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Plan & save for a rainy day

A little bit of planning and observing your surroundings will help you go a long way!

Photo of Namita Simha
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To understand better about the education system and how affordable/expensive it is today, I interviewed few people. Some were parents, students and teachers.

One of them was Doug, a professor who has 3 three children between the ages 16-28. Of the three, the eldest one has completed his education and is working while the two younger children are still studying. Doug firmly believes that parents should support their children not only in their career decisions but also in planning their finances to support their education and be mentally prepared for any turn of events. He mentioned that each of his children had different interests. As parents, Doug and his wife realized this and planned their savings and expenses towards their education. Franklin college, where Doug teaches provides education for free or at subsidized amounts for the faculty member's children. The children have to take entrance tests, maintain GPA requirements and stay on campus for a minimum of 9 months. Two of Doug's children went to Franklin. The youngest according to Doug, has varied interests and hasn't decided her career path. Doug is worried about her choices, but is confident in his plans for her. Doug also emphasized about knowing how well the system works. Since he is in the teaching field, he often finds it convenient to link with people and learn different methods to support his children in their education and handling finances. 

What is a provocation or insight that might inspire others during this challenge?

1. Understanding and knowing children's likes, dislikes and interests, parents could plan for funding their education. Learning about the children's aspirations aids in preparing in advance financially and mentally. 2. Knowing the education system well helps, as it allows one to take advantage of the readily available options and make wise choices.


Join the conversation:

Photo of Anne-Laure Fayard

Thanks Namita for sharing your insights from your interview.
It's interesting to see a parent perspective. It resonates with other research posts that highlighted the key role of parents.
It also stresses the importance of understanding the system which raises the issue of how to help parents, and children, from low income communities, who don't necessarily understand the system.

Photo of Namita Simha

Hello Anne, thank you for sharing your thoughts. I have kind of got a pattern where in parents I interviewed have involved themselves completely in supporting their children's education, we can definitely take some insights from them and utilize them for supporting parents from lower income communities.