There are tons of responsibilities that every parent needs to accomplish. One of which is making sure that you can send your child to the right education institution or choose the perfect homeschooling arrangement for him. As you probably know by now, these things can be expensive or costly on your part. As such, there is a necessity for you to start saving up while your kid is still growing up.
Before anything else, you must keep in mind that your child’s education is essential to his growth and development. “Attempts to teach intellectual skills directly inevitably fail, because each child must develop them in his or her own way, through his or her own self-initiated activities,” wrote Peter Gray, Ph.D. “But adults can influence that development through the environments they provide,” he says. Because of this, you must never consider sending him to a low-class school. Make sure that you will become more motivated in working hard to provide for his needs, especially when education can take up years of endless expenses and payments. Here are the top things to remember if you want to save big for the school needs of your child:
Know Your Cash Flow
The initial step to consider is to see to it that you are aware of the amount of money that you earn as well as the cash that goes out of your pocket. According to a financial expert, the more you become more aware of your cash flow, the smarter you become in managing your money. As such, you must make an effort to list down your expenses as well as the amount of income that you receive monthly.
Separate Wants From Needs
If you only have a little amount of savings in the bank, then it is time to consider limiting yourself from shopping random stuff. Always put in mind that your child’s needs must be a top priority. “Willpower refers to effortful control that is exerted with the purpose of controlling our impulsive behavior,” explains Shahram Heshmat, Ph.D., professor emeritus at the University of Illinois. He says that, in some sense, willpower can be treated as resources, and “when resources are depleted, people tend to act on impulse and are more likely to be swayed by desires, urges, and cravings, although they may regret them in the long run.” The next time you enter a store, learn how to say no to sales and discounts. Instead, be brave enough to remind yourself that they are not necessities. You may want them right now, but they are considered non-essential.
Set A Budget
Knowing your monthly income and expense is not the only way that you must do to enjoy big savings. At the same time, you must learn to set a budget for a given week. Make sure that you will set a limit as to how much you can spend on a particular day, week, or month. Make an effort to avoid exceeding that budget. The right thing to do is to put 20% of your monthly income straight to the bank, and the rest of the 80% must be budgeted accordingly. Additionally, Utpal M. Dholakia, Ph.D. says that, “To form a robust habit, the targeted behavior must be repeated regularly, keeping the context constant.” He further elaborates that, “Actively saving money every single day, even if it’s only a couple of dollars, is crucial to forming a saving habit.”
There is no easy way to save money, especially when you have daily needs. However, you have no choice but to learn the rules of managing your finances right. Otherwise, you may put your child’s future in jeopardy if he cannot get into the right school. Whenever you get tired of setting aside cash for his education, remind yourself that you are doing it for the right reasons. Everything will soon be worth it as long as you remain patient and smart in managing your cash.