Providing the best education is a form of parental love for their children. If your child shows great interest and desire to study abroad, as a parent you can start preparing the funds well in advance because studying abroad costs much more than studying in your home country.
How to Prepare Funds to Pay for Your Child's Study Abroad
To be able to start saving so your child can achieve their dream of studying abroad, there are several important tips to consider.
1. Calculate the estimated overall tuition fees
To know how much money you need to prepare, of course you must first know which university your child wants to study at. Just in case, you should choose more than one university. From here, you can research how much tuition fees are required. Usually the university's official website provides details of the fees. Don't forget about expenses related to your child's study. For example, textbook fees (if any) and graduation fees.
2. Don't forget living costs and other related expenses
Apart from tuition fees, of course you also have to prepare costs for daily living, including food, accommodation and transportation while your child lives abroad (source: Kompas). There are also plane ticket costs to go to and back from that country.
There are several other types of expenses that may arise while children are studying abroad. Find out the unexpected big expenses when living abroad here.
3. Assess your current financial situation and create a saving strategy
After knowing the estimated costs required, the next best thing you can do is assess your financial situation to be able to budget properly.
For example, your child will go to university in five years. You can calculate how much money you need to save in a year so that your child's goal of studying abroad can be realized. Do you have to reduce or save expenses so that your savings target can be achieved on time?
4. Set aside money consistently but hassle-free with the automatic savings feature in the Jago application
So that your savings start to fill up until over time they become full and can be used to fund the study of your child abroad, you must save with discipline. A practical way is to use a feature that can help you save automatically.
In the Jago application, you can find the Auto-Budgeting feature to save automatically after creating a Saving Pocket. Set a saving schedule and set a savings target as you want.
Save for Long-Term Financial Goals the Way You Want With Jago
When you have accumulated a large amount of savings in your Saving Pocket or Locked Pocket, you can transfer the money to Jago Term Deposit to protect your child's education funds from being used to meet other needs. Apart from using the Jago Term Deposit, you can also secure money in the form of mutual fund investments in Bibit from the Jago application.
1. Jago Term Deposit provides competitive interest and flexible options that you can choose as you want
By saving money in the Jago Term Deposit, you can get competitive interest. The more funds in the deposit, the greater the interest earned.
Create a dedicated Term Deposit Pocket for your child's overseas tuition
In the Jago app, you can open multiple Term Deposits. This means you can create a separate Term Deposit Pocket specifically for your child's overseas college tuition. This ensures the funds you’ve set aside won't get mixed up with other savings or investments, so every rupiah saved has its own clear purpose. It’s a smart and organized way to separate your assets, allowing you to independently track your fund's growth and stay focused on this one long-term goal.
What's even better is that you are free to choose the saving period according to your needs, between 1 and 12 months with an option to withdraw or renew your deposit as you want.
For example, considering that your financial goal of saving for your child's study abroad is for the long term, you can choose a period of one year with an automatic renewal of principal funds and interest.
2. Investing in mutual funds in Bibit from Jago is easier and faster without top-up fees
Another option to choose if you already have a Jago account is to take advantage of the Jago digital ecosystem with Bibit.
After linking your Jago account with your Bibit account, you can enjoy various conveniences. One of them is when you want to invest in mutual funds for long-term financial goals.
You can directly top up Bibit from the Jago application so you don't need switch applications. Apart from that, investment in Bibit mutual funds from Jago is free of top-up fees so you can reduce expenses. It doesn't stop there, another convenience is being able to monitor your mutual fund investment portfolio at any time from the Jago application.
Time to start being disciplined in preparing funds for your beloved child to study abroad so that their dreams can truly come true. Choose the right place to save the way you want with Jago.
