Saving For Your Child’s College Education

- Mom, I got into Oxford Medical School!

- Sorry love we can’t afford it, you can’t go.

You would never ever want to have such a conversation with your child. Every parent wants to provide the best opportunities for their children and giving them a head start with a good university education is probably one of the most important things they can do. Starting as early as possible and sensible planning are key factors in succeeding in this goal. With a few simple steps and determination your child’s education will not be a cause of stress but a source of joy for you to be proud of. Estimate the cost of your child's university education Work out how much the tuition fees, living costs and other expenses might be. Don’t forget to factor in inflation to how much it costs today. Make an assessment of your current income and saving possibilities Before you start saving, you need a clear sense of how much you have on hand. Knowing where you are now gives you a better idea of how much you will need to save for your child's education fund. Start saving early - we cannot say this enough! The earlier you start saving, the more you can benefit from the effects of compounding interest to grow your savings. An important thing to remember while planing is that while your child comes closer to university education you will also be nearing your retirement years. It is indeed very important to start saving early but you must never think it is too late, it never is!