Saving up to put your children through university can seem like an epic task. It’s a lot of money to find and with the cost of living currently notoriously high, it’s tough to see how you can possibly afford it.
However, there things you can do to make paying for your children’s university easier. To help, here you’ll discover some of the best ways to finance your child’s education.
Start saving as early as possible
Ideally, you’ll want to start saving for your child’s education as soon as possible. The earlier you can start, the more money you’ll be able to save. You can also earn money on your savings if you choose the right account.
If you tend to struggle with money management, you might be interested in an account like the one offered by Think Money. This account separates your monthly expenses into a separate area, leaving you with the amount left after bills in your other account area. From here, you can see exactly how much disposable income you have, helping you to decide how much you could save.
It’s worth noting that you’ll want to choose a savings account which enables you to withdraw the money whenever you like. That way, you won’t face any issues getting to the money when you need to pay the university fees.
Consider local universities
There are generally two types of expenses your child has to pay at university. The first is tuition fees and the second is for accommodation. So, if you’re looking to save money when sending your child to university, it could be a good idea to convince them to attend a local university. That way, they could still live with you, cutting down the fees significantly.
Of course, there are pros and cons to this option, but if you’re looking to save as much money as possible, it’s definitely worth considering.
Cutting costs
If you’re looking to boost the amount you can save, looking at ways to cut your costs is a good idea. You could look at whether you could switch utility providers for example. Switching your gas and electricity supplier alone could save you hundreds of pounds a year. It may not sound like a lot, but if you can switch several suppliers it quickly adds up.
You can also analyse your expenses, looking at all the ways you could cut back. You may just be surprised how much you could save each month by cutting out little treats and walking or cycling to work instead of driving or taking public transport where you can.
Of course, you could also look into loan options nearer the time too. There are also student loans available, though these do tend to mount up to a lot of money. However, following the tips above should help you to be able to save more money towards your child’s university and potentially avoid having to take out a loan.
