Prepare yourself, Prepare your child!
World over parents dream of higher education for their children preferably in some foreign university say in Australia, the US or UK. Not only in these countries, even in Asian countries, the costs of education are whopping and parents need to prepare themselves for this expense. While talking of Singapore, a survey reveals that Singaporeans spend twice the global average on child’s education.
As we discussed ways to plan and invest to reach your financial goals for which parents need to prepare, there are other aspects also for which children need to prepare. They should support their parent’s financial endeavours by preparing well for higher studies. They should leave dependence on tuitions, where the purpose, many times, is just to make money and for which parents have to shell out huge sums year after year. Assess, do you need it? Is it going to help? Is it burdening you as parents? Finding answers is not difficult.
The only solution is that as parents you monitor your child’s study at home and guide him and mentor him. Many times, parents are very particular about sending their child for tuitions but is your child learning anything there? Is his progress good or you are doing as everyone else is doing? There is no point in stressing your child by making him over study and become sleep deprived. How would such a child study and perform in school? He needs adequate sleep and rest to perform in school and later in his life…
A 2015 Straits Times poll revealed that, while 7 out of 10 parents send their kids for tuition, most do not even know if tuition is significantly improving their kids’ grades.
By avoiding tuitions, you can make substantial saving and invest that money for the child’s higher education.
For many Singaporeans, higher education means education in a foreign university preferable in Anglophone countries like Australia, the US and the UK and here education costs are phenomenal. If you do not have sufficiently deep pockets then research consider and some good Universities in Germany and Austria which are not that expensive and impart world-class education. This would lead to substantial savings and you would be able to achieve your financial goal.
Parents can play a very vital role in preparing their child for higher education by inculcating self-motivation and enthusiasm at an early age and force-fed lessons for good grades in school.