In the Philippines, education is valued as one of the most important legacies that parents can give to their children. As a father, Anthony also believes that education opens opportunities to have a secure future for his son, Eric. As Filipinos continuously face financial challenges, looming inflation, and other uncertainties, education remains a critical factor that must be prepared for to ensure a good future and a chance to be lifted out of financial difficulties.
While the economic impact of inflation is concerning, you have the option to ensure that your child will still have the opportunities needed to secure the kind of life you have dreamt of. By investing in your child’s education, just like what Anthony did for Eric, you are securing your child’s financial future, health, and quality of living. Here are some tips to make that happen:
1. Set aside funds
Be mindful of how you spend your money. Quality education in the Philippines comes with a price. On average, tuition fees in the Philippines increase by 10% yearly. You must develop the habit of saving for your child’s education.
One example from Anthony in setting aside a fund is the 80-20 rule. In the 80-20 rule, 20% of your income is allotted to savings. The remaining 80% is then distributed, with 50% allocated to your needs, while the remaining 30% is for your wants. Just like Anthony, he separated funds for “Ngayon” and “Bukas”.
2. Find additional income sources
Finding additional income sources from wise investments can help you achieve financial freedom. One possible source of income aside from your salary is starting up your own business, which you are good at no matter how simple. Just like the father and son in the film, with a low capital such as a pair of scissors as a tool, it may bring you financial benefits.
Another source can be placement investments utilizing your savings that may grow passively with the help of an investment fund manager or a financial advisor. If you are blessed with assets that you can maximize and others might need, have it rented and earn from it.
Know the type of venture that suits you and determine its growth potential. With the right strategies, your additional income source may become a financial asset that will grow your money as it also builds up its worth in time for your child’s education and beyond.
3. Do your research
Learn about financial planning and opportunities that can help secure your child’s future. Know the financial instruments that you can explore to know what will work for you and give you the most benefits.
Applying for a scholarship can earn you huge discounts on tuition fees or full educational sponsorship. By researching ahead, this will also help you and your child prepare for the goals you want to achieve and give you an overview of the processes you must comply with to qualify.
Find out how much you need to set aside to afford your child's university education by using the Sun Life Education Budget calculator.
4. Invest in educational insurance plans
Investing in an educational plan now is one of the best investments you can make to future-proof your child’s education. With it, you can gain benefits in the long term like Anthony for his son, Eric’s education. This can include:
● Higher returns compared to traditional savings accounts to keep up with inflation and tuition fee increases in the future.
● Provide for your family's needs even when you are no longer working due to age or disability.
● Fund your child’s dreams with an educational insurance plan that can empower and enable him/her to fulfill his/her goals in life.
Sun Dream Achiever is a life insurance and savings plan that can help you fund your child’s education and ensure your family’s financial security at the same time. It offers increasing guaranteed cash benefits to ensure that your child has school funds no matter what happens.
You can also check out these life insurance plans and see what’s fit for his/her education needs.
Although education can get even more expensive year after year and inflation remains a challenge, as your Partner for Life, we can help you prepare today by securing the future of your child. Watch Ngayon at Bukas and just like Anthony and Eric, kaya mo ‘yan!