5 Ways You Can Make Saving for Your Children's College Education Easier

Rica Peralejo shares some tips that can help you grow your college fund.

I know us parents have all been noticing that educational fees have been slowly rising through the years. As we get older and prices hike up before our eyes I also cannot help but worry about sustaining our children’s future. My husband and I have been homeschooling our firstborn for three years now and it’s been going great, but we know eventually this season shall pass and we’ll have to let our Philip go all on his own in his chosen university someday.

Aside from my firstborn, we still have the second one to think about so we have been actively saving up in the bank for each of them. However, we all know saving your money in a traditional bank will end up in losing its value due to low interest rates. So let me share with you today some of the ways we’ve discovered to help maintain and even grow our assets to secure the future of our kids:

Keep Things Simple
One of the things we had to learn to accept is that handling money isn’t an easy task. Learning about different investment options is very taxing and time consuming, especially if we are already juggling other methods of increasing and varying our income streams.

This is why we are so thankful that companies like Singlife have created products to help us parents. One example is how Cash for Goals (Education) helps parents grow and save money for our kid’s tuition fees, which is actually available on the popular app GCash, which makes it so convenient. All you have to do is open the app, look for GInsure, tap GOALS, and see Singlife’s product there.

All the details you might want to study about their policies are available there, as well as a measuring software which assesses your risk levels and yield levels. Everything is so clear, and if you have additional questions, you can read up on it yourself. All documents and fine prints are included in the app, which you can check anywhere, anytime. This is a huge time saver versus having to schedule an appointment with an insurance agent. Plus, you get the convenience of being able to tackle more of your questions over time rather than being limited in not only over one conversation over a cup of coffee. Every single time I had a question about the policy, I just went back to the app to find the answer and so far, it hasn’t failed me!

Keep Things Affordable
As we mentioned before, we are currently exploring different methods to earn money so sometimes we feel like our assets would be spread too thin if we had to invest big amounts on a single thing.

It’s always important to not put all of your eggs in one basket especially if you’re saving up for a long-term goal like your children's educational expenses. You need time for your money to grow, and so it’s great to have the option to be able to invest small amounts for a longer period of time versus having to shell out a big sum when you already need to pay for the tuition fees.

This is what makes Singlife’s Cash for Goals (Education) such a great investment option for parents like us because you can begin saving and investing with as low as P2,500 only, and additional monthly investments can go as low as P500/ month. It’s very customizable and it fits our needs perfectly.

Invest time only in things that matter
The particular product our family invested in, Cash for Goals (education), doesn’t even need us to invest a lot of our precious time monitoring it because it is put into the Singlife Smart Investment Fund, which is managed by one of the top asset management companies in the country, ATRAM.

Also, because Singlife does not pay commissions to agents and there are no entry fees, 100% of our money immediately gets invested, giving us parents more growth on our funds.

Be flexible with your investments
One thing our family recently discovered is that the ability to move our assets is just as important, which means we cannot invest only in products that tie our money down. Recently, we had to pay for laboratory and imaging tests to see what if the recurring pain on my hip was something to be concerned about. After a gruesome two weeks of tests and hospital dues, we found out it was a disc problem. It can be quite of a bill shock when health challenges come but luckily all that is covered for by our HMO. But a side note is that if need be, it would have been also a huge relief to withdraw and use a portion of our investment in Singlife without any fees.

Secure your future while we still have the chance
No one wants to think that unfortunate incidents will happen to their family but getting infected with Covid really changed our mindset when it comes to being prepared for the worst case scenarios. Anything can happen to anyone, anytime, which is why we made it a point to nurture a healthy atmosphere within our household, which does not only include our bodies and minds, but also our finances.

It gives us the peace of mind that if anything happens to my husband and I, the goal amount we set in our Cash for Goals (education) will still be given to our children, when the time for college comes.

Going through the many different struggles of parenthood made me realize that we really aren’t designed to get stronger as we get older, so we need to prepare for a future that helps us to be ready no matter what. I am glad my husband and I discovered Singlife when we did. If you want to learn more about the different services they offer too, visiting their website really helped our family know what was best for our situation.

This article was created by Summit Storylabs in partnership with SINGLIFE.