The rising cost of higher education, combined with inflation, has made it increasingly challenging for families to prepare financially for university. In the UAE, education is the second biggest expense for expats after rent, often placing a significant burden on parents. While the goal may seem daunting, a range of strategies and financial solutions are available to help families plan with confidence and avoid unnecessary financial strain while saving for college.
The right savings strategy depends on several factors — your financial goals, the time available before your child begins university, and your comfort with investment risk. Parents who start early can gradually build their education fund through structured savings plans, which offer flexibility and can be tailored to individual needs.
In the UAE, these plans remain a popular choice as they allow families to contribute regularly, adjust payments when needed, and align with long-term objectives. They are flexible and allow customization according to individual preferences and needs.
Global Choice underwritten by Zurich International Life, distributed by Citibank UAE, for example, is a flexible insurance plan designed to help you save for college on a regular basis and build a portfolio in line with your risk profile. With this plan, you can customize your payment schedule, access your funds when needed, and add on optional benefits such as life insurance and accidental death coverage.
Digital tools can make education planning more precise and less overwhelming. A college savings calculator, for example, helps estimate how much to save each month by factoring in your child’s age, expected tuition costs, current savings, and the percentage of expenses you want to cover. This gives you a clear picture of your progress and highlights any adjustments needed along the way.
Once your goals are set, tracking day-to-day savings and expenses becomes essential. Many parents in the UAE now rely on budgeting and savings apps that bring all accounts together in one place, making it easier to monitor spending and avoid overshooting budgets. Citi UAE also provides digital banking and wealth management tools that support families in planning and reviewing their education savings plan at every stage.
Tuition is just one part of the overall education expense. Books, accommodation, health insurance, and student fees can add significantly to the total cost, and these expenses often rise year after year. Planning with these in mind helps avoid surprises when the time comes.
If additional funds are needed, short-term financing options may provide temporary support. In the UAE, banks may offer personal loans or preferential credit facilities, but these should only be considered after carefully reviewing terms and ensuring repayment is manageable. Citigold clients, for example, have access to tailored banking solutions and preferential rates that can ease financial pressures without disrupting long-term savings goals.
The thought of saving for college is daunting for many people who are unsure of where they stand financially or what they need to do to achieve their goals. This is where a financial advisor comes in to offer his or her expertise, guidance, and support in creating a structured education savings plan that’s right for you.
Citigold customers have access to dedicated relationship managers and a client advisory team whom they can work with to create a comprehensive and structured wealth management strategy tailored to their unique needs. In addition, these customers can avail a wide range of benefits and perks such as travel rewards, discounts and deals on dining and entertainment, and preferential foreign exchange rates.
When saving for college, it’s important not to compromise on other priorities such as retirement planning. Redirecting too much toward college expenses could put your own financial independence at risk in the long term.
A useful approach is to treat monthly education savings like a non-negotiable bill — a fixed part of the family budget rather than an optional contribution. At the same time, look for ways to ease the burden, whether through scholarships, financial aid, or student discounts. Every additional source of support helps reduce the pressure on your savings and keeps your overall financial plan balanced.
There is no one-size-fits-all approach to saving for this important milestone in your children’s lives. You may find that you need to use a combination of different plans and strategies to meet your goals and maintain your lifestyle at the same time. If you are serious about saving for college, there is no better time than now to put the above-mentioned strategies to good use.
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