School is one of the biggest expenses associated with a child’s upbringing. At the same time, it’s important to make sure that you give your child the best possible education so as to provide them with a good foundation for their future. To this end, you may want to know some tips for saving money and budgeting which can help you send your child to a private school with minimal hassle to your finances.
Private Schools are Safer During the Pandemic
After the pandemic swept through the world last year, it became everyone’s priority to keep themselves and their families safe. For parents concerned about their children going to school, private schools are safer at this time. This is because they have smaller class sizes, so it’s a lot easier for them to take precautionary measures, such as social distancing and proper sanitation of common spaces. It would also be easier to carry out tests on the smaller student population in a private school than in a public one. A test like the RT-PCR has the ability to detect the SARS-CoV-2 genetic information even if it’s available in tiny amounts. This is valued at ~1,000 copies of viral RNA per milliliter, an exceedingly small amount of viral information.
Your Child Gets More Individualized Learning
The smaller class sizes of private schools are also better for ensuring that your child gets more individualized learning. This makes it more probable that they will grasp what is being taught and remember it, enabling them to pass their tests and excel in their education as they progress. In private schools, it’s common to have class sizes with student-to-teacher ratios of 12:1. If you want to give your child a great chance to pass and get a scholarship for the rest of their education, sending them to a private school can help you in this way.
Open a UGMA Account
As a parent, you can get tax benefits from custodial accounts that have been established through the Uniform Gifts to Minors Act or UGMA. Such accounts allow adults to transfer their assets to a minor who then pays a lower tax rate on earnings in the account. These funds can then be used for college tuition, or to pay the fees of a private school. Because the beneficiary can take control of the account once they get to the legal age and use the funds however they want, it’s best to tell your child the importance of the money and have them avoid wasting the money once they get hold of it.
Saving Money Around the House
To have more money with which to pay the tuition fees of your child’s private school, you could try saving money around the house. Minimize your energy bills by improving the efficiency of things like your HVAC system and water heater. You could also use less water by getting a less demanding lawn or watering it at optimal times to ensure it thrives on less water. Take shorter showers as well, and run your dishwasher with full loads only to ensure you use water well and therefore pay less. Fix any leaks you have in your plumbing because Plumbing Manufacturers International states that 13.7% of the water used in the house is as a result of leaks in your system.
As mentioned, your child’s education is important enough to warrant proper planning from the start. You need to ensure that they have the best chance to go through school unobstructed and unaffected by issues like the inability to pay tuition fees in good time. When they attain their degrees and other certifications, you will be a proud parent.
