A good education is one of the best gifts parents can give to their kids. But let’s face it: sending a kid to school is expensive. You need to pay for books, supplies, uniforms, shoes, and other school necessities. So how can you manage these expenses?
The best thing that you can do is to save for your child’s education as early as you can and let your money work for you through compound interest, or the interest you get on top of the interest of your original investment.
One of the numerous ways to invest for your child’s education is through an Education Investment Fund. This is a savings and investment product which can be used for your child’s education fees in Australia and even overseas.
Here are some benefits of getting an Education Investment Fund:
They can offer good coverage.
An Education Investment Fund is a good way to save for your kids’ education since it covers a wide range of education-related costs. You can likewise use it on various schools, whether these are private, public, or specialist schools.
It can be flexible.
With an education investment fund, you might be able change the student beneficiary at any time. Also, there are no age restrictions so kids and young adults alike can avail it. When it comes to contributions, you can do a monthly savings plan or have an initial lump sum amount. Moreover, you can increase or decrease your contributions without fees or penalties.
Anyone can start this savings plan.
It is applicable not only for parents with kids but also for anyone who wants to pay for further studies, grandparents who want to give support to their grandchildren, and even for students from other countries.
An Education Investment Fund can be a good way to save money for your kid’s education. It is simple, flexible, and covers a variety of education-related expenses. To ease the financial burden, save money for education expenses regularly and as soon as you can. Let time and your money work for you. In the future, you’ll thank yourself for deciding to prepare for your child’s education as early as possible.
Do you know other ways to invest for your child’s education? Share your insights with us.