Last updated September 20th, 2013 at 06:40 pm
We all want to give a bright future to our children. If you have a son and you want him to go ahead in life then you will have to make sure that he gets to study in most prestigious institutes. We all know that the most prestigious institutes are not affordable for a common person. You should always keep in mind that you need to save as much money as possible if you want your son to study in a good college/ university. There are different ways to save money but being a parent, you will have to sacrifice your own habits and needs in order to make sure that your son can get proper education.
Try Giving Up a Habit
The first thing that you should do is to give up a habit. You will have to think about different habits that you have adopted over the passage of time and then decide which one of those habits is most expensive. Obviously, you can save a lot of money by giving up an expensive habit. You should also make sure that the habit you are going to drop is unnecessary like a person can live without playing golf or fishing. I’m not saying that you should never play golf again in your life or go for shipping but it is a good idea to play these sports only once in a while. This will not only help you save a good amount of money but the future of your son will also become secured.
Carry out Some Calculations
Once you have dropped a habit, you should calculate the amount of money that you were spending on that habit each year. If you were playing golf every weekend then you should calculate the cost of fuel that is required to reach the golf court, the membership fee of golfing arena and the amount of time that you spend there. With simple calculations, you will be able to understand how dropping a single habit, you can save a lot of money over the passage of time.
Invest that money in your son’s future
Once you have determined the amount of money that you were spending for a habit, you should redirect those funds into an investment account where they should be saved for the future of your son. Keep in mind that you will need to save money for many years to make sure that your son can go to a good college/ university.
Encourage your son to add money into his education fund too
Two people are always better than one. Since, you are already adding money into your son’s education account each month; you should also encourage your son to add as much money in that account as possible. This will make him realize how much trouble you have gone through just to make sure he has a bright future.
Do you have any money saving tips? If you have any creative ideas in your mind then don’t forget to share with our readers.