We’d all agree if one said a UAE dirham bill would get you more items a few years back than now. This is the basic understanding of inflation. In this dynamic world where none is constant, so are the prices of goods and services we purchase. Education is no different from it.

Education is accessible to all, and everybody strives to provide and receive it in the best quality. It is no longer a simple affair with a blackboard and chalk, with a teacher to facilitate. Textbooks are not the only tool to study. And the recent pandemic has proven us enough and more about the role of technology and the costs it brings along with it to cater to the educational needs of your child. A basic primary school education today is as expensive as a college tuition fee from the yester years. Hence, education is an expensive affair as we know it now.

Now, how do we prudently save for the education of our children?

In the rat race to provide the best for our children to survive in this competitive world, we hardly remember to estimate our financial stability to fund the education of our children. So, the first step to decide the school or university you’d like to enroll your child into, should be based on your financial ability to afford the tuition fee. Try to bring a balance between the financial aspect and the quality of education and enroll your child in a place that provides good education and is affordable. It wouldn’t do much good to your child if you were to enroll your child into a school with all the facilities such as extracurriculars, field trips and summer camps which are very expensive and then not being able to send them to those. Thus, plan and keep in mind such additional expenses while enrolling your child.

Another way to reduce the financial burden of education is to identify talents in your child and nurture them. This would not only benefit the child’s personality but would also allow them to obtain scholarships and thereby choose a university of their choice in the future with minimal financial burden. Additionally, look out for scholarships and financial aids from the universities, organizations and governments while applying for higher education.

Another healthy habit to save for your child’s education is open a bank account and make small contributions regularly which could earn you some interest along with your principal. This will also create a good credit score for your children. Most of the leading banks in UAE offer SIP (Systematic Investment Plans) and Educational Plans which can help you start small and over a period of 10 to 15 years save enough funds to cater to your child’s educational needs of tomorrow.

Make your financial decisions prudently and be financially literate. You could also approach a financial advisor to understand the different investment aspects available in the market suitable to your needs.

Encourage your children to have savings even if they are a preschooler. It will benefit them in the long run. For parents with college going children, encourage them to take up paid internships or jobs to fund some part of their higher education. This will give them a sense of accountability and achievement as new UAE labour laws are very progressive and provide a legal framework to protect your child’s right sufficiently.