There is no doubt; parents are financially burdened with their children’s education. By the time a child enters public or private school; parents begin to feel the financial burden of their children’s education. While this is just a parent’s responsibility, it can take its toll over time. Being prepared for post-secondary education for your child or children will definitely pay off in the long run. Planning a budget for your college student and his/her post-secondary education is not so easy; especially, when there is a mortgage or rent payment, utility bills, car payments, insurance premiums, and other household expenses? Find the answer in the content given below.
- Host Monthly Budget Talks
It is essential, your child learns about budgeting at an early age. What more excellent way to do it than with monthly budget talks? When your child is young, there will be no need to go into the specifics. However, you can begin teaching her about saving money for college. As she grows, you can start to instill more budget-worthy information in her young brain. She will learn how to save money throughout middle school and high school without compromising her childhood.
There is absolutely nothing wrong with instilling good budgeting techniques in your child’s brain. You want her to grow up to be a productive adult. There is no more benefit to start than now.
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- Opening A Saving Account For Children
If you genuinely want your daughter to build her financial skills, you should consider opening a savings account for her. Make it rewarding to save money. When she asks to deposit funds into your new savings account; treat her with something special like a few hours at the local park.
The mistake some parents make when opening their children a saving account is not letting them control them. You should trust your daughter enough to deposit and withdraw from her savings account financially wisely. So, permit her to withdraw small sums for after-school activities, birthday parties, summer vacations, graduations, and other special events.
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- Keep A Door Of Financial Communication Open
Children as young as five years of age can begin to learn about financial literacy. Teach her it is not always about earning money. It is also about saving money, expenses, and planning for a financially rewarding future.
No one likes to talk about debt because they believe it may be a taboo topic. Luckily, this is not the case at all. In fact, you can freely speak to your child about the monthly mortgage and other expenses. However, it is crucial not to instill fear in your child but good money sense.
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- Budget For College
The financial experts at Budgetable suggest starting planning a college student budget when your child is a newborn. It is crucial to continue early, so your savings will cover all the expenses that go along with post-secondary education. You must also cover costs like supplies, textbooks, room & board, clothing, transportation, and discretionary spending under your budget. Every year, tuition fees increase. By the age, your child graduates from high school, the average cost of college tuition will double.
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