Looking at the Cost of Education

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As a mummy of two little boys, I am very well aware of the fact that university prices are climbing year after year. The Conservatives majority win this past year has left a lot of experts worried that the already sky high tuition prices in this country will increase by staggering amount.

My wee ones are still small, and so with experts claiming that the average cost of a three year BA degree at a UK institution is topping 60 thousand pounds, I am of course worried that that number may even double by the time that my boys reach the end of their two college years. My partner and I do have a Children’s Regular Savings Account plan in place, but I have been doing a lot of research about some additional small changes we can make in our daily lives in order to add more money to the boys’ university savings. Here are some of the things I have come up with:

· Start young – We were savvy enough to start when the boys were born, and experts agree that starting early when it comes to Uni savings is a great idea. If you haven’t started for your kids yet, don’t beat yourself up! Get started now.

· Check your credit now – and regularly – Your credit report is incredibly important when it comes to the best way for you to save money. Not only can you assess any unpaid debts or bills that you may have forgotten about, you can also ensure that you have not been the victim of identity theft. It is simply just a smart move to learn more about your credit report – this is something I have recently begun to do and I feel empowered about my finances.

· Don’t forget about taxes – Any money in your child’s name will be subject to taxes when they decide to withdraw for university- this can be avoided if you keep some of the money in your name. I’m no expert about taxes, so consult with an accountant or financial planner or have a look at the HM Revenue and Customs website.

· Collect your coins – This is a simple measure anyone can take. A few pounds worth of coins per week can add a huge lump sum to your children’s university savings when you consider the interest that will be accrued over the years. I have installed a change jar in the kitchen, and the boys delight in bagging up the coppers, silvers and even pound coins that will one day pay their tuition. (Full disclosure – I also have a holiday coin jar right beside it! Some days I do contribute more to this one…)

· Ask for financial gifts – While the boys are little they love small model cars, dinos and other inexpensive gifts just as much as they would love a gaming console or pricey electronic goods. That said, I ask my siblings, parents and family friends to give the boys small token gifts and contribute to their education accounts in lieu of a larger toy. This has been going over like gangbusters, and everyone feels really great knowing that they are contributing to the kids’ futures.

These are only a few small changes that we have started to make – do you have any other things that you do? Leave your ideas and suggestions in the comment section.

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