How To Help Fund Your Child's Future

We all want the best for our children, regardless of what that entails. As your child starts to transition into adulthood, the harder things may become, because it'll soon be college time! This is a very exciting moment, but can also be a stressful one too. Your child will be nervous about the adventure that lies ahead, they'll worry about what direction they want to go in, and if they'll even be able to get there. One of the most common problems that override a lot though, is how are they going to afford it all? Unfortunately, going off to college isn't cheap.
Now unless they have been accepted into a college on a scholarship (which is amazing!), then they're going to have to pay their way.

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Here's how you can help your child through these difficult financial stages.   ​

Start a savings account
Now, if your child is ready to go to college soon, then starting a savings account now may be a little late, although may still help in the future. But most people - if their circumstances let them - will start putting any extra money they have away into another bank account and start a college fund for their child. You can do this by taking 40% of your income (after all bills and personal budget have been taken out) and putting that into your savings account. Do this every month, and you can only imagine how much you would have saved after the first year.

Take out a loan
One of the quickest and most effective ways of paying their way through college, is by taking out a loan. A lot of people worry about doing this is they don't have the best credit score, but there are such things called personal loans for fair credit, and this is suited specifically for people that need help with their current situation to determine what the best route for them is.
Before you take out a loan, it's important that you familiarise yourself with exactly what they are offering, as well as their interest rates. Never go with the first company you see - shop around until you find the right deal for you.

Get another job
If you already work and have the chance to get a second job to make a little extra money, then why not? There are many jobs that can be done part-time, like waitressing in a restaurant. You can work in the evenings, or even just on the weekend for a bit of extra cash. Having said that, why not encourage your child to do the same? This will not only earn them some money to pay through college, but it's showing them how adulthood really works, and it's time they take some responsibility for themselves, for their future. Plus, they will feel a sense of accomplishment because they're doing it on their own.

​Just make sure they don't take on too much they can handle until they're settled and comfortable; otherwise, it may run them down to the point of exhaustion!

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by Iconic Chica Contributors