Children are the new generation of change bearers to create a better future. So that children can be part of quality human resources, education must be a necessity that they must get.
As a parent, of course you need to make every effort so that children have the opportunity to take the highest education possible. Ensuring your children’s educational needs can be done as early as possible by planning education costs.
You can start by setting aside money to be allocated for education savings, or investing and utilizing the profits to finance children’s educational needs in the future. If you want a more targeted step, you can register at the Bangkok Patana School. Bangkok Patana School is the oldest British international school in Thailand, Bangkok Patana School is also the best International Baccalaureate School Bangkok (Ib School Bangkok) in Thailand, and is always looking for the latest information on scholarships. The more mature your planning is to prepare children’s education costs, the smaller the risk of obstacles.
However, even though the planning of funds to educate your baby has been well organized, it does not rule out the possibility of errors or problems that can cause the planning to become messy, even fail.
Well, in order for you to avoid these problems, you must know the cause of the failure in planning the cost of education that you should be aware of. If you’ve been experiencing this, the following causes.
1. No Estimated Education Cost Calculation
From time to time, the many needs for school operations make the cost of education continues to experience inflation.In fact, the increase in school fees can be higher than the increase in the price of basic necessities.
For private schools only, the tuition fees can experience inflation up to 20 percent each year. The amount of inflation from each educational institution is certainly not the same.
In order to be able to calculate more accurately the amount of education costs that must be prepared, determine in advance at which institution your child will study.
After that, you need to find information about the inflationary range of educational costs, and calculate how many more years your child will enter the school period.
Although there is a possibility that your calculations are not 100 percent accurate, by trying to do the research, you can find out the estimated funds that need to be prepared to fund the children’s school needs. That is certainly better than not preparing at all, right?
2. Children Fail to Enter Desired School
All parents certainly want their children to get the best education in school. Generally, parents would want their children to study in public schools with the label “favorite”.
The reason is of course because the cost of public schools is not as expensive as private, and these favorite schools are considered to have adequate quality teachers, facilities and infrastructure.
Even though the parents have determined the appropriate school, and estimated and prepared the education fund, many instances where the child did not pass the school entrance selection.
If the solution that can be chosen is to put the child in a private school, then automatically there must be extra funds to be spent. As a precaution, it’s a good idea to prepare backup plans to get around this.
Prepare everything carefully, so that when things happen that are not in line with expectations, you are not too overwhelmed in dealing with them.
3. Apparently Children Cannot Adapt
One problem that can make a child’s education planning a mess is a child who cannot adapt to the environment in his school. The reason could be from the learning system applied and the social environment that is not appropriate.
If a child cannot live his school life comfortably, then resigning then applying to another school may be the way out for you. If that happens, you certainly have to prepare more funds to enroll the child in a new school.
Problems that arise when children have entered school like this are certainly difficult to predict. So, it helps you provide a reserve fund in an effort to ‘find safe’ if the problem afflicts your child.
4. Mistakes in Investing or Choosing the Type of Investment
Investment is a form of saving that gives you the benefit of the funds that have been deposited. Through investment, you can take advantage of the benefits to finance children’s education.
However, there are times when you make mistakes in investing that can trigger the failure of planning education funds for children. An example is the selection of inappropriate instruments.
Instruments in investing certainly produce variable returns. The benefits you can get are usually influenced by the type of investment and the time period. Make sure you have considered the results, risks, and the amount of value to invest carefully, so as not to determine the wrong instrument.
Another mistake when investing in children’s education is only using one instrument, even though more than one child is owned. Each child must have different educational needs, depending on their level of education.
Therefore, separating funding plans for education for each child will make it easy for you to determine the right instruments to invest.
5. Not Immediate Educational Planning
Planning for children’s education costs should be done as early as possible. However, some parents often make the mistake of delaying the plan on the grounds that they will always have time to start.
The bad possibility is that you are late in making educational plans, so that the preparation of funds for children’s educational needs is not optimal. When you choose to save or invest to prepare children’s education costs, the results that can be obtained will be more optimal if you do it as early as possible.
It is certainly easier and safer to do and feel than having to apply for a loan due to late preparation, right?
Maximize Education Fund Planning to Ensure Children’s Future
Providing adequate education facilities for children is a necessity that you must provide. However, the continuing increase in the cost of education, mistakes in financial management, and the emergence of unexpected problems can certainly make children’s education planning at risk of failure.
As an action to maximize the success rate of child education fund planning, you only need to calculate the estimated costs, prepare funds and reserve plans if something unexpected happens, be careful in investing, and prepare these plans as early as possible. When you successfully do these things, your child’s educational needs will certainly be fulfilled.