We all want the best for our children. However, getting an education these days can be very expensive, and it’s not something that all families can afford. The best thing to do is plan ahead, especially if your child needs to go to a school for learning difficulties. Leading schools like the Sage School for dyslexia can ensure your child gets the best chance in life. The sooner you start putting money away for your child’s future, the better. With that in mind, read on to discover some top tips to help you get started.

Set your saving goals – You need to create a game plan, and make sure it is a realistic one. Get to grips with your finances and determine how much money you can put away every month. Give yourself a cushion, as unexpected expenses always crop up from time to time. By putting realistic goals in place, you will be able to stay on track. If you give yourself a mountain to climb, you will only become demotivated.

Automate your savings – One of the easiest ways to start saving is to automate the process. There are many different tools and software options that you can use to achieve this. If you have an account with the Bank of America, you can also enrol in their Keep the Change program. This means that your purchases are rounded up and the extra amount is added to your savings account. Other banks offer similar programs.

Find more ways to save – Now would be a good time to evaluate your spending habits to see if there is anything that you can cut out so that you can boost your savings. This may seem like a small solution, however, everything adds up over time.

Keep big account balances in your name – According to Bankrate, a student will not lose any financial assistance if they have less than $3,000 in a savings or checking account. However, if there is more than $3,000 in the account, 20 cents will be subtracted for every dollar. So, if the account starts to generate some serious cash, you should leave it in your name. Simply keep a savings account for birthday checks and alike.

Start early – As mentioned in the introduction, saving early is one of the best things you can do when it comes to your child’s education. According to Finaid.org, if you save a mere $50 per month from the day your child is born, you could have $20,000 saved by the time he or she turns 17, assuming you make a seven percent return on your investment. It is never too late or too early to start saving for your children’s future. 

Hopefully, you now have plenty of tips to help you get started with saving for your child’s future. The only thing you need to do now is to put your plan into motion. Begin assessing your finances today to determine how much you can comfortably save. Once you have done this, start putting some money away and make sure you keep your kids involved in the process.