What can you do with a
million pesos?
Possible answers:
- Buy a property (house, condo unit or car).
- Spend it on a major event (e.g. wedding, debut).
- Travel.
- Pay off loans (or debts).
- Put up a business (or acquire a business franchise).
- Save or set the money aside.
For the last item, if you
are a parent, you may want to add, “Use it as college fund.”
My daughter’s graduation on
March 27, 2014 and a recent blog “Planning
your Child's Education (EDUCATION PLANNING)” made me think about this and
prompted me to compute our total investment on her college education.
True enough, one would
need a million bucks for a college diploma nowadays. Tuition is not the only
thing to worry about, as there are other “financial commitments.” On our part, Cae
is an education plan baby (refer to my other blog
entry). I am so proud of this investment of ours and it was a great help
indeed. A special note to parents who have kids below 4 years old: Please
consider having one. In these times, you are no longer limited to traditional
education plans, as there are investment-linked insurance plans that provide
funds for your child’s education. These products give you flexibility and allow
you to save for several years of schooling depending on what you require (high
school, college, or even post graduate degrees). And then there are also scholarship
grants offered by private institutions or universities. Grab these
opportunities while you can. So you can
scratch off (or a portion of) the first column ↓.
Below is the breakdown of
our expenses for four years (click on table to enlarge image).
Some items may not be
applicable to everyone, as they are exclusive to a Travel Management course
(e.g. local/international trips, events). Cae went to Cebu-Bohol and South
Korea, and had a Manila tour guide exam. They had an events management subject
where they had to stage an actual event and they were also required to attend
events sponsored by the other classes. Even then, take note that some courses
are more expensive (e.g. Multimedia Arts, Nursing, Dentistry, Architecture or
Engineering). My cousin had to purchase
an expensive camera and other equipment for his daughter who is taking up Multimedia
Arts. For those who have kids pursuing special interests or hobbies (culinary
arts, sports, ballet, theater, and photography, among others) during their
college years, you may have to shell out more.
Her thesis was about
Malapascua Island so she and her groupmates had to go there personally.
Cae didn’t need so many
books, but her French and German books were expensive. They also had journals and lots of
photocopied materials.
Transportation expenses
would also vary; some would have their personal vehicles (gasoline, toll fees,
parking fees) while others would take PUVs or join a carpool. If you must, for your
info/reference, driving lessons cost Php6,600 (10hrs) – 9,800 (15hrs) for sedan / manual.
Some universities have
prescribed uniforms but you would still need to shop for clothes appropriate
for school, right? PE uniforms and gears change every semester (1st
and 2nd year), depending on the program taken (badminton, arnis, table
tennis, etc). Cae’s South Korea trip was last February 2013, so we had to get
her some winter clothes and accessories. For CTHM, pantyhose are a must to go
with their uniform (cream blouse with special fabric exclusive only to UST, green scarf, dark blue vest, and dark blue skirt) – that’s an additional non-negotiable item plus make-up. For
her OJT , they were required to wear a grey uniform.
Cae is not a “branded”
girl, you can buy her any kind of shoes but for some reason, her feet seem to
eat her shoes alive, on top of being a frequent flood victim (as a Thomasian) –
so we have to buy (or have them repaired) every now and then.
Dormitory fees range from 12k to 15k for a room good for 4pax. Some would
charge more to include meals, while kids who are “uwian” can take their lunch
or dinner at home. Since Cae lived in a dormitory for 3 years, we had to spend extra for utilities, postpaid plan, and occasional laundry. I also included the purchase of mobile phones (all in all, she had four – 1 MyPhone, 2 Blackberry and a new one, Samsung Win).
I excluded the
medical/dental/optical expenses since these are charged anyway to another
budget source and not to the education fund. But you may want to take note of
them, too, for documentation purposes. I indicated these expenses (in red) in
one column since in Cae’s case we had to purchase her Yamamoto brace (for her
dextroscoliosis), her orthodontic retainers on her 2nd and 4th
year, and her eyeglasses, plus the trips to the doctor/dentist/laboratories. I also excluded food/groceries and toiletries
purchased for Cae as these are also charged to another budget source. When Cae was younger, she was a picky eater but when she experienced “dorm living”, she began to appreciate vegetables and simple viands (lutong-bahay). Her expenses for meals are placed under
Allowance/Food/Leisure.
The figures are rounded up
for easy computation, but more or less, you get the drift. I suddenly thought
of my parents who sent 3 college students (my two older siblings and me) all at
the same time. Remember, if your child opts for a state university, tuition
would be less, of course. But if he/she goes to a more expensive university,
then your million may not be sufficient and you need to prepare or save more. If
you have insurance or an investment plan, expenses may be minimal.
And yes it’s true, the reward that you will receive in return (pride, happiness) after four years (five or more to some) is PRICELESS. Every time I see my daughter’s grades and graduation photo, I can’t help but flash a million-dollar smile. So much for return on investment.
And yes it’s true, the reward that you will receive in return (pride, happiness) after four years (five or more to some) is PRICELESS. Every time I see my daughter’s grades and graduation photo, I can’t help but flash a million-dollar smile. So much for return on investment.
~TheGoodGirl
