“Besides the normal school fees, parents need to fork out extra on uniforms, stationery, extracurricular activities, excursions; to mention a few. This sometimes puts strain on parents’ pockets; especially if these unforeseen expenses are not planned for,” says Ester Ochse, FNB Product Specialist.
She believes that saving for your child’s education should be a top priority for parents.
Ochse highlights a few aspects to consider to ensure that children’s educational needs are taken care of:
Research schools
When choosing which school your child will go to, you need to consider the area it is located in, how safe it is, if you’d be able to get to the school quickly if there’s a problem and whether it is affordable.
Start saving for your child’s education
Ochse says it’s never too late to start saving, whether for crèche, nursery, primary or tertiary education. Every bit you save can make the financial burden lighter in future and help your children get the best education possible. Look into a savings account, trust or investment that offers great interest and consider setting up a debit order to ensure you save a little bit every month.
Although your budget may ultimately decide which route you take, ensure that your chosen school gives your child the support they need, the extra-curricular activities you think they’d be interested in and where they feel comfortable with the environment, teacher and fellow pupils.
Revise your budget
With a new year come price increases and a new budget. Ensure yours is up-to-date and that you don’t overspend in unnecessary places.
Calculate and include all fees
Ensure that all fees for school, extra classes and possible medical emergencies are on your list. Ensure that you have enough money saved up to cover these costs when they crop up during the year.
