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When you have children, one factor you need to consider is saving money for their education. Saving money doesn’t always come easy, so we will provide you with lots of effective tips to help get you started. So let’s get started with how to save money for child’s education.
How to Save Money for Child Education
- How to Save Money for Child Education
- 1. Monitor your expenses
- 2. Buy a reusable coffee cup.
- 3. Save your change
- 4. Make sure your savings are automated.
- 5. A ‘no spend’ month
- 6. Change the brands that you purchase.
- 7. Use discount codes
- 8. Use a calendar for your bills.
- 9. Create a savings goal
- 10. Avoid contracts automatically renewing.
- 11. Plan all of your meals
- 12. Reduce unnecessary spending
- 13. Save on transport costs.
- 14. Get rid of any debts that have a high-interest rate.
- 15. Cook double the amount.
- 16. Understand the difference between ‘use by’ and ‘best before.’
- 17. Use more loyalty schemes.
- 18. Think about the long term when you make a purchase
- 19. Search for freebies
- 20. Don’t save alone
- 21. Look for a decent savings rate.
1. Monitor your expenses
Take a look at your bank statements from the last few months. Make a note of everything that you have spent, and this way, you will be able to see where your money is being wasted, and you’re spending unnecessarily. It’s important to keep an eye out for what your spending habits are so that you can see the areas where you can actually save money for your child’s education. There are even apps available that will help you to save money.
These apps allow you to split your expenses into different sections, i.e., money for socializing, money for cheap essay services, money for car expenses, etc. By using an app like this, you’ll be able to monitor your spending and spot the best expenses to get rid of so that you can begin to save even more.
2. Buy a reusable coffee cup.
If you like to purchase a daily cup of coffee, then consider getting a reusable coffee cup. Many coffee shops offer discounts for those who bring their own cup. This may not sound like much, but in fact, you could save over £100 a year if you use a reusable cup.
3. Save your change
A great way to start saving is to create a savings pot. Each time you have some loose change, put it inside your saving pot. There are apps available that actually enable you to round up when you make a purchase, and the change is then saved in a separate pot.
4. Make sure your savings are automated.
Each month when you get paid, have a standing order in place so that your savings are automatically saved. Another option would be to use an automatic savings app where you could put, for example, 20 pounds away a week, and although this may not seem like a big saving, it will add up to over 1000 pounds in a year.
5. A ‘no spend’ month
With no spend a month, what you do is only buy groceries and pay your monthly bills, but avoid buying anything else. A good month to do this would be January, when you’ve had a lot of expenditure in December for Christmas.
6. Change the brands that you purchase.
Quite often, many of us like a particular brand and always purchase this particular brand. However, it may be worth buying a cheap brand, for example, when you do your grocery shopping.
Try out a cheaper brand and see if you can actually tell the difference between the two brands. If you can tell the difference, then consider another alternative brand, and you may find that eventually, you’ll find a brand that tastes the same. Although it may feel like this is not going to save you much money, it actually will be overtime.
7. Use discount codes
If you’re going to buy something online, then remember to try and find an applicable discount code for your purchase. Lots of sites offer cashback, and you can save hundreds of pounds each year by using these sites. If you are new to a site or an app, quite often, you will be rewarded with a free monetary bonus for signing up.
8. Use a calendar for your bills.
If you’ve got a great deal on your car insurance, home insurance, or TV streaming package, it’s very unlikely that this deal will be available forever. Usually, when your current deal comes to an end, you will find that the price you now need to pay shoots up.
To avoid getting yourself into this situation, have a calendar, and make a note of when all of your deals are coming to an end. You could either do this on a paper calendar or on the calendar on your smartphone. If you have this information to hand, you’ll be able to contact your current providers to see if they can provide you with another great deal, and if not, you’ll be able to shop around so that you can get the best deal possible.
9. Create a savings goal
Begin by thinking about how much you would like to save for your child’s education over a year, over 5-years, and over 10-years. Once you have done this, create a goal and a budget to suit this. You will soon find that it is easy not to spend unnecessarily when you have a goal in mind.
10. Avoid contracts automatically renewing.
When we live busy lives, it’s very easy to simply let contracts renew. This is something that you need to avoid saving money. Put aside some time, so you can research a better deal or, better still, try and negotiate a better deal with your current company. Don’t think that this will take up a huge amount of time as quite often it doesn’t, and you will reap the benefits for doing so.
11. Plan all of your meals
If you like to go out for food or order takeaway, then you will be spending unnecessary amounts of money. The best thing you can do is actually plan your meals in advance so that you are organized. You’ll also find that you will save a lot of money by doing this and avoiding using takeaways and eating out too often.
12. Reduce unnecessary spending
Take a look at all of your monthly outgoings, and you will probably find that you are paying out for items that you may not even use, such as a streaming device or a gym membership. Cancel these items and the money that you save, and you can put them in your savings account.
13. Save on transport costs.
If you have to use the train to commute to work, for example, consider purchasing a railcard to save you money. In the UK, some railcards can save you up to a third off the price of a rail fare.
14. Get rid of any debts that have a high-interest rate.
If you try and get rid of any debts that have a high-interest rate first, you will soon find that your money will become easier to manage, and you’ll see the benefits of being in the black and not in debt.
15. Cook double the amount.
When you cook, it is worth making double the amount of food that you’ll be eating and then freezing the extra that you do not eat. This is another way of avoiding using takeaways when you don’t have the time or don’t feel like cooking.
16. Understand the difference between ‘use by’ and ‘best before.’
A huge amount of food is wasted as people fail to understand the difference between use-by dates and best before dates. Another thing to consider is freezing food. A lot of food can be frozen, such as cheese and chocolate, which many people are not aware of.
17. Use more loyalty schemes.
If you use loyalty schemes, you’ll be able to turn your spending into savings. Many retailers offer loyalty points, which you can then spend or use to receive money off vouchers.
18. Think about the long term when you make a purchase
Before you buy something on an impulse, consider the long-term use of the purchase. It’s very easy to impulse buy the next time you’re about to do this, don’t purchase anything, wait a couple of weeks, and this will show if you actually need the product. You’ll probably find that you won’t go back and purchase the product as you don’t really need it.
19. Search for freebies
To help you to save money for your child’s education, try and get freebies. It is much easier than you’d think to get hold of free furniture, drinks, food, household items as well as groceries. There are websites where you can pick up items for free, as well as give away items for free too.
20. Don’t save alone
It’s not easy to save money, and if it was the case, we’d all have plenty of money saved in our bank accounts. Turn to a family member or a friend who is also trying to save, and perhaps if you work together, you’re more likely to stick to your goals.
By sharing your saving goal with someone else, you’ll be able to talk about the progress you have made, how to overcome difficult hurdles, and always have someone to turn to for support.
21. Look for a decent savings rate.
Make sure you have a savings account that pays you well, so you will need to do some research. Many people never look at switching their savings provider, so they’re not aware if they’re getting the best deal to suit them. It’s easy to look at the competition, and by doing, so you will reap the benefits as you will be able to sit back and watch your money grow.