Gone are the days when college studies were affordable and parents with low income were also able to send their children to a renowned college. But presently, the scenario has completely changed and the college studies have become very expensive.
If your child is going to complete his school education in next couple of years then you should start saving money for his college education from now onwards so that he could get admission in the college of his choice.
For this, you can even inspire your child to regularly contribute some amount from his allowances. This is how he will also learn the value of saving money.
Let us see how you can inspire your child to become an important financial contributor for his own college studies by simply saving money:
First know about his choice
As a parent you might have decided in advance that your child will study in a particular college of your choice. And no doubt, you will select the best education institute for him.
But it is always good to know the choice of our children also. Hence, first know the choice of your child and note the names of his preferred colleges.
After knowing the choice of your child, make your budget for his complete college term.
Then visit to some of the selected colleges told by your child and see which are coming within your decided budget.
Make a list of those colleges and inform your child about it.
Now, ask him to contribute a specific amount for his college studies from his allowances.
First open a bank account for your child. Ask him deposit all his monthly savings in the bank. In the meantime, inform all the family members that your child is saving money for his college studies.
Then bring a penny bank in the house and ask all the family members to regularly put coins in it. Whenever the penny bank fills completely, count the money and deposit it into your child’s account.
When your child will learn that all the family members are helping him to achieve his goal of saving money for college education, he would certainly feel motivated.