Skinpress Rss

Friday, May 28, 2010

Afford Your Kids' Tuition Fees


The month of May is greatly anticipated by Filipino parents. Thousands of Pesos are shelled out to enroll their kids to school. And giving your child the best education you can afford is one of the hardest challenges in parenting.

Here are the things Ronald and I do to prepare ourselves for Russell's tuition fee:

Save, save, save!
Our son Russell will be on his final Preschool year and we've anticipated the expense of enrolling him in Primary school about a year ago. We expected that we'll spend Php60,000 annually for the next 6 years for his education. Hence, we set aside Php2,500 to deposit in Russell's savings account twice a month to prepare ourselves for the tuition fee expense. We also explained to Russell the importance of saving for his education. I showed his savings passbook and his eyes grew big. Then I told him that we're saving for his school tuition. Whenever he wants to buy a toy he first asks me if we can afford it and if we'll still have money for his school once we buy the toy. I'm so glad that our son loves school so much that he accepts the fact that we cannot buy all the toys he wants.

Even partial scholarships can make a huge difference. The first that came into my mind would be the academic type of scholarship were a student can study for free or on a discount once he attains a certain grade qualification. Russell, is really intelligent and I would not be surprised if he receives an award next year. Next, would be athletic scholarship were a student will compete in sports under the name of the school in exchange for free tuition fee. As early as last month, I started teaching my son how to swim in anticipation of his high school and college tuition. I asked him if he wants to go to swim everyday and attend school for free. Of course, he immediately said yes and I explained to him that it is possible once he starts participating in swim competitions. I also told him that mom and dad will continue saving for his school tuition and once he gets a scholarship all the money in his savings account will be his. That is when his eyes grew really big and he started clapping like mad.

I do not believe in getting a loan to pay for the tuition because it is harder to save for the next year if we have a loan to pay.

I only mentioned the things we do to prepare for our child's tuition, but there are more ways once you start looking for them.

Blessed Be.


Post a Comment

Popular Posts