How much? – Let’s do the math
The first question is how much do you need to save to get into a good tertiary institutions? The table below is showing the estimated cost of pursuing a four-year university degree in Singapore, United Kingdom, United States and Australia. Based on the table, in 2030, fifteen years from now, education in Singapore and Australia will require an estimated sum of $152,162 and $364,655 respectively.
Indeed, these are not a small sum that you can save in your piggy bank or under your pillow. Assuming you have fifteen years, you will need to save $24,310 per year and $10,145 per year for pursuing a degree in Australia and Singapore respectively.
The next big question is how do you achieve this? The short answer is to start, now! By starting early, you can set aside a manageable amount of money regularly. With appropriate financial planning, your money can work harder and, as a result, yield higher return. If you delay, you will need to save more each time, putting a bigger burden on top of the currently increasing household expenses.
How to ensure? – Let’s plan it
If you diligently set aside some money every month and, based on the projected return, you should achieve the target sum sufficient to pay for a four-year university degree.
Yet, what if unplanned circumstances loom? You may be unable to work due to a disability or an illness and you need to cover the medical bills and expenses. Worst-case scenario is a premature death when you no longer are able to provide for your family. It is then very important to plan ahead to ensure that the money can be utilized as intended – for your children’s education.
This is why many couples may consider insurance. From endowment or whole life policies to investment-linked policies, there are many options based on your goals and needs. Insurance is one of the many tools to ensure that their children can enjoy a great education even though you are “out of the picture”.
To make your money works harder and to see the proud smiles at your kids’ graduation ceremony, contact us now for a no-obligation discussion of the different options for your offsprings education planning.
After all, a good education is the greatest gift that parents can give to their children.
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