5 Ways Divorced Parents Can Plan For Their Kidsí Home Tuition If you're divorced and have children, it's important to consider how the finances for their education is handled. Here are a few tips. BY MONICA GILL
Even if your marriage didn't go according to plan, it's important your children get the best opportunity you can afford.
“ You have to make a good strategy for your kidsí education so that they donít feel they are being left out or are lagging in any aspect compared to other kids.”
It is crucial when you're divorced to consider hard decisions that will impact your child. While depending on your financial abilities, there could be several ways in which you can see your child doing exceptionally well in academics. However, you have to decide how much you and your spouse can spend on your kidsí tuition and education as a whole. The divorced parents can follow these 5 ways to plan for their kidsí home tuition.
Reach an Agreement
You have to decide and mutually agree to bear the education costs of your child. The parent with the lower income can suggest to split the bills unequally. Another consideration is who takes custody of the child. There are couples who decide the custody schedule of their child and also bear the expenses when they are with them. You have to make an agreement in detail so that there are no problems in future.
Set Funds Aside
During the divorce, you can decide and make an agreement for setting aside funds for the childís education that also include home tuition and other academic expenses. You can set aside a lump sum and put it in a tax-free trust account or you can also agree to save incrementally over the years for the higher education. For home tuition, you can foot the bills by withdrawing some amount from the account as and when required.
Ensure all the Needs of Your Child are Fulfilled
During an agreement, ensure that all the needs of your child are taken into consideration. Home tuitions get expensive as your child grows old and get into higher grade level. And, there are different needs for different subjects as the tuition rates for complex subjects like Maths and Science are higher than many other subjects. You should be careful in deciding the amount to be paid towards educational expenses of your child.
Funding for Multiple Children
If you are a parent to more than one child, the educational expenses are much higher and it makes a greater dent on your financial condition. It is not necessary that every child needs home tuition, but you have to make sure that you decide on that during the divorce. If you have set aside funds for the educational expenses, you can decide to use the funds for one child or more than one child according to the needs.
Forget the Past and Focus on Future
What happened in your marriage is a thing of the past and now it is crucial for you to think about the future of your kids. You have to make a good strategy for your kidsí education so that they donít feel they are being left out or are lagging in any aspect compared to other kids. You can think of splitting the bills for their education on regular basis or you can decide individual contributions.
These are some of the ways in which divorced parents can make a plan for streamlining and funding their kidsí home tuition. With the home tuitions becoming more and more important for a kidís bright future, the overall education costs have only gone up. Hence, the divorced parents should make it a point to share the costs and provide for the best education to their kids.
Monica Gill, a writer, who currently maintains a home tuition resource in Singapore. She is passionate about writing and collecting new books. She believes in hard work and it is her persistence that keeps her doing better. She is a perfectionist and doesnít let go off things that donít appear perfect to her. She loves traveling whenever she needs time off of her busy schedule. Her favorite holiday destination is Hawaii.