In the Philippines, it’s common for families to pitch in to support a student’s higher education. While that sense of shared responsibility is admirable, the costs of sending a student to a renowned college or university can still be overwhelming if you’re not prepared. Moreover, not everyone has the privilege of having a reliable support network to help with educational funding.

The good news? Starting early can make a big difference. With time on your side, even small steps can lead to a meaningful college fund. Here are practical tips to help you get started while your kids are young.

1. Start as Early as Possible—Now, if You Haven’t Done So Yet

The earlier you start saving, the more time your money has to grow. Starting while your little one is still small means that their college fund can grow with them. You don’t need to put away large amounts right away. The key is consistency. Even ₱500 or ₱1,000 a month can add up over the years, especially if you’re putting it in an interest-earning account.

Starting early also means you can afford to take a more gradual and less stressful approach. You avoid last-minute panic and can focus on building a solid foundation for your child’s future.

2. Open a Dedicated College Fund Account

It’s very easy to dip into savings or emergency funds when everything’s mixed together. To avoid this common pitfall, open a separate account specifically for your child’s education. This helps you keep the funds untouched and growing. Many local digital banks like Maya offer goal-based savings accounts designed for education or long-term objectives. Having a separate account lets you keep your college savings organized, get a clearer picture of how much you’ve saved so far, and prevent the temptation to use the money for other expenses.

3. Explore Time Deposit Options

If you're looking for a safe and relatively low-risk way to grow your savings, a time deposit is worth considering. This type of savings account offers higher-than-average interest rates in exchange for keeping your funds in your account for a set period of time. You can ask your bank relationship manager to see how a time deposit account can help you maximize your college savings. There are also digital banks like Maya with their own time deposit offerings.

Here’s how it works:

You deposit a fixed amount for a set period (e.g., Maya’s time deposits have 3-, 6-, or 12-month terms).
Your money earns interest, and you can withdraw it once the term ends.
Some banks let you roll over the deposit to keep earning without lifting a finger.

It’s a good option for funds you won’t need right away but want to grow securely over time.

4. Set Clear Savings Goals

Knowing your target amount gives you direction when deciding how much you should save. Start by estimating how much a college education might cost by the time your child comes of age. Don’t forget to factor in inflation, tuition increases, and other expenses like transportation, school supplies, and possible lodging. Next, break the amount into monthly or annual savings goals. For example, if you want to save ₱500,000 over 15 years, that’s around ₱2,800 per month. If you’re starting later or saving less, adjust your expectations or plan to supplement with scholarships and loans later on.

All in all, having a number to aim for makes the process more tangible and keeps you motivated.

5. Involve Family in Small Ways

It’s not out of the ordinary for relatives to give cash gifts to children during birthdays, Christmas, or special occasions. Instead of spending it all on toys or clothes, why not set aside a portion for the college fund?

You can even let your child know, as they grow older, that some of their “angpao” or gift money is helping build their future. This instills the value of saving early on. Plus, letting your relatives know that you’re saving their gifts for a college fund can inspire them to contribute more meaningfully to this financial goal.

6. Look into Education Insurance or Investment Plans

Some financial institutions offer insurance or investment-linked plans specifically designed for education. These plans usually combine life insurance coverage with regular contributions that grow over time. They can be more complex than regular savings, so make sure to read the fine print and ask lots of questions before committing. That said, if you prefer to stay hands-off and want a long-term structured plan, this could be a good fit for your family.

7. Be Open to Scholarships and Grants Later On

While it’s great to save early, you don’t need to shoulder the full cost of college on your own. Many schools offer merit-based or need-based scholarships, and there are also government programs that can help cover tuition or fees. Keeping your child’s grades strong and being active in school can open doors to these opportunities. Think of your early savings as the foundation, and these potential programs as valuable add-ons.

Preparing for your child’s college education doesn’t have to feel overwhelming, especially if you start early and stay consistent. By building smart habits and choosing the right tools, you can create a strong financial cushion that will ease future expenses and give your child a great start. With a little planning today, you’re already helping shape their tomorrow.