Children's Education
A good education is one of the most important gifts that you can give to your children.
With Batchelor's or Masters level education now considered the minimum required standard of education by many employers, and so qualifying at a recognised university is more important than ever.
​​
It is all to easy to delay making plans for your child's education when it seems so far off, but with tuition and living costs rising every year, many parents find that starting to save early is their only sensible option.
If you have already made plans for your child's education to give them the best opportunities in life, the next step is to determine how you will pay for it.
Provide the security so your child can leave University debt free
Education is what remains after one has forgotten everything he learned in school.
Albert Einstein
Theoretical physicist
01
Understanding the Costs​
When starting a university fund, it's crucial to have a clear understanding of the costs involved. This includes tuition fees, which can vary widely between countries and institutions. Additionally, you need to account for living expenses such as accommodation, food, and transportation, as well as educational materials. Don't forget to factor in miscellaneous expenses like health insurance, travel costs, and extracurricular activities.
5 Steps To Creating A Scholarship For Your Child
02
Setting Clear Goals​
Establishing clear goals is essential for a successful savings plan. Determine the total amount you need to save based on your research into university costs. Set a timeline for your savings plan, considering how many years you have until your child starts university. This helps create a structured approach to reaching your financial targets.
03
Choosing the Right Savings Account​
For expats, choosing the right savings plan involves selecting an appropriate offshore jurisdiction. Consider opening an account in well-regulated, financially stable locations like the Isle of Man, or the Channel Islands, which often provide tax advantages and investment flexibility. Opt for diverse investment options such as ETFs, international mutual funds, and global equities to manage risk and potentially enhance returns.
04
Currency Considerations​
As an expat, you must consider the impact of currency exchange rates on your savings. Exchange rate fluctuations can affect the value of your savings if you are saving in a different currency than the one you will spend. Explore options for currency hedging to protect against adverse currency movements and ensure your fund's value remains stable.
05
Tax Implications​
Understanding the tax implications of your savings is critical. Familiarise yourself with the tax laws in your current country of residence, as some countries offer tax benefits for education savings. Additionally, consider the tax laws of your home country, especially if you plan to return or send your child to study there, to avoid unexpected tax liabilities.