Education could be the single most costly expenditure on a child, especially if the child has private schooling. Find someone else to fund your child’s education.
- Get your employer to pay. Many companies give scholarships, interest-free loans, or low-interest loans to children of employees.
- Help your child get a scholarship. Many private schools give scholarships to attract bright students to improve the institution’s academic standing.
- Use pre-tax income for school fees. In high-tax countries, this tactic can be worth a lot, especially if you are self-employed.
- If the above approaches fail, send the child to a government-funded school, so long as the quality is good. Example: In some countries, there are schools identified as special or selective.
- Borrow books from the library instead of buying from the bookshop.
- Choose low-cost non-academic activities. Examples: Choose activities like debating, martial arts and scouting instead of fencing or rowing.
- Choose a school nearby if possible so that the child can live at home.