The early bird catches an education

2016-01-14 06:00

AS a parent, you want to give your child the best start in life, and education is one of the most important financial decisions a parent must consider. One of the ways in which to get a head start is to start making financial decisions before your baby is born.

It used to be that everyone worried about the cost of university, but nowadays you have to consider the costs of your child’s pre-, primary and high school education. The reality is that you need to make decisions around your child’s schooling career as soon as possible, while you’re still pregnant. Once you’ve decided on the type of education you want your child to receive and where your child will be attending school, there are a number of financial plans and considerations to put into place.

Firstly, you need to add this expense to your budget as soon as you possibly can, so that you can add a meaningful contribution toward your child’s education. It might be tough in the beginning to stretch your budget, but this will allow for adequate savings in the future.

Depending on the child’s age, consider opening a savings account, or approach your bank or financial institution to ask about savings or investment plans specifically geared towards saving for an education. Many people do this for university tuition, but these savings plans can be for any level of your child’s education.

There are also a few things you can do while your child is at school to soften the blow to your pocket.

If you’re sending your child to pre-school or crèche, find out if your employer offers this facility on the premises. There are usually staff discounts and you won’t have to change your driving routine. You’ll also be close to your child during the day.

Throughout your child’s schooling career, find out what other expenses you’ll have to take care of besides tuition. You might need to buy sports gear or equipment. Extra-curricular activities might not be included in the tuition fee and will be an extra cost.

Find out if your child’s school offers any sort of discount for early payment. It’s a good idea to use your bonus to pay for your child’s annual tuition, as you might get a discount if you do this.

During enrolment, if you have two or more children at the same school, it might be worth asking if there are discounts for the second and third child. There might also be school or university bursaries on offer that could be relevant and slash costs.

Another good tip is to consider buying your child’s school uniform from friends or school leavers to save money, or buy blazers, dresses a size bigger. Your child will grow into them and you won’t have to buy a new uniform every year.

It’s very competitive out there and the rising cost of education means that you have to start planning as soon as possible so that you can lessen the effect it has on your finances in the future. The sooner parents start putting money aside, the longer their money can work for them.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

 
PARTNER CONTENT
INFOGRAPHIC: New thinking required for retirement

Everything we believe about retirement is fast becoming outdated.

PARTNER CONTENT
WATCH: How education can change a life

A university education gives students the chance to create a better future for themselves, their families and to opportunity achieve their dreams.

/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.