As a parent, you want to provide the very best for your children. This is never truer than when it comes to their education. In South Africa, the cost of a quality education can run into hundreds of thousands of Rands – a sum that cannot easily be absorbed into a monthly or yearly budget. In fact, most parents need to plan very carefully for their children’s education. Thankfully, it is possible to start planning for your children’s future today. And it’s affordable.
Through a range of investment and saving solutions that are tailor-made to your child’s education needs, you can start saving towards the type of education your child deserves. Below, learn more about planning for a child’s education, or alternatively, find out about an affordable education plan that will enable you to give your child the best education possible.
The ABCs of complete education planning
Nowadays, it’s not just your children’s tertiary education that needs to be planned for. School tuition can run into many thousands of Rands each year, particularly if you decide to send your child to a private school. And of course, the cost of a school education entails much more than just the monthly fees. Your child will require books, stationery, uniforms and sports gear throughout his or her years at school. Schooling lays the foundation for your child’s future, and thus it is essential to give your child the very best schooling you can afford.
Once your child matriculates from high school, the cost of their education is likely to soar. In days gone by, universities were the primary providers of tertiary education. Today, there are many respected colleges, technikons and distance learning institutes throughout South Africa, and these also offer a range of courses and qualifications. However, tuition fees at these colleges are often just as high as at universities – if not more so in some instances. Thus, whichever path your child decides to follow, the cost of his or her education is likely to require careful planning.
Along with tertiary education fees, you’ll also have to consider associated costs such as text books, computer hardware and software and living expenses (such as residence fees). And of course, there’s the fact that students are always notoriously broke! You may also be footing the bill for petrol costs, spending money and various other necessities that your child is likely to require throughout their time as a student.
How to start saving for your child’s education
To start saving for your child’s education, it’s a good idea to sit down with your financial advisor and think about your child’s complete education needs. Consider the following points:
• How old is your child?
• What year will your child start school?
• Do you intend to send your child to a public or a private school?
• What year will your child begin his or her tertiary education?
• Will your child require post-graduate studies?
• Will your child live at home or in residence during his or her studies?
By taking into account your child’s age, and the years in which he or she will begin school and commence tertiary education, your planner will help you to determine how much you need to put away each month to pay for your child’s education.
The earlier you start saving for your child’s education, the more affordable it will be
As with any type of savings or investment policy, the earlier one begins to save, the better. And it’s never too early to start. Whether he’s only just begun to take his first steps, or she’s just given Daddy her very first smile, the sooner you start planning for your child’s education, the more affordable it will be.
Speak to your financial planner today, and find out more about affordable education planning for your child.