A popular saying has it that failure to plan is planning to fail. This saying rings true in every aspect of life and continues to be the philosophy of millions of people across the globe. While there are many aspects of planning, we are going to focus more on college financial planning.
What is college financial planning?
As the name implies, college financial planning is a methodology in which a person effectively manages their assets and cash with the sole intention of meeting the ever soaring college education of their children in the future. Its planning aimed at ensuring that once your kids are of age and ready to attend college, they do so without you straining because you lack the prerequisite finances.
What are the benefits?
If you have a kid in college, then you probably know of the pain of having to send your kid to a certain college based on budget rather than academics. Most are the times that children are forced to send their kids to colleges they do not want or whose academic credentials are not strong simply because they don’t have the finances to take their kids to proper and well renowned higher institutions of learning. How does planning in advance make sure that such a thing does not happen? If you plan for college for your kids from the very start, you will have the opportunity to take your children to a college of their choice based on academics rather than your financial abilities.
Secondly, college financial planning inculcates in people a culture of saving from the very start. You begin to plan towards a goal and put your assets and cash to use from a very early age. You learn the logistics of planning, the importance of saving towards a goal and of course, the peace of mind that comes with the knowledge that you will have enough by the time your kids join college. The cost of college education is always spiraling. What you paid for college will pale in comparison to what you will pay for your kids. This realization alone is enough to set you on the path of proper management of assets and saving as much as possible for the college education of your kids.
How do you go about saving for college for your children?
To save for college for your kids, proper planning and financial discipline is of essence. You can resort to college saving plans in the UK or simply take out a college education policy that matures at the very time your kids will be attending college. The good thing about college saving plans or bank accounts opened for the purposes of saving for college is that you cannot withdraw money from such accounts and if you do, then you will have to deal with hefty penalties.
To sum it all up, if you do not have a plan or do not know how to go about saving for college, enlisting the services of a financial expert can go a long way in helping you make a sound college financial planning decision.
Getting access to loans in the UK is a daunting task especially for individuals who have a poor credit rating. Credit checks are the first order of business whenever you apply for loans. This has become a major hindrance for individuals who are cash strapped and in need of finances for whatever reason. While being denied access to loans has become the standard modus operandi for people with bad credit, the situation seems to have changed with the emergence of bad credit loan providers across the UK.
What are bad credit loans?
Going by the name, bad credit loans are loan instruments specifically intended for people with bad credit. It is designed for individuals who have been denied access to loan products due to their credit status. In essence, people with a less than perfect credit rating can be assured of an approval when they apply for bad credit loans.
What are the merits of bad credit loans?
If you have endured the embarrassment of having your loan application declined due to bad credit, then you will without a doubt find bad credit loans a great respite. In fact, one of the greatest benefits of bad credit loans is that you do not have to deal with the frustrations of being rejected every time you apply for a loan. If you are deep into debt, you can apply for bad credit loans and use the same to consolidate debt, purchase an asset or even improve your credit rating. People with bad credit and looking to improve their credit score get the perfect opportunity to do so through bad credit loans.
The downside to applying for bad credit loans as compared to ordinary loans is of course the fact that applicants have to contend with high interest rates. The reason behind this is that people with bad credit are more often than not viewed as high risk creditors.
What are the different types of bad credit loans?
There are basically two types of bad credit loans as you will learn when you visit toplogbookloan.uk. These are: secured bad credit loans and unsecured bad credit loans. Secured bad credit loans are the kind where you are required to pledge collateral before you can be advanced a loan. On the other hand, unsecured bad credit loans are the kind where no form of security is required to be pledged before you can be approved and advanced a loan. The only downside is that interest rates for unsecured loans tend to be relatively higher as compared to secured bad credit loans. Conversely, in the event that you fall behind and are unable to meet monthly repayments for secured bad credit loans, your lender might have a claim on the property that you pledged as collateral.
Who can apply for bad credit loans?
Basically people with a poor credit rating can apply for bad credit loans. However, those who want to build a credit score from scratch can also apply for these kinds of loans. The more punctual they are with repayments, the better their credit score will improve with time.
In a nutshell, to find the best bad credit loans at affordable interest rates, the logical thing to do would be to do proper research of the available lenders before making an application. The idea is to do business with reliable, trustworthy and reputable lenders that offers affordable rates to their customers despite the fact that they have a poor credit rating.
The fallacious reasoning by scores of people across the UK and by extension the world is that planning for college education for kids is not very much an urgent thing. There are those who ascribe to the school of thought that college education is many years away and therefore not an urgent thing. Conversely, there are those who belong to the school of thought that failure to plan is planning to fail and therefore start saving for college education of their kids from the very start. Considering the different beliefs, it begs the question whether college financial planning is of essence or really necessary.
When you look at basic needs, education is one of the key tenets of it. The desire to be enlightened, to be knowledgeable and to fight ignorance calls for the need for education. The contemporary society places so much importance on education that it has become impossible for people to get any kind of job without any kind of education. Secondly, there are some specific careers that require a person to have various skills which call for specialized college training. Without college education, it becomes difficult for people to work in such industries. To stress on the importance of this, we can talk about the engineering field, medical field, app development field just to mention but a few.
In that wavelength, college financial planning is a necessity rather than an option. Parents need to start saving for the college education of their kids as early as possible. The cost of college education keeps rising every single day and therefore parents cannot afford to leave this important undertaking to chance. For those who do not know how to go about planning for the college education of their kids, the best thing to do is to enlist the services of a financial planning expert. These are professionals that can help you with proper financial advice and a roadmap through which you can save for the future college education of your kids.
The key objective is to ensure that you have the right strategy and that your savings are enough to cover the college education of your kids. Anyone thinking otherwise on the need to plan ahead for their kids’ education is indeed on the wrong path. Planning for college also eliminates the need for your kids to go to a college based on your budget but rather on their desired academic preference. Due to financial constraints, most parents are forced to take their children to various institutions of higher learning based on the cash they have rather than on the academics. Others force their kids to pursue courses that are deemed cheaper as opposed to a course that their kids desire which of course is a huge disservice.
The bottom line is that college financial planning is a necessity. It is always important to plan in advance not only for college education but also other aspects of life anticipated. After all, we never know what will happen in the near future!
Gone are the days when college education was an option. In this time and age where competition for jobs is at an all time high, there is no denying that college education serves to help a person have a competitive edge in the market. Of course, we cannot be oblivious to the fact that college education alone does not assure you of success in the job market or life in general. However, it equips you with effective skills to be able to make something out of yourself in the job market. In light of this, college education is one of the biggest investments that parents undertake.
The cost of college education is so high that it would be foolhardy for any parent within their right senses to give it a wide berth. In fact, a lot of people opine that one of the biggest inheritances you can give your children is education. Add to that the fact that knowledge is power and it adds more weight to the need to provide our children with the best of education. With that in mind, college financial planning is no longer an option but rather a mandatory undertaking that each family must take with the seriousness it deserves.
Planning in advance and putting aside some cash for the purposes of securing your kids future education is a commendable thing to do. It gives you peace of mind in the knowledge that when the time comes, your children will have the best of education without having to grapple with lack of funds. In as much as college financial planning is of essence, there are a number of options that can augur your efforts to save for your children’s college education. One of these options is of course seeking for scholarship for your kids.
Scholarships can ensure that your kid goes through college without them paying a single penny. If your kid is very smart and is getting exceptional grades in school, securing a scholarship for them might not be that difficult. There are also talent based college scholarships for kids who are talented in certain sports. All these if pursued could be an effective option in the event that you do not have enough to see your kid through college.
Although a good option, taking out a loan for your child education is a huge burden especially if you lack the capability to repay your loan. It also puts pressure on you to work extra hard to ensure you have the finances to meet the monthly repayments as outlined by your lender.
There are a number of government based and nongovernmental organizations that offer grants for college education. Such organizations can grant college funds to help see your kids through school. However, most of them are need based and therefore your kid needs to show cause why they qualify for a grant to further their education in college.
However, rather than putting the education of your kids to chance, the best option still remains for you to plan in advance by diligently putting aside savings when your kids are still young. College financial planning is therefore the best thing to do!
Perhaps it’s correct to say that the culture of procrastination has taken deep roots in the contemporary society we are living in. We are always putting off important things with the promise that we will accomplish them tomorrow. The lackluster attitude and the temporal eerie feeling it provides has in the long run been the bane of all our problems. Do you get what I am driving at? If not, then let’s be more direct. From the time we give birth to our children, we always know at the back of our minds that there will come a time when they will be going to high school or even college.
However, in as much as this reality is very stark, we more often than not refuse to put in place measures that will cushion us financially when that time eventually comes. The result has been difficulties in paying college fees, difficulties in meeting the basic needs and plunging deeper into debt. In light of this, financial experts have been at the forefront of advising people to save for the college education of their kids as soon as they are born. However, the question of “how” has been pertinent as people from different sheds of life simply don’t know how to go about college financial planning. Let us take a look at 3 basics that can help you with college financial planning and which pretty much make a lot of sense to virtually every parent with a kid today.
The question of “where am I today” might seem quite obvious but it’s not that obvious. You need to have a clear understanding of your financials today to be able to aptly plan for the future. A journey of thousand miles it is said starts with a single step. As such, if you are planning for the finances 10 years or 15 years from now, you need to understand what you have today and how you can use the same to achieve your future goals and objectives. Start by creating a family balance sheet and get a hang of your current financial situation.
Unlike planning for a vacation that is usually a straightforward thing, college financial planning takes a different approach. With a vacation, you know how much is needed, what to use to get to the destination and pretty much the expenses involved. The same cannot be said of financial goals or saving for college as you have to take into account a number of things such as rate of inflation, return on your savings, actual cost of college, and the amount of money to save if you are to achieve your intended financial objectives. Basically, to avoid the cycle of wondering about uncertainties on end, you can as well as purpose to save as much as you can while you are at it.
Once you’ve gone through the loops of where you are and where you want to go, the next thing is how to go about it. You might go for a college savings plan which is purposely intended for saving for the college or you can take a college policy where you pay premiums every now and then till the time your kid goes to college. The policy matures when your child starts college. Whatever the case, saving for college is a pretty sound plan which every sane and caring parent should undertake. Procrastinating would only serve to give you headaches in the foreseeable future.