Different Ways to Save Up for Your Children’s Education {guest post}

If you have children, you’ll know just how much money you can end up spending on them. For at least 18 years, you will be responsible for feeding them, buying them clothes, and keeping a roof over their heads. When they come to the age where they leave home, you’ll likely have a few more expenses to pay before the bank of mum and dad shuts for good though. Education is the biggest culprit here, but then again it can be a vital tool for securing your child’s future employment.
Paying for university or college fees, as well as the accompanying costs, may well be the last thing you fork out for, but it will also be one of the most expensive. Therefore it is important to start thinking about how you will fund this well ahead of time; it may be the case that you can find some uniquely alternative ways of saving like Zopa, which is peer to peer lending. – something many parents don’t consider as an option. Here are just a few ideas to get you started…
Let out a property

With a booming rental market at the moment, it might be a good time to buy a property to let. Assuming you can find good tenants, a rental property might be just the ticket to making some more cash. Do plenty of research into the demographics of an area so you know what market your property will need to appeal to, and find out what style of house is likely to give you the best yield. It might be worth trying your luck at an auction to see if you can find a property bargain.
Lend money

It *is* possible to lend money to make money – although you might not have heard of this before. If you utilise a provider to enable you to lend your money to safe borrowers, you could be in for a higher interest rate than you would do if you money was sitting in a savings account. You’ll be able to find out more information about this online or through the peer to peer link above if you are interested in getting involved and learning a bit more about it.
Do extra work

If you don’t have the capital to do an investment such as these, you could make money in a different way instead. Freelancing or starting your own business is an idea, but it would mean putting in extra hours once you return home from your day job. It is a sacrifice but it could all be worth it in the long run if your child ends up getting a well-paid job that makes you proud.
Sell valuable items

Perhaps you don’t have a very long timescale to accumulate your savings; in this case you might need to consider alternative options. If your son or daughter is due to go to university in a
year or two, you could look at selling valuable items such as jewellery, antiques or even one of your cars. This would provide a way to avoid student loans if you don’t want to rely on these.

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