How to Fund Your Children Education
4 Ways to Fund Your Children’s Education
By Karen Galarpe
IT seemed like a scene from a scary movie: P30,000 per sem tuition now will become-- P111,000 per sem in 17 years at 8 percent increase per annum P152,000 per sem in 17 years at 10 percent increase per annum P206,000 per sem in 17 years at 12 percent increase per annum
As Registered Financial Planner Alvin Tabanag continued on with his Powerpoint presentation at the recent Money Sense Live! Family Finance 101 seminar, the audience looked at him in disbelief when he said it may take P1 million to P2 million to get a child through college 15 years from now.
That may be peanuts for the millionaires out there, but for the rest of us, that is a tall order. A very tall one. Clearly then, we must all save for our children's education, and the earlier we do so, the better.
Just how to do that? Tabanag, personal money management coach, author of Kaya Mo Pinoy! 12 Steps to Build Wealth on Any Income, and founder of Pinoy Smart Savers, counts the ways:
Protecting Yourself When Dealing with BANKS
After we adapted the ways to be a better saver one day we realized the that we have enough cash to stash. What will we do then? We might go directly to the nearest bank and open a savings account for our savings. But wait a minute - aren't we forgetting something? can we just go the bank and open an account just like that?
Of course not. We have devoted much time & effort to save such amount so we must be careful in choosing which bank we want our money to be kept.
Here are some tips to protect us when dealing with banks. Whenever we choose banks we have to make sure that we have considered the following points.
Three ways to be a better Saver
For sure there are different techniques to ramp up savings rate, but what I will share to you is I believe one of the effective strategies to boost you savings and prepare retirement with a larger nest egg.
Make it Automatic
You won't forget to invest if you set up regular deposits. Sign up to have the money automatically transferred from your checking account into mutual fund each month. Seven months ago, I enrolled in the retirement program offered by our company that deducts specific amount from my basic salary and have it deposited to my HSBC retirement account. Now I checked the amount and I'm very happy to see that it is accumulating slowly but surely. Not only did I started an autopilot saving, I also benefited from the the 3% employer contribution that my company is saving in my account. Surely a win-win for me.
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