12 June 2012

{Parenting and Money} Save & Invest NOW for your Child's Education

Previous Posts
{Parenting & Money} Managing Daily Household Expenses
{Parenting & Money} 3 Must-Haves in Saving and Investing
{Parenting & Money} Basic Principles of Saving & Investing
{Parenting & Money} The Inevitable Link

Julia is currently enrolled at Kindermusik The Village class for newborn to 1 1/2 year old kids.  We plan to enroll her to a lot of classes actually.  Art, ballet, swimming are few that we have in mind.  These classes are not cheap.  So does formal education.  The question is, when should we start preparing for Julia's school expenses?
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I asked Mr. Hector De Leon, EVP of First Metro Asset Management, Inc., regarding this and here's his short e-mail reply:
Education, like retirement, can be a mid-term or a long-term goal depending on the age of the beneficiary.  It is important to start investing for these types of of goals NOW.  Truth is, whatever your financial goals are, TIME is your greatest ally when it comes to investing.  The sooner you invest, the more time your money will have for growth.  If you delay, you will almost certainly have to invest much more or take more risks to achieve a similar result.  Let the Power of Compounding work for you.
Right now, Don and I are still looking for options.  Should we get an educational plan?  A former colleague said that people who opt for an educational plan are for those who are not disciplined to set aside money monthly (Upon hearing this, I laughed.  That's me alright!)  Should we invest in mutual funds?  What other options are available to ensure payment of our daughter's elementary, high school and college education expenses?

I called a few friends who work in financial institutions.  Hopefully Don and I will meet them soon.  In my future posts, I will certainly share the different options we were presented with and what option we will avail.

Are you preparing for your child's education, too?  What savings program or investment vehicle did you avail?

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