As a loving parent, giving your child the best start in life is your greatest priority. However, it should not be limited to providing a great home environment and guidance in their formative years. Helping them step into the adult world is an equally crucial part of the process. Funding their college studies (or at least a part of them) can work wonders for them.
The first thing you should know is that there is no better time to start than right now. Following this, you can focus on the steps below to achieve the best possible results.
Invest
If you want to save money for your child’s college, you need to make your capital work harder. Smart investments are the key to making this happen. Real estate is still one of the best options and is almost guaranteed to yield big ROIs between now and your child’s college years. Looking at UK investment property ventures can be particularly rewarding. The sooner you start, the more time your assets will have to appreciate and bring annual returns.
Stocks and other investment instruments may also be added to your portfolio.
Start A Side Hustle
Investments are an ideal way to build your savings over the coming years, not least when they offer stable growth. However, starting a side hustle can be another very popular choice. It may potentially become your future career while it also teaches the value of hard work to your child. Working on something you love also brings greater balance to your life. Finding options that suit moms is a challenge. Once you have done this, though, there is no doubt that the rewards are huge.
When the side hustle is flexible and can fit around other commitments, you’re onto a winner.
Cut Financial Waste
As well as earning more money, parents can look to reduce their expenses. The key is to find ways of doing this that won’t sacrifice your family’s quality of life. After all, you deserve to create magical memories together. Addressing your food waste is a great starting point. Meanwhile, trading the expensive gym for a community one or losing the unwatched TV channels can help. In many cases, running price comparisons will unlock better deals on everything from utilities to car insurance.
Even if you save just $100 per month, that is an extra $18,000 over 15 years. Before interest.
Know About Possible Help
Funding a child’s college tuition and accommodation isn’t easy, but you might not have to face it alone. You could ask grandparents to donate money to your son or daughter’s savings account rather than buying them large gifts on holidays. Meanwhile, research into scholarships and programs where funding may be offered can be highly useful. Whether it’s eligibility for discounts or acceptance onto schemes doesn’t matter. If those tools can help your child unlock their full potential, it’s a positive thing.
If nothing else, gaining this info can help you guide your child along the path to success.
