It
doesn't look like student loans and the resulting debts are likely
to go away.
So what can you do to help your child get through their tertiary
education? We believe that there are three options that you can
consider:
- Don't worry about it - it's one of life's lessons. It won't
be their last financial challenge so why not leave this issue
until they hang up the skis and their graduation diplomas, or
- Take them through some basic budgeting and money management
principles. They may know what the etymology of budget is but
they may not know that you need to complete it weekly to have
full financial control, or
- Set up a savings fund for them.
Saving $45 each month for 18
years from the time that they are born will yield around
$14,500 using a return of 4%. That will go a long way to helping
them through the troubled financial waters of higher education.
It alternatively could also give you a holiday as payback for
the 18 years that you have just invested in getting them this
far!
|
