When it comes to saving for your children's education, few can afford not to start saving now. A good education is an investment for the future. The return is almost impossible to estimate. A regular savings plan for your children's education will ideally require a disciplined approach.
With an International Savings Plan you can choose how much, how often and for how long you wish to save, allowing you to build up a sum of money to help pay for your children's education costs.
The costs of private and also university education are continually increasing, and many families and students fail to plan to make the most of their potential or are being left with a legacy of debt. Student loans as well as Bank and credit card debt are often the result of this lack of foresight.
However with a systematic approach you can plan ahead to cover the expenses of your children's education. Planning for your child's or even grandchild's education now, allows you to spread the cost over time, giving your savings a chance of significant growth through investment in funds of your own choice.
In many countries the average cost of a three-year degree course is now
often more than £35,000/$70,000/€44,000.
In fact for the better universities the costs are invariably a great deal
higher.
Finally, young people quite often obtain a very respectable degree result and yet still find that it can be one, two or even three years before they secure the kind of employment that they want and the level of salary/income that will sustain themselves at a reasonable level. Hence, if you are able to also plan to have a sum of money available after your children have completed their full time education, that can act as a further financial safeguard to ensure that post graduation debt does not arise either!
Customs vary from country to country, but one thing they all have in common is that the cost of celebrating a marriage is increasing.
Around the world, wedding costs have soared, with many families struggling to pay for lavish receptions, the bride's dresses and jewellery, presents for guests and the honeymoon.
Rather than curtail the celebrations, many families borrow to pay for a son's or daughter's wedding. But if you plan ahead, your children can enjoy their special day without having to start married life in debt.
Planning for your child's or even grandchild's wedding celebrations now allows you to spread the cost over time, giving your savings a chance of significant growth.
Setting up a regular savings plan can help you to give your children a truly memorable start to their married life together.
You can easily establish a regular savings plan to build-up a sum of money to pay for the cost of your child's wedding. You choose how often and for how long you wish to save and whether to take out the plan on your own or with someone else.
One essential fact about retirement planning is that its essence is one whereby you make provision out of current income and invest for the time when you retire. It is true that in some countries the State provides incentives for savings specifically earmarked to provide income on retirement. But, at the end of the day, providing for one's retirement needs is no different to setting money aside for any other future purpose.
The significant aspect that separates retirement provision from other investment objectives is one of magnitude. Our expectations have grown to demand at least a continuation of the standard of living that we enjoyed during our working years. This is compounded by the fact that we spend an increasing proportion of our lives in retirement as a result of increased life expectancy as well as a trend towards earlier retirement at a time when State financed benefits are being cut back all over the world.
The need, therefore, for effective planning has never been greater and, in this environment, it is never too early to take control of your retirement provision. But, you can leave it too late to ensure that you enjoy the financial security and quality of life that you hope for and have worked hard to achieve.
What you can afford to sacrifice from your earnings to secure your future will depend on many factors, including your other ongoing financial commitments. It is often stated that a saving level at around 15% of your earnings throughout your career is a good benchmark for achieving a financially independent retirement.
You will need an investment plan that allows you to accumulate the financial resources that you will need for your retirement in a tax efficient way. Many factors will influence your perspective on retirement over the years to come, so you also need a plan that gives the freedom to adapt to changes in your circumstances.