How much of your income should you spend on our child's education?


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Posted by Chidinma on Thursday December 25, 2014 at 20:14:48:

Giving their children sound education is one of the biggest challenges parents face when raising their children; and since education is said to be the best legacy a parents can leave for their children, its inevitable that as a parent, a chunk of your income with consistently go to paying for a good education for your children. The issue now is, how much of your income should a parent invest in giving the child good education;

Before giving an estimate I will look into some factors parents have to consider before deciding the percentage of their income will go into each child’s educational fund;

1. How Much Do You Earn Per Month As A Parent: this is the very first question a parent should answer before making a choice of how much to spend on a child’s education. To get an accurate amount of how much you make every month, calculate your total income and minus the very necessary debts and bills and taxes you have to pay for the month.

2. How Many Children Do You Have: this is another very important question which the answer will determine how much a parent will spend on the children’s education; because the more the number of children you have to train, the lesser the amount you will spend on each one’s education.

After you consider these factors in place, you can decide to perhaps pay thirty five percent of you annual income on your child’s education per year; if you have more children to carter for, you can increase it to 40% shared equally among them all.

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