Father Sez

From and to parents - parental advice to our children on personal financial management and life.
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Hah! Phase 1 of another major financial commitment has now been done with

Thursday April 10th, 2008 by fathersez

I wrote recently about one financial burden that I had. Something that was not in black in white, rather it was just something that I had to do. 

It’s a little difficult to explain why I should take this financial burden upon myself. Perhaps this can be better understood by families who have members who have immigrated to other countries, to seek better lives for themselves. Nevertheless, by the Grace of God and sheer chance this commitment has now been taken care off. 

Another major commitment my wife and I have is the expenses of tertiary education for our five children. I am aware that many responsible and respectable personal finance bloggers have written that this should not just be a burden of the parents.  

Lily of the Honest Dollar wrote a very balanced article on this issue of the Parent Trap, some time ago. Whilst this article did not focus on tertiary education per se, the general idea is clear.

 And there are really compelling arguments for making the kids pay their way  

My wife and I had never ever considered the possibility of setting the children loose and to let them sort out their tertiary education costs themselves (with or without our help). This was something we were going to take care of. So it was the “Pa and Ma scholarship way.” 

My eldest girl wanted to do psychology. All the local universities needed the students to have done Biology, which my girl did not do (for reasons that were completely my fault.) So the option was overseas universities. We have a number of local institutions that do “twinning programs”, where the kids study in Malaysia based on an overseas university’s syllabus and marking standards.  

To cut a long story short, my eldest girl finally ended up choosing University of Wales, Bangor, where she is just about to finish her basic degree in Psychology. The cost of this degree is far more than the cost locally. 

For the past 3 years, my wife and I have somehow managed to make the payments for the fees.  Today I am sending by registered post the bank draft for the final installment of her University Fees.  

My eldest girl is having her final exams in mid May and then, God Willing, she graduates.  

For our three younger children, my wife and I will revisit and follow Madison’s sound advice.  The cost of tertiary education for the younger children is going to be probably the biggest financial commitment my family will have in the years ahead. We’ll plan for this far better than we did for the two elder girls. And the kids themselves will be playing much more involved roles.  

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One Comment for “Hah! Phase 1 of another major financial commitment has now been done with”

On April 16, 2008
At 11:03 am

We’re somewhat in the “Ma and Pa scholarship” camp too. Or at least we plan to be in 16 years once our oldest goes to college:)

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