Real-life money situation
“I want to save for education.”
I want to save for education. Education is a large, often predictable cost — for yourself or someone else — with a date you can plan toward.
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Education is a large, often predictable cost — for yourself or someone else — with a date you can plan toward.
What to think about
- The total cost, including fees, materials, living costs and lost earnings while studying.
- How many months or years you have to prepare.
- Whether scholarships, employer support or study-while-working could reduce the cost.
- What the education is likely to change in earning or opportunity.
Common first moves
- Estimate the full cost and divide it by the months you have.
- Keep this money separate from everyday savings.
- Look for funding that does not need to be repaid before borrowing.
Watch out for
- Borrowing heavily without a clear view of what the qualification leads to.
- Investing money needed within a year or two in things whose value swings.
Lessons behind this
- Building skills people will pay for — Which skills tend to raise earnings, and how education does — and does not — change earning potential. (7 min · Practical)
- Short, medium and long-term savings — Money for next month, next year and next decade belongs in different places. (6 min · Foundation)
- Planning for predictable large expenses — The big costs you can see coming are the easiest to prepare for — and the most often forgotten. (6 min · Foundation)
- Student debt and business debt — Borrowing to learn and borrowing to build — the promises behind them and the risks inside them. (7 min · Practical)