How to save for your child’s higher education

News Desk
21 October 2020, Wed
Published: 08:42

How to save for your child’s higher education

The following is a story about a desperate mother trying to fund her son’s education in the UK.

Due to financial problems, she was unable to pay about RM75,000 in overdue college fees. She had a week to come up with the funds or her son would have to leave college.

She reached out to charities, churches, Her Royal Highness Sultanah Johor’s foundation and even political parties.

Suggestions were made to realise the cash value of existing insurance policies, take personal loans and so on. In the end she failed to come up with the cash.

This is a cautionary tale for parents who want to provide their child with the best education they can afford. 

This is particularly so if the child wants to study abroad, say at a prominent university in Singapore, Australia, the UK or the US.

If you are really serious about your child’s education, you should start making provisions for it from the day your child is born, even if you aren’t wealthy.

This will give you about 18 years to put together enough money to provide for a solid education. The golden rule is: “Start early – don’t wait until your child is sitting for the SPM examination.”