Four years before my daughter was born, I started an education fund for her. When she was born, the fund had enough money in it to pay for her independent high school education. Here’s how I did it.
Starting the education fund:
There are many ways to start preparing financially for your child’s education. I might need to write another post which looks at each of them. The focus of this post, however, is to explain how I started and grew my daughter’s education fund. Later in this post, I provide more details about the fund I chose and why. That aside, the fund I chose required me to submit a few documents online to get it started. I also needed to make an initial once-off minimum investment of $5000.
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I started a recurring automatic direct transfer into the fund from my bank account once it was set up.
At that time, my job paid me fortnightly. I made a direct transfer of $200 from my bank account into my daughter’s education fund the day after I was paid.