5 easy ways to save for your child's university education
Based on the way my own homeschooling is going at the moment, I am having doubts as to whether my children will make it to university!! 😂
In all seriousness, university was a struggle for me financially and now it is even more expensive, therefore I want to give my daughters the financial leg up that I never had. My worst fear would be that they didn't fulfill their intellectual abilities due to money worries. 💰
Therefore I have outlined 5 easy steps to start saving for your child's university education. I challenge you to take action on each image to get started today!
1. Start saving as soon as you can
A small amount saved early has the potential to grow into a larger sum than a larger amount saved later.
CHALLENGE - Open a Junior stocks and shares ISA today
2. Start small
As an example, if you saved £5 per month from birth, over 18 years this could be worth over £3,000*!
CHALLENGE - Set up a direct debit to invest £5 per month
3. Don't save - INVEST!
Over an 18 year time period, stocks and shares are likely to dramatically outperform cash i.e. your money will grow larger. Index funds invest in multiple global companies which reduces the risk of investing just in a few companies
CHALLENGE - Invest the money into a global index fund
4. Get family & friends involved
They are often as passionate about your child and their future as you are!
CHALLENGE - Make close family/friends aware that you have opened a savings account
5. Cut back on unnecessary gifting
Avoid plastic toy overload by not going overboard with presents and contribute the money saved into their saving account instead. Less waste and a better future!
CHALLENGE - Contribute any Christmas money into the savings account