Every OFW parent dreams and aims to provide quality education for their kids. It is one of the primary reasons why an OFW parent or a sibling makes the big sacrifice of leaving their families to work abroad. They want to ensure a better future for their children by getting an excellent education from the best and finest learning institutions. “Ang ultimate goal ko ay mapagtapos ang anak ko ng pag-aaral para hindi na siya mangibang-bansa.”

However, life can sometimes throw curveballs at us. With the pressure of acquired debts and increasing loan interests, or urgent expenses due to unforeseen circumstances and emergencies, we sometimes change our priorities and put our children’s education fund on hold. “Malayo pa naman ang bayaran ng tuition.” “Ilang taon pa naman bago siya mag-college, bilhin ko na muna ito.”

Whether you are a first-time OFW or a seasoned migrant worker, it is never too early to start building up your kid's college funds, and it can be as simple as learning the A-B-C. Here are some tips on how you can achieve this goal.


A – Allocate 

Allocate a percentage of your monthly salary for your child’s educational fund. You can use the 80-20 formula where 80% goes to your needs, remittances, and other expenses, while 20% goes to your child’s tuition fund. Having this strategy may take years to build. That is why it is better to start early. The sooner you start investing in your child’s tuition fund, the less expensive your financial preparation becomes. 

Allotting a tuition fund consistently gives you the assurance that your children’s education is secured, no matter what happens. With uncertainties that OFs usually experience, such as lack of job offers, delayed renewal of contracts, or prolonged vacation, it is always better to have set aside funds for this purpose for your own peace-of-mind.

How much do you need to save for your child's college education? Use our Education Budget Calculator to find out.

B – Boost

Boost your child’s education fund whenever you can. It is good to have regular savings account for your child’s college fund. However, you know that this might not be enough. Add more to your tuition fund whenever you get bonuses, incentives, or overtime pays. These boosting strategies will help your fund grow faster.

A regular savings account is a good way to start building your children’s saving habit. Encourage them to save their gift money from Christmas and birthdays, or rewards. This strategy will give you a baseline to build on. However, since interest earnings are quite low in a savings account, you might want to place the accumulated fund in higher yielding investments like mutual funds or variable universal life insurance, where premiums and benefits are flexible. Do your research and ask for a financial expert’s advice.

Know more about our education and savings insurance solutions

C – Commit

Commit to a life insurance plan that can help fund your child’s dreams and aspirations. We know that your children’s education is one of your biggest reasons why you have to work abroad. By having that determination to finish the funding, you and your children will have a worry-free future when you finally decide to be #HomeForGood.

Getting an educational investment plan as early as possible will allow you enough time to complete payments gradually and in a smaller amount while maximizing the benefits of compound interest rates.

Life insurance plans to help you build an education fund: Sun Dream Achiever, SUN Smarter Life Elite, SUN Acceler8

Are you an experienced or seasoned OFW? Know more about our Home for Good packages to help you achieve your brighter goals.

By having a dedicated fund to address your kid’s education needs you assure your children’s college education and prepare them to have a a better life. To know more about how to start building your child’s education fund, talk to a Shine Pinoy Expert today.