As a parent, you certainly want to give the best for your child. As one of the determining factors for a child's future, education is an important thing that must be considered by parents. In this article Jago will share 3 important tips for preparing your child’s education.
3 Important Tips for Preparing Your Child’s Education
1. Prepare early
Will your child get their education here or abroad? Then, what about education level? Is a bachelor's degree enough or will they pursue a master’s or a doctoral degree?
Although later goals or plans may change according to the interests, talents and preferences of the child, there's nothing wrong with starting a budget and setting aside money to save for your child's education, at least up to the undergraduate level.
You can start by finding out the current costs of schools and universities. Don't forget to consider that the cost of education will definitely increase in the future.
2. Reduce or cut expenses that are not important
Because now there is a child's education that must be carefully planned, you can start reducing expenses that are less or not important.
How to do it? You can start by keeping track of expenses, then analyze them. To make keeping track of expenses easy and practical, you can use the Jago application owned by Bank Jago.
In addition to helping record expenses, the Jago application can also help you analyze expenses more easily through the Spend Analysis feature. Each expense can be grouped by category and compared between the current and previous months. The spending pattern will be visible in a few months.
From there, you can decide what expenses you can reduce or stop altogether. For example, if you have been snacking or eating out a lot, you can start reducing the frequency. The money that was used to eat out can be saved to fund your child’s education.
3. Consider investment options
In addition to being disciplined in saving, you can also consider long-term investment options whose returns can be used to finance your child’s education. You can invest in mutual funds or choose other investment instruments that you think are right for you.
Save in the Child Education Pocket in the Jago Application
You can also separate money for your child's education so that it doesn't get mixed up with other needs in the Jago application.
After you have completed your Jago account registration, you can start creating a Pocket for your child's educational needs. You can give this Pocket a name, for example, 'Child Education'. You can transfer the money that you set aside every month to this pocket.
So you never miss it, you can use the Autosave feature by first setting a target. By doing so, money will move automatically from the Main Pocket to the Child Education Pocket.
Secure Child's Education Funds in Jago Deposit
Apart from the Saving Pocket, you can also secure your child's education funds so they won't be used up in the Jago Deposit, especially if you are ready to save large amounts. Education funds that must be prepared in the Deposit can be until university because deposits are indeed suitable for long-term saving goals.
By saving in the Deposit, you can get higher interest compared to the Saving Pocket. The interest can be an addition to your child's school fees. If you choose to save money first in a Saving Pocket, you can move the money after it reaches certain amount to a Deposit.
Creating a Deposit is not complicated at all. Log in to your Jago application and choose to create a Deposit. Likewise when the Deposit matures. The money you save along with Deposit interest will go directly to the Main Pocket in the Jago application. In other words, you don't need to take the time to visit a Bank Jago branch just to create and withdraw a Deposit.
Download the Jago application now to easily and practically manage finances and your child’s education fund.
