Every parent wants their children to have a good and high education to get a better future and can take care of themselves, however, expectation comes with a large burden whether tuition fee, tutoring, equipment, living, and many festive school expenses. Because of those expenses, many parents are worried about how to get the money to pay. As in this difficult situation with more lacking of economic and pandemic, parents need to find the money before the due date. Here are some tips to get the payment for your children's tuition fee.

1. Borrow from your close relatives

As the due date arrives, the fastest way to get money is borrowing from your close relatives however, it is uncomfortable for many people to ask for money. Most people have a high ego and do not want to do so. Borrowing from close relatives may mean a high chance of getting payback but it does not mean any chance of running away. The most important thing is the promise of duration to pay back so the borrower and lender are not worried. This method is suited for those who in need of cash flow not for extravagant spending. Close relatives know the personality of those borrowers so running away may create an internal conflict which is not a good idea.

2. Paying by credit cards

Paying tuition fees by credit cards may help in delaying cash usage with a period to find money in a due statement. This way is the cheapest way because there are more promotions and privileges than the others such as accumulated points, every 25 Baht spending gets 1 point which values about 0.4% cashback. Some credit cards give higher points than others which is worthier. These points can exchange for rewards, vouchers, and discounts by exchanging points as product price

3.  Apply for a personal loan

As the due date has arrived, how to find the money for paying the tuition fee? Let us try a personal loan because its purpose is to give money with no need to explain any spending objective. The most important thing is the approval period only takes 3 days however, full application documents are needed to get the soonest possible approval. This is better than an informal debt where no law applies and a higher interest rate. Another pro is no increasing interest rate so you can calculate and control your budget. Moreover, no need for the cosigner, and the money is directly transferred to your account with 5-times of your income and a variety of payback method. The range is from 20,000 - 3,000,000 Baht with a maximum 72 monthly installation plan. Also, amortization is also provided.  -Apply for personal Speedy Loan- Moreover, it is super easy 

4. Get in pawnshop

Since it is tomorrow that you have to pay the tuition fee, another good solution for parents from the past up to these days is a pawnshop. No matter what you own whether diamonds, gold necklace, jewelry, brand name bags, electric devices, watches, mobile phones, computers, etc. These items can be pledged with a lower interest rate than the informal debt. No need to pay monthly, no followers, and 4-month to ransom your belongings. However, you can extend a month in case you are not ready otherwise your belongings will be seized and sold soon. The con of this method is you have to go to the pawnshop which is not suited for this stay-home situation and you may feel a little embarrassed to go to the pawnshop.    

Apart from finding money to pay kids' educational fees, parents may negotiate with schools to extend the payment or request an installation plan. This is another solution to improve your cash liquidity. However, the most important thing is how to manage your budget, and advance planning is needed. Monthly saving is a way to save money for a fixed cost and cut unnecessary educational expenses such as encouraging self-learning rather than hiring an extra tutor, stop buying those unnecessary gadgets and new school uniforms. Also, parents should tell the truth to their children about their current financial status in order to make their kids aware and reduce unnecessary burdens.  

Reference

https://www.matichon.co.th/money-management/news_2119299

https://masii.co.th/blog