checklist to planning for your children’s education:

1 Ask yourself what you want for your child
Saving for your children can help give them a great start in life. It’s important for children to learn about money matters when they are young, and saving is an excellent habit to encourage in youngsters – even if they just start off with a savings bank.

2 Consider your child’s needs at every age.
Day care and nursery can be very expensive. Ensure you do some research to find the best option price-wise that caters for the child’s needs.

3 Talk to your HR department
Many companies provide an education allowance for children, so make sure you are claiming yours.

4 Plan for your child’s future past the age of 18
Will your child be going to university and do you hope they will excel and obtain a degree? As a parent, this is something you will need to fund, or a student loan will have to be taken out.

5 Explore overseas options
The fees at universities in America are the most expensive and it can cost as much as US$50,000 a year for a child at a top university. The other consideration is that when a young adult reaches the further-education age, parents are often entering the later stages of their careers and will want to focus on retirement and not more expenses for their youngsters’ education.

6 Stay up to date with residency requirements in your home country
Some countries require residency or proof of residency for up to three years before enrolment in order for a person to avoid having to pay the foreign-student tuition rate, which can be much higher than the rate for resident citizens.

7 Start early
If you plan ahead and start saving early, you will achieve the desired amount you need for further education with little worry. The earlier you start, the easier it will be; a bit like eating an elephant, one bite at a time.

8 Be realistic
Consult a financial planner and discuss what a sensible amount for you to save would be.

9 Look for a tax break
Find out if you can claim any tax exemptions for tuition fees paid.

10 Teach your children how to manage their finances
If they are going to university for the first time, they will need to know how to budget. And remember that young people’s money habits are greatly influenced by their parents’ financial behaviour.

Source : The National

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