Tips for saving for education

THERE is no time like the present to start saving for your children’s education.

This according to First National Bank (FNB) CEO for Retail Cash Investments, Himal Parbhoo, who gives a few tips on investing in your child’s future.


Start saving now

It’s never too late or too early to start saving for your child’s education. Be it for nursery, primary, secondary or tertiary education, consumers are urged to save enough so that their children receive the best education possible. Even saving from as little as R300 per month can help in contributing to their future education.


Draw up a savings plan

A savings plan is your blueprint for you and your family’s savings journey. This plan should highlight your main goals for the year. Review this plan on an ongoing basis to ensure that you stick to your goals.


Goals
Short-, mid- and long-term goals are important in ensuring that you meet your savings objectives. These goals will help you manage your finances and at the same time ensure that you have enough for all your expenses.

Budget
Like a savings plan, we need a budget. Budgeting may be difficult, however it can help steer you away from unnecessary spending and help keep you on track. In your budget ensure that you list your child’s education fees, uniform costs, stationery, extra-curricular and medical expenses and textbooks, to mention a few.

General school expenses
Day-to-day school expenses will not end and will impact your budget drastically.
Many schools advocate that children need to partake in extracurricular activities, but these activities come at a cost.
Ensure that you understand what your child enjoys doing before enrolling them in a class or activity. This will leave you with a happy and healthy child with no wastage in your pockets.

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