{"id":740,"date":"2020-07-01T22:43:30","date_gmt":"2020-07-01T18:43:30","guid":{"rendered":"https:\/\/moneymall.ae\/credit-blog\/?p=740"},"modified":"2020-07-03T23:59:54","modified_gmt":"2020-07-03T19:59:54","slug":"simple-steps-for-planning-your-childs-education","status":"publish","type":"post","link":"https:\/\/moneymall.ae\/credit-blog\/simple-steps-for-planning-your-childs-education\/","title":{"rendered":"6 Useful Steps For Funding Your Child&#8217;s Education"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you are a parent, it goes without saying that you aim at providing the best education for your children right from their early schooling years all the way to their higher education. It is, therefore, the requirement for f<\/span>unding Your Child&#8217;s Education makes it <span style=\"font-weight: 400;\">crucial to prepare yourself financially for the education-related costs since we live in a world where costs determine quality. Do not worry, we have come up with this guide, articulated with useful steps to help you plan your savings and investments to create a corpus for your child\u2019s education and a prospering future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/moneymall.ae\/credit-blog\/simple-steps-for-planning-your-childs-education\/saving-for-childs-education\/\" rel=\"attachment wp-att-742\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft  wp-image-742\" src=\"https:\/\/moneymall.ae\/credit-blog\/wp-content\/uploads\/2020\/06\/Saving-for-childs-education.jpg\" alt=\"\" width=\"325\" height=\"242\" \/><\/a>In today\u2019s day and age, education has proved to be the most important aspect of a child\u2019s life. Thus, planning for something so significant comes with its own set of confusions. When is the right time to start? What aspects must one consider while saving for a child\u2019s higher education? How does one begin? Should we just target an approximate amount and start saving? We have got the answers to all of your questions because parents in UAE need to have a strategic plan to ensure that they are financially prepared for funding their children\u2019s education. Reports have shown that<strong> <em>parents in UAE tend to spend more on their children\u2019s education as compared to the global average.<\/em><\/strong> So, here are a few tips that you should keep in mind to consider when you are planning for funding your child\u2019s education.<\/span><\/p>\n<p style=\"text-align: center;\"><em><strong>Read More:-\u00a0<a href=\"https:\/\/moneymall.ae\/credit-blog\/how-will-your-bank-help-you-during-a-pandemic\/\">How Will Your Bank Help You During COVID-19?<\/a><\/strong><\/em><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2337441daa5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2337441daa5\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/moneymall.ae\/credit-blog\/simple-steps-for-planning-your-childs-education\/#Determine_the_costs_beforehand\" >Determine the costs beforehand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/moneymall.ae\/credit-blog\/simple-steps-for-planning-your-childs-education\/#Start_saving_money_regularly\" >Start saving money regularly<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/moneymall.ae\/credit-blog\/simple-steps-for-planning-your-childs-education\/#Do_not_ignore_the_rate_of_inflation\" >Do not ignore the rate of inflation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/moneymall.ae\/credit-blog\/simple-steps-for-planning-your-childs-education\/#Create_a_budget_to_be_financially_prepared\" >Create a budget to be financially prepared<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/moneymall.ae\/credit-blog\/simple-steps-for-planning-your-childs-education\/#Protect_your_childs_future\" >Protect your child\u2019s future<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/moneymall.ae\/credit-blog\/simple-steps-for-planning-your-childs-education\/#Remember_to_invest_carefully\" >Remember to invest carefully<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/moneymall.ae\/credit-blog\/simple-steps-for-planning-your-childs-education\/#Overview\" >Overview<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"Determine_the_costs_beforehand\"><\/span><b>Determine the costs beforehand<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While there are other factors that need consideration, you need to determine a base number before you begin saving. Even if many parents are aware of the need to create a corpus for education, most parents find it difficult to estimate the costs they would incur on their kid\u2019s education. There are two factors that make an estimate difficult \u2013 first, it is a long term goal and second, they do not know which course the child will opt for. Understanding the current cost of education depends on where you live, the level of education your child might want to get, and the type of college he\/she might want to go to. Also, it is extremely important to determine whether your child will study locally or abroad. It is significant to keep in mind where the prospects want to send their kids for education, as the fee structures are different in different parts of the world.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Start_saving_money_regularly\"><\/span><b>Start saving money regularly<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Once you have estimated the requirement, find out how much you would require investing each month towards it. The sooner you start investing in your child&#8217;s education, the better. As with any other investment goal, time and compounding interests are your best friends and most valuable asset. The earlier you start saving regularly, the less you will need to save in the long-run.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Do_not_ignore_the_rate_of_inflation\"><\/span><b>Do not ignore the rate of inflation<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Inflation means the rate at which the value of money deteriorates over time. The costs of education are expected to rise faster than the costs for other services. Accounting for this higher cost as a result of inflation is essential. Every country has an inflation rate that can help you determine the correct cost of education post-inflation. If you are saving for education in a different country, then you must take the inflation rate of that country into consideration.<\/span><\/p>\n<p style=\"text-align: center;\"><em><strong>Read More:-\u00a0<a href=\"https:\/\/moneymall.ae\/credit-blog\/a-beginners-guide-to-personal-loans-in-uae\/\">A Beginner\u2019s Guide To Personal Loans in UAE<\/a><\/strong><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Create_a_budget_to_be_financially_prepared\"><\/span><b>Create a budget to be financially prepared<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Budgeting is one of the most important tools in the arsenal of someone planning to save money for the future. It allows you to approach the huge future costs efficiently by planning and saving for it over the years. With a good budget, you can avoid unnecessary expenses and ensure that you save enough to be financially prepared for planned and unplanned expenses in the future. By creating a budget you can also keep your debts in check.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Protect_your_childs_future\"><\/span><b>Protect your child\u2019s future<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When you plan it well, there is a high chance that you will accumulate the desired corpus. Many times you may start small but as your income increases, you can make up for the shortage in the past. However, do not forget to buy adequate term life insurance for yourself. Even in case of an eventuality, the education of the child must happen as per plan.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Remember_to_invest_carefully\"><\/span><b>Remember to invest carefully<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Saving money and investing are two different things, but equally important. Putting money into a savings account or money market account keeps it liquid but you won&#8217;t see as much growth in interest as you would by investing in the stock market instead. In terms of investment vehicles, stock funds historically have almost always exceeded other investments over periods of ten years or more. But, don&#8217;t just park your money in a fund or two and leave it. Review the performance of the funds at least annually, and make adjustments as necessary for under-performing funds. A financial planner can not only provide advice on your savings plan but can also manage and monitor investment performance and send quarterly statements. If you are managing your own investments, be sure to account for the time that you have left to invest.<\/span><\/p>\n<p style=\"text-align: center;\"><em><strong>Read More:-\u00a0<a href=\"https:\/\/moneymall.ae\/credit-blog\/9-best-personal-loans-in-uae-for-2020\/\">9 Best Personal Loans in UAE for 2020<\/a><\/strong><\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Overview\"><\/span><strong>Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Being a parent is tough. There are just too many things to manage all at once. You probably spend a lot of time worrying about your children&#8217;s health, homework, and social skills. Then, there is the thought of their future. With education getting costlier, it is becoming increasingly important to start early and work towards ensuring that you are well prepared to manage the higher education costs without burdening yourself with loans or worse where you have to ask your child to compromise. You definitely do not want the lack of funds to come in the way of realizing their dreams. It&#8217;s probably best to start saving for your child&#8217;s education as early as possible. However, to save effectively you need a plan and a reasonable estimate of eventual costs. We hope that this article helped you to figure out how you can fund your child\u2019s education and reach your other financial goals at the same time.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are a parent, it goes without saying that you aim at providing the best education for your children [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[203,202,201,204],"class_list":["post-740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-saving-money","tag-budget-to-be-financially-prepared","tag-education-loan-uae","tag-funding-your-childs-education","tag-invest-carefully"],"_links":{"self":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/comments?post=740"}],"version-history":[{"count":8,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/740\/revisions"}],"predecessor-version":[{"id":843,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/740\/revisions\/843"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media\/742"}],"wp:attachment":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media?parent=740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/categories?post=740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/tags?post=740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}