Why save for your childs education? To reduce the burden of taking - - PowerPoint PPT Presentation

Why save for your child’s education?

• To reduce the burden of taking on high debt to pay for his or her higher education.
• It is better to have money in a fund than to NOT have money in a fund.
• You WILL have to pay some of the costs of your child's education.
• A healthy education savings fund may make it possible for your child to attend the

school of his or her choice.

• Time and consistency are your greatest allies. Begin saving early and invest on a

regular basis.

University Costs

What do these costs entail?  Tuition  University fees e.g. Registration fees, Lab fees, Equipment rentals etc.  Books  Room and Board  Food  Transportation

Average University Costs

University Average Tuition Costs (TTD) Average cost of University Fees, Room and Board and Books (TTD) Total Costs for 1 Year of Study (TTD) The University of the West Indies, Cave Hill Campus, Barbados (meals excluded) GATE $ 30,432.00 $ 30,432.00 The University of the West Indies, Mona Campus, Jamaica (meals excluded) GATE $ 11,932.37 $ 11,932.37 The University of the West Indies,

• St. Augustine Campus, Trinidad

(meals excluded) GATE $ 14,906.00 $ 14,906.00 Howard University, Washington D.C. , U.S.A. $ 144,672.05 $ 70,866.00 $ 215,538.05 Florida International University, U.S.A. $ 119,480.33 $ 15,765.00 $ 219,588.08 University of Pennsylvania, U.S.A. $ 291,401.50 $ 106,394.25 $ 397,795.75

• All quotes provided are for the current year 2014-2015.
• Please note that these costs generally increase by at least 2% per year.

Average University Costs

University Average Tuition Costs (TTD) Average cost of University Fees, Room and Board and Books (TTD) Total Costs for 1 Year of Study (TTD) University of Toronto , Canada $ 165,934.34 $ 89,603.80 $ 255,538.14 University of Waterloo, Canada $ 118,261.00 $ 70,402.62 $ 188,663.62 University of Cambridge, United Kingdom $ 228,795.40 $ 156,712.00 $ 385,507.40 University of Oxford, United Kingdom $ 189,188.50 $ 177,038.17 $ 366,226.67 National University of Singapore, Singapore $ 177,984.00 $ 52,251.90 $ 230,235.90 Peking University, Beijing, China $ 28,840.00 $ 46,350.00 $ 75,190.00 University of Malaya, Kuala Lampur, Malaysia $ 21,276.51 $ 14,643.90 $ 35,920.41 Australian National University, Canberra, Australia $ 160,444.58 $ 125,273.00 $ 285,717.71

• All quotes provided are for the current year 2014-2015.
• Please note that these costs generally increase by at least 2% per year.

Create an Action Plan

• How Much Do You Want to Save?

 Decide on how much of your child’s university education you want to cover.

• Determine a dollar amount

 Pick a “target school” and obtain tuition, room, board, fee, and other expense estimates for the most recent year.

• Take Inflation into Account

 It’s reasonable to expect a 6% annual inflation rate for these expenses. Calculate the portion of the education you intend to pay for, then adjust that amount for the correct number of years of inflation.

• What’s the plan to reach that amount?

 Figure out how much you need to be saving, starting today. Estimate how much you need to be saving per month, then start a savings plan to reach this goal.

• Start as young as possible

 The earlier you start, the easier it will be to help your children. If you have young children – or even a child on the way – get started today.