Plan your child's cost of education before hand

 

I have discussed some general kind of finance topics till recently. Today I feel that I should focus on some of my personal experiences. It is going to be something on cost of education these days.

My brother is doing graduation in Business Management, last week his classes began from a short vacation. He will be preparing for his last semester next January. Along with the tuition fee, his private tuition session also climbed up unexpectedly. I realize how my father manages the huge expenses towards his studies. He has been offering him the best he can afford for his bright future. Not only the core education or studies related expenditure, but he also has to outlay for additional expenses like notebook, broadband Internet connection etc.

The major things that have changed since we graduated is that, now students need even loans to finish their studies. The reason behind this is the rising cost of education these days. Keeping this in mind, you too should start saving money for your child's education to offer them a lovely prospect.

Teach your children to be money smart

Have you ever thought of growing your children with some money saving tips that can make them money smart! If not, you should give it a try with the following tips, those can bring some financial literacy for them -

• If you are familiar with saving money in an organized way, you should also teach your children to build up this idea in the same manner
• They should have basic knowledge of loans and credit
• They should know what is the difference between "need" and "want"
• You should discuss with them about how magical compound interest is. This way they can appreciate it much
• Also you can focus on value of work which can yield money for them
• Offer them some pocket money so that they can grow habit of spending and also build the spending plan of their own

If they can adapt even some of the above steps you might be on the way of bringing up very well-equipped and financially prudent children

Ask for a pay rise

Did you ever ask your employer for a pay rise. You should now ask if you are in great difficulty of short of cash. It might be also that you are very far from your next payment. So asking for a pay rise often is the easiest and fastest way to get rid of this kind of situations. Your organization may come up with its helping hand stretched.

But before stretching their helping hand, they might go through some homework of their own. The following steps will help you to get started -

• Have you updated yourself with some new skills or courses since your last pay was reviewed, that is counted for your pay rise
• Have you taken up new responsibilities in the recent past, this is very important to show how you performed with your new responsibilities
• You should never threat your employer since that does not help anyway
• You should pull together some market data and you may come up with the other businesses those pay for your position

The worst can happen is that your boss simply says no. On the other way you might be overwhelmed with a fantastic pay hike if they find you worth it.

Chinese Economy in control

These days it is known that the the Chinese are in total control of the Economy and also of their financial markets. They are not doing anything unlawful rather they exactly do what actually benefit themselves. The following things are happening with the Chinese Dollar -

• They are more inclined to buy Euros since it helps them to beef up the currency. And there is no doubt that this basically keeps the trade weighted to the value of the Yuan.
• It is also that they are buying Dollars to decelerate the fortifying movement and also buying other currencies in the region. They try to keep the trade competitive with their peers. This makes the Euro to be the biggest benefactor of all this.

So the foreign exchange market is really crowded there making the Euro roll over. This is recommended that you should short Dollar positions and look for selling in the rally of Dollar.