It’s the perfect time of the year to think of what to give your kids this Christmas. And since most kids these days prefer gadgets over toys, here’s what I can advise parents instead – start investing in your child’s education. Divert your focus from the latest toys or phones or ipads to building college savings.
The gift of education provides a lasting legacy. Building college savings is an investment in their future, offering opportunities and possibilities that extend far beyond the excitement of the holiday season. A college education opens the door to a world of opportunities. It equips your child with the skills and knowledge to pursue their passions, follow their dreams, and contribute meaningfully to society. This Christmas, think about the lifelong impact your gift can have on their journey.
Beyond the monetary aspect, building college savings also provides an excellent opportunity to teach your child about financial literacy. If you involve them in discussions about saving, investing, and planning for the future, these can be valuable life skills as they grow older.
How to start computing on what you will need to save for your college savings?
You can use a simple college savings calculator to have a quick estimate. This one I used for my youngest uses $ but can also apply in Peso. With just a quick fill up of the form, I already know that it will need us to invest P9,400 monthly for 5 years when my youngest will go to college and we will have enough for her to graduate from college, ideally, considering the average tuition fee of private schools* that we are considering and the current inflation rate**. Easy!
Gift-giving this Christmas can also be helpful when you start your college savings this year by incorporating the act of contributing to the college fund into your family’s holiday traditions. Encourage contributions from family and friends who may be looking for meaningful gift ideas for your child. Instead of traditional gifts, communicate your desire to build college savings for your child. Many grandparents, aunts, and uncles would appreciate the opportunity to contribute to something with lasting significance.
This Christmas, let’s redefine the notion of gift-giving. Building college savings is a choice that extends love beyond the holiday season, ensuring a brighter future for your child. Embrace the joy of investing in their education and creating lasting memories that go beyond the wrapping paper. 🎓🎄 #CollegeSavings #GiftOfEducation #ChristmasWithPurpose 🌟
*average tuition fees in PH : https://www.moneymax.ph/personal-finance/articles/cost-of-education-philippines
**current inflation rate source: https://neda.gov.ph/ph-govt-committed-to-supporting-consumers-and-farmers-as-inflation-rises-in-september-2023-neda/
