Cost of Education in the Top Universities in the Philippines [INFOGRAPHIC]
Posted on April 3, 2013 by admin in Infographic.
Comparison of Tuition Fees in the Top Universities in the Philippines: ADMU, DLSU, UP, FEU, UST, PUP
The following infographic from GMA News gives an overview of the tuition fees in some of the leading universities in the Philippines. The cost of education in the Philippines has been increasing and it has been a challenge for parents to to prepare for their kids education expenses.
I remember a conversation with a friend who’s about to study at the ADMU telling me that her family has to prepare 1M Pesos for her education on her first year as the tuition fee is about Php 100,000 per semester and of course, the cost of living and other expenses such as her accommodation, food and allowance.
Parents are currently faced with the increasing challenge as to how to save money and prepare for their kids college education expenses. Every year, colleges and universities increase their tuition fees without prior notice so it’s important that parents have the fund for their kids education prepared or at least have the constant cash flow to be able to fund for their kids educational needs.
Below are just some of my suggested ways on how to save money for your kid’s college education.
How to Save Money for your Child’s College Education
1. Prepare your kids even in their nursery or grade school years
I remember reading an article I’ve read in a newspaper about the youngest genius and how he was able to get various universities compete for his attention. A normal student would have to take the entrance examination to get to the high quality universities but the young genius had it the other way around. The universities wanted him.
While not everyone can become a genius, the early years in a child’s brain development is greatly affected by his / her environment. It is therefore important to ensure that your kids grow up in an environment where creativity is encouraged and that their thinking ability is constantly being positively challenged.
When your kids perform well in school during their early years, they will have higher chances of getting scholarships thus decreasing the money required for their college education.
2. Both parents should have understanding of financial planning
Robert Kiyosaki once said that it is parents responsibility to send their kids to school but it is also important for parents to teach their children financial education in order to survive the real world.
When parents themselves have ample personal finance knowledge, it would be natural and much easier for them to pass on the knowledge to their kids. They say that the best way to teach your kids is by example. Therefore, it is important for a couple of talk about finances even at the early stages so both can plan ahead. While the wife is usually the one that does the budget and plan for the family’s finances, the husband can also actually provide his insights and both can share have a better understanding of the family’s financial standing and needs.
3. Preparing the funds do not start when the kids are graduating in high school
One of the most common trends with Filipinos is that most parents would worry about their kids education only when the latter reach the high school stage or when they climb the stage during the graduation. In order to better prepare for the kids college education, parents must prepare beforehand by having investments which would eventually yield higher interest in order to pay for the tuition fees. The mantra we’ll cross the bridge when we get there is definitely not a good idea and very risky because every year commodities and our basic needs are becoming much more expensive than the years before.
4. Let the kids learn the importance of becoming self reliant
Parents want the best for their kids that’s why they work so hard just to provide the best that they can for the whole family, especially when it comes to their kids education. While it is the parents responsibility and obligation to send their kids to school, it is important to have the kids understand the importance of being self reliant and how this will eventually benefit them in the future. Teaching the kids the value of self reliance will not only make it easier for the parents to better prepare for the kids college education but it will also help the kids better prepare for their future dealings.
Teaching the kids the value of being self reliant will make them better understand the value of working for the money and have the desire not to rely on their parents solely. Such training will benefit both the parents and their kids in the long run.
Those are just some of the tips on how can parents better prepare for their kids college education. Do you have any other strategies which has helped you in saving money for your children’s education? Feel free to share them with us in the comments section.
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