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Education Planning

Children's Education Planning

HOW MUCH DO YOU NEED?

As parents, you think the best thing you can do for your children is to encourage them to go to school and get a good education — and, hopefully, that will help them land good jobs with higher earning power. But that’s an expensive goal.

Start planning now to give them a head start and yourself a peace of mind.

Income Protection for Your Loved One

Can you still afford your child’s education when your income stopped?

If at some point you have asked yourself, “Who will look after my family when I’m not around?,” you’re not alone. It is natural to wonder how the absence of you and your income will affect the financial and hence the emotional stability of your loved ones.

It is with such situations in mind that insurers introduced income protection plans. By ensuring regular income pay out, these plants help your loved ones maintain the lifestyle you worked hard to give them, even in your absence.

HERE’S WHAT PARENTS NEED TO KNOW WHEN PLANNING FOR THEIR CHILDREN’S TERTIARY EDUCATION

Planning ahead for your child's education

Let's figure out your starting point.

The expected rise in education costs, however, makes it harder for many parents to financially plan for these opportunities.

For many Singaporean parents, guiding children through their school years towards a good university education is a fervent wish. Many see it as their parental duty to pay for tuition fees, even if these are for considerably costlier studies abroad. If you belong to this group, get an idea here of how much you need to set aside to fund junior’s university education, and how you can save up towards that target.

Before you start saving, you need a clear sense of how much you have on hand. Knowing where you are now gives you a better idea of how much you will need to save for your child’s education fund.

NUS, NTU, SMU & Other Singapore University Degrees – How Much Do They Cost in 2020?

Summary of Singapore university school fees 2020

Here are the subsidised Singapore university fees at a glance (based on 2020 intake fees). For digestibility’s sake, these are approximations based on 3-year general courses, and exclude the more expensive courses like medicine.

1. Estimate the cost of your child's university education

Work out how much the tuition fees, living and other expenses might be. One simple back of the envelope calculation is to factor in inflation to how much it costs today.

2. Start saving early

The earlier you start saving, the more you can benefit from the effects of compounding to grow your savings.

To cover any shortfall you may have, you should work out:

● How much money to set aside
● What returns you would need to have

One good way is to review your current expenses. Think about which areas can be trimmed and start saving a higher fixed amount each month. Use the budget and savings calculators to help you work out the sums.

3. Invest your money prudently

Many financial and investment products claim to help you save for your child’s university education. Before you decide to place your money in such a product:

● Work out your goal
● Assess if the product meets your needs
● How much you can afford to set aside
● The rate of return you need
● How much risk you can afford to take

Find out more before placing your money in common investment products.

4. Review your plan regularly

Check your progress at least once a year to see if you’re on track. Diversify your investments if you have to.

Revise your portfolio and move to conservative assets as you approach the time when you need the funds. These may include fixed deposits, Singapore Savings Bonds (SSBs) and Singapore Government Securities (SGS).

We offer simple solutions to keep up with your changing wealth accumulation and protection needs. Get your child’s education planning on track. Take the first step to Be Life Confident. Speak to us or get in touch at eliteintedu@gmail.com

References
[1]Cost of university degree in Singapore set to rise: Economic Intelligence Unit study – The Straits Times, 22 May 2016

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