Often, a well-thought-out and committed plan provide a cheaper funding source for your ward’s education.
Here are three options to consider.
1) Sign up for an education plan
An Education Trust Fund is a good option. Mostly provided by insurance companies and fund managers, the fund allows for regular deposits over a period of time and covers the educational expenses of the policy holder’s beneficiaries before or after maturity, whether the policyholder is alive or deceased.
2) Operate a savings account
Interest-bearing savings account operated over a period of time can help fund your ward’s education up to the tertiary level. It offers the flexibility to save amounts depending on what’s available and permits withdrawals as and when necessary.
3) Reduce expenses
One thing that prevents most people from being able to save is expenses. If your monthly expenses always exceed your savings, you’ll never be able to save enough money for anything.
Reducing your expenses is non-negotiable. You should draw up a personal finance budget and use it to identify items or things you should spend less on or totally remove from your expenditure column.
Now, you are ready to save more money for your ward’s education.