Five Reasons Why College Education is Important

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“Education is what remains after one has forgotten what one has learned in school.” -Albert Einstein

 

One of the sentiments that is echoed all over the world when it comes to education is that it is that one thing that cannot be stolen from you. In fact, so many adages have been written which extols the necessity of education in our lives and in the lives of our children.

In a sense, education is the best gift we can give to our children if we want to secure their futures as it is that sole aspect in life which would prepare them for what lies ahead. It shapes their dreams and helps them mold their plans of what they want to be.

Unfortunately, getting a degree and having your children finish college is not as affordable as we wish it to be. For this reason, parents would often send their kids to school but would forego sending them to college as they see it as an unnecessary expense.

However, with wise financial planning, parents can actually prepare for their children’s college education. In fact, there are innumerable policies in insurance Philippines that would offer extensive educational plans. If you are thinking of sending your kids to college, here are some of the motivating factors that might convince you and fortify your decision to enroll them:

1.) Learning how to learn

In the Philippines, most employers would require at least a college degree from any course of their potential hires. Others might find this a bit discriminating, but there is an apparent reason for this.

Employers tend to have a preference for college graduates because these are individuals who understand and appreciate the learning process. New jobs mean new responsibilities and new environment which is why it is essential for potential hires to have the willingness to learn.

2.) Dealing with adversity

Regardless of whether the economy is performing well or not, degree holders tend to find jobs better and easier. It is without a doubt that they are more in demand than those individuals without degrees.

Furthermore, they can better deal with career adversity and they have a multitude of resources should they want to get back on their feet.

3.) Better earning potential

Education is an investment, and you will see how true that would be once you apply for your first job. People with degrees tend to earn more than those without as it is reasonable to expect a certain skill set, talent or expertise from you seeing as you have successfully hurdled through a two or four-year college course.

It matters not whether you only get as far as a two-year degree, you would still have a better chance of landing a job and out-earning someone who only holds a high school diploma.

4.) Learn skills before employment

Your college education will inevitably teach you some skills where you would learn abilities that can be useful for your future employment. College courses are career oriented in a manner that they prepare students for what it would be like in the actual working field. These are not just ordinary classroom lectures either, but in depth explorations of what you would go through should you ever be employed by the industry you choose to study in.

As a result, your potential employers do not only reasonably expect theoretical knowledge from you, but also that you would be able to perform well beyond your classroom experiences.

5.) Personal Satisfaction

Holding your college diploma and earning that degree is a major life goal and a milestone for many. If you have survived your college years in trying to earn that diploma, it will bring you a great deal of personal satisfaction—one which you can relish for years to come.

After all, pushing through college and making it through all the lectures, classes and internships are no easy tasks. Indeed, accomplishing such a goal is an achievement—one that empowers you. Along with this sense of empowerment comes a feeling of confidence—the confidence to step and take on the world and feeling like you are ready for anything.

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Budget Tips for College Students

students saving money

A few weeks from now, college students will be back to their classrooms, and we will also welcome heavy traffic on the roads. For workers or non-students, it is the start of the long months of being more patient on traveling. On the other hand, some students are all hyped up or maybe too tired to go back to school. Surely even if you are already finished taking classes, you have remembered whether you are the excited one or the “please extend our vacation kid.”

Whoever you are on the spectrum, one thing’s for sure: you want to save a couple of bucks in school. We have different reasons why we need to budget our money effectively and here are some tips on how you can achieve your goal:

Make use of your school’s fast Internet

I understand how hard it is for you to do paper works especially thesis without a WiFi LTE connection since most of the up-to-date facts and information you need are online. What you can do is to connect to your school’s Internet or maybe rent a computer in your library and download all the files you need to read or analyze. Trust me. I survived college without having a stable Internet connection at home. We only load our prepaid connection from time to time that is way cheaper than availing a full-contract service of Internet, and you will seldom use it.

Cook food at home and bring it to school

It can be your mom, dad, sibling or guardian who cooks at home, and it can be you! Aside from saving some money on buying expensive food at the cafeteria or canteen, you will be enjoying freshly prepared meals which are made with love and can fill your stomach (and heart and also your tired brain). It is also fun to share your baon with your colleagues.

Or eat outside your campus

And I am talking about carinderia or small food stalls. If you want to save, you know that high-end restaurant or eating at fast food chains every day won’t do you any good. Ditch those fancy places and start looking for the ones who offer budget meals for students.

PDF and online copy of books will save you

Have a soft copy but be sure that you are allowed to use it for the class (not to mention these copies should be legal). If there’s no problem with that, congratulations for saving some money! However, some people still prefer to have their readings printed or in hardcopy.

Reuse, recycle and reduce your things for school

In whatever we do and wherever we are, we should not forget the three golden R’s. If you have old things you can still use, don’t buy and reuse those. Have some time to DIY stuff you need at school? Improvise don’t buy. Reduce purchasing unnecessary new things if you can still make the most out of what you have.

Sell things you are sure you won’t need anymore

This could be your old books, uniform, gadget, to name a few. Again, know that you don’t need them anymore. You don’t want to regret selling things and wanting them back after a couple of weeks or years. This is not actually a budget saver but more on an income-generating move.

Maximize your school’s perks and benefits

Know your rights and privileges at school. If you can avail of some products and services for free or at a lower cost at school, go for it instead of buying and going to outside stores. Don’t be timid to ask your admin about the perks and benefits you as a student can enjoy.

different jars for money saved

It is never too late to start saving for your dream gadget, vacation, target amount saved, or whatnot. So gear up and have fun with a new school year ahead of you!

Education is Expensive – Get a College Educational Plan NOW

To continue with my previous post about educational plans, I strongly believe that even when our previous experience was not a good one there is still a virtue in preparing for your child’s future. That’s why my husband and I decided that it is time for our elder daughter to get her own educational plan.

Come the time that she needs to go to college, we might have to shed at least ₱100,000 per year. Really, education is so expensive here in the Philippines. In 2014 alone, the Commission on Higher Education (CHED) approved 6 to 14% increase per unit for 287 private colleges and universities.

We have so many choices, but based on what we’ve read, there is no best educational plan. It’s up to you what you deemed best for your child and for us, that’s Paramount Direct with its Dream College Plan. Its plan includes Plan 100, Plan 300, Plan 500 and Plan 1000. I think the basic differences of these plans are the monthly premiums and, of course, the benefits. More on this below.

We chose the Plan 100. Good thing you can apply online because we have no time going to the office and talking to an agent. Here’s how it looks.

apply online paramount direct

Beneath the ‘Apply Now’ button are fields where you can choose the product and the plan and input your birthdate (mm/dd/yyyy). Next, click the ‘Check Premium‘ button.

Below is another version where you only need to choose the product and the plan before clicking the Apply Now button. Don’t be confused, though; they are basically the same. This is just for the sake of showing you two ways to apply through the site. We used the second version.

second version online application paramount direct

So, again, we chose the Dream College Plan (product) and Plan 100 (plan). There are about four pages to fill out. The first page is the Personal Information of Payor.

first page online application college plan paramount direct

The second page is the Contact Information.

second page online application college plan paramount direct

The third page is the Employment Information.

third page online application college plan paramount direct

The fourth page is the Other Information. This includes the Personal Information of Scholar, Beneficiaries, Non-Forfeiture Options, Health/Medical Information, Declaration on Existing Policy(ies) and Additional Benefits.

fourth page college plan paramount direct

Click the ‘Submit Application‘ button.

Upon clicking the button, you will a confirmation that your application is already received.

confirmation email from paramount direct

An email will be also sent to you, which you also need to confirm.

another confirmation email from paramount direct

The email you will receive details the application. It will also include information on the Schedule of Benefits. See below.

schedule of benefits college plan paramount direct

As promised above, these benefits are for the Plan 100 with the monthly premium of ₱1,245.95. Multiply it by 3 for Plan 300 (₱3,735.95), by 5 for Plan 500 (₱6,225.95) and by 10 for Plan 1000 (₱12,450.95). It’s not exactly that amount, but these will put things in perspective.

For the record, we are still in Step 1. But, we will proceed to Steps 2 and 3 in the coming days. Anyhow, at the second version of the online application, there’s a note below saying, “We will mail the Policy Contract for your review after a few days. If everything is in order upon reviewing, you can complete your application by paying your initial premium so we can activate your policy as soon as possible.”

What I like about this company is it offers various methods for paying your monthly premiums. Here they are:

  • Mail – check or postal money order, the official receipt (OR) will be sent to your address
  • Branch offices – premium billing notice, you will be issued a provision receipt (PR), the OR will be sent to your address
  • Any BDO branch – cash through bills payment slip, you will receive a validation slip
  • Any LBC, bayad center or SM Bills Payment – premium billing notice, you must ask the teller a copy of the notice and receipt aside from the validation slip
  • Credit card – you must fill out and send the Credit Card Authorization Form back to Paramount through email or fax (TeleFAX Number +632 772-9264)
  • Post-dated check – post-dated check with the name and policy number at the back, you will be issued an acknowledgment letter and the OR will be sent to your address

How convenient! With all these, you have no excuse not to pay for your monthly premium.

Of course, while paying for the monthly premium, you still have to save. You shouldn’t think of having a college educational plan as a way to slack, thinking that your child’s education is covered. Well, we are just talking about the tuition fees and there are many other expenses. The price of each book alone, depending on the chosen course, can go as high as ₱1,000.

So, being prepared is the best way to combat the surge of educational expenses in the future especially if you have more than one child.

How to Save, Save, Save?

We all want to, but we have no idea how especially when we are only desperately trying to make ends meet. I remember, two Januaries ago, Kuripot Pinay’s 52-week money challenge went viral online and it even made its way to the evening newscast. In 2014, she started with a ₱50 increment and for this year, she doubled the amount to ₱100 increment. In the 1st week, you need to save ₱50. In the 2nd week, you need to double the amount. In the 3rd week, triple the amount and so on. Do this for 52 weeks. She was able to come up with the ₱70,000 and invested it in stocks.

Interesting enough, there’d been other versions of the challenge such as The Mas Kuripot 52-Week Money Challenge. The other versions are created because the ₱50 increment is very difficult to achieve especially for the students, new grads on their first jobs and mostly, for the unemployed. A modified money challenge uses ₱20 increment while the 2015 version dubbed as the 2015 Pinaka-Kuripot Challenge uses ₱10 increment.

You might be wondering how I suddenly came across these money saving challenges. Well, I am actually looking for effective ways to save money (and Google deemed these strategies as effective enough). From the looks of it, the strategies would be really effective if and only if you have the discipline to save the required amount on a weekly basis. Unfortunately, not all Filipinos have the capacity to do so not because we lack discipline when it comes to saving, but also because we lack discipline in terms of spending.

I found another funny (yet straightforward) post about why Filipinos, in general, are not able to save and invest. I found the post in FinancialPlanningPH.com although I found the un-cropped image at MattsCradle.com. Each statement is so true that it echoes the lack of discipline in how we spend and save. It is a cycle that will go on and on without us realizing that we are actually wasting a lot of money in the process. I also want to share the post. Perhaps, we can all learn a thing or two about this chaos that we face on a monthly basis.

why-Filipinos-dont-invest

It is really difficult to save money especially if you don’t have the money to save. Personally, it takes more than discipline (and a steady source of income). We need to learn the value of saving first before we embrace such concept. On the other hand, the majority of us knows the value of saving but we delay it to prioritize our needs first. Good if you are really prioritizing your family’s needs. But come to think of it,

… do you really need to borrow extra money every December and pay for it on January with the money that you haven’t earned yet?

… can’t you think of a more creative and practical Valentine’s Day gift for your special someone? Ehem, tikoy is excusable.

… should a graduation celebration really need to be that bongga with all your friends and relatives from the province?

… how many summer outings do you need just to enjoy the summer? Does it really need to be Bora or nothing else? Why not consider a staycation?

Then came the BER months…

THE POST IS NOT SO FUNNY AT ALL, I realized!

If you are guilty in any of these, then probably, you are doing something terribly wrong with your money. I am guilty to some of the statements (I said some because I have yet to send my daughters to school). But since I know myself too well, I may end up doing the same thing come enrollment time. AMAP, I don’t want that to happen to me and I don’t want that to happen to other parents out there either. That’s why I am thinking of saving this early (as if I can say this early; I am 30 years old already).

What I want to say is it is not yet too late to save. And what I want to show is your ₱10 can go a long way. The secret is DISCIPLINE + PRIORITY = SAVING. I just came up with this formula. We need to be disciplined when spending our hard-earned money by prioritizing our needs. This can lead to savings and eventually, investments.

P.S.

I already have ₱910 in my piggy bank. Go figure.

Educational Plan – What Is It

education-plan-philippines

When I learned that I am pregnant, the very first thing that came into my mind is – Will we (my husband and I) able to give our child the future that he or she deserves? Well, I guess, parents always think a bright future for their kids including sending him or her to the best school possible. That’s the dilemma we had to carry until we see our sons and daughters graduating.

In the Philippines, however, quality education doesn’t come cheap. The worse, the cost of schooling is bound to increase in the coming years, compromising our plans of sending our kids to the best schools like Ateneo, La Salle, UP or UST. The annual tuition fees of these institutions range from Php50,000 to Php200,000. What more 10 to 20 years from now?

I kept on hearing about educational plans. Could it be the answer? I want to know, too.

A look into educational plans provision

Educational plans are guaranteed cash benefits. The money can be used for covering the costs of tuition fees, textbooks and other learning materials. Educational plans usually offer flexible payment terms such as 5, 10, 15 or 20 years which you will choose from. The guaranteed cash can be obtained annually.

Some educational plan providers even provide another guaranteed cash upon the graduation of the beneficiary (colloquially known as the policy bearer). The policy payor is the parent or guardian paying for the monthly contribution.

One good thing about these policies is the life insurance feature. For instance, the payor suddenly met demise, the educational plan will still be active without the need to pay for the remaining years of your chosen term. This means that even without you around, your kid may still have access to guaranteed cash to fund and finish his or her education.

Obtaining an educational plan for kids not yet attending school is possible. Parents can apply for more than one educational plan. The amount of the monthly contribution will depend on your capacity to pay although there is a minimum. The minimum is usually below Php2,000. Of course, if you want you send your kids to the premium universities, you need to pay higher than usual.

Experts say that the best time to start applying for an educational plan is even before your child had his or her first birthday. From the looks of it, an educational plan can be the best solution to the rising cost of education in the country. Nonetheless, it would be best to talk to the real experts. Don’t worry because there are several insurance providers in the Philippines, almost all of which provides an in-house Investment Coach or Counselor.

So, if you are a parent like me, you might as well approach a provider and ask about their educational policies. Just make sure that you are dealing with a reliable provider. Remember that it is your child’s future at stake here. Making a mistake in choosing the right provider will only further compromise your child’s future and definitely, your hard-earned money.

Image credit: PinayMommyOnline.com