan for the youngest. This went on for many years such that by the time my eldest son was going to college, he was armed with three college education policies.
When my eldest announced he wished to pursue culinary school, I did not think twice. Afterall, I was first to say “be the best you can be”. Despite the prohibitive tuition fees of culinary schools, I did not discourage him from pursuing the course. I knew I had planned well for this and that I only needed to supplement the tuition fees with other expenses not covered by the plan (such as the expensive knives and other kitchen tools used by culinary students).
Now that my second son is in college, I find myself paying only 1/3 of his annual college tuition fees. The rest we get from his education policies.
How did we do it? Here are a few tips I wish to share:
So, does it pay to plan ahead for your child’s education funding? A resounding YES because in so doing, we can attend to our retirement planning even as we are spending to send them to college.
If this was helpful, please share or like it.
Be a financial advisor, join our career orientation. - click here.
1. I want to join a FinancePH seminar
2. I want to donate to the FinancePH Literacy Foundation
3. I want to start saving and investing
4. I want to save for my child's education
5. I need advise in setting up my retirement fund
6. I need help in getting life insurance or health insurance
7. I want to invest in the local/international stock market.
8. I want to know if I am financially healthy
9. I Need Quotation For Car/House Insurance
10. I Want To Be A Financial Advisor of FinancePH (Partime/Fulltime)
Write your comments on the article below:
To be the most reputable and renowned source of innovative financial knowledge and financial services that improve the personal finances, businesses and careers of our clients.
We provide quality and affordable financial seminars, financial consultancy and financial products to individuals and businesses globally. We commit to continuously improve the quality of our people by providing world class training to serve our clients with utmost dedication and professionalism. We use the latest technology, foresight and team work to continually expand in key cities, thus making a huge impact in uplifting the quality of life of Filipinos and ultimately improving our country’s economy.
Contact us if you have questions regarding tax, business law, stocks, investment, insurance, estate planning or money related.
Visit our FB page to view our upcoming seminars that you can attend.
Read Our Previous Blogs: