Public primary school could cost R 50,000 a year. Private high school could cost R180,000 a year.
And this does not include books, stationary, transport or extra murals!
And extra costs like school uniforms and normal extra mural activities can cost as much as R 30 000 per year!
Just imagine what they will be in ten years time!
A matric in itself is no longer a guarantee of a good position. Some form of tertiary education or training has become a must to make your child competitive in todays challenging job market.
40% of university students a dropout in their first year because of financial difficulties. 78% of the University graduates have a greater chance of finding a good job!
In addition, a well-educated child has a better chance of finding a good job, becoming financially independent sooner and perhaps even assisting you during your retirement years should the need arise!
Education is our passport to the future, for tomorrow belongs to the people who prepare for it to day. Malcom X
If you start saving today, your savings could end up covering most of your school fee needs, when you need to pay them in the future. You then have the freedom to invest any extra money towards your other personal goals, like retirement money!
Those who start saving later on, will significantly reduce their ability to invest in their own retirement, as any extra cash will go directly towards school fees.
This is known as the saving spiral which parents can get trapped into and find almost impossible to escape.
The sooner you start saving, the more your benefit from compound growth. The longer you invest the more you earn.
Even if you start with only a small amount, the key is to start investing as early as possible!
That's the magic of compound growth!
There are many education saving products available.
If you have less than 5-years to go, before you need the money, then consider only a bank savings product.
Your term is too short for an investment type product.
You can also save using an Endowment.
The message is clear - unless you start providing for your child's future well in advance, a quality education could become unaffordable.
If you save what you can afford now, you would at least be able to pay a portion of those future education costs!
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Peter Pyburn - Authorised Financial Services Provider, fully licensed to render financial services since 1991. Death and Disability Planning; Retirement Planning; Investment Planning; Healthcare and Estate Planning. More...
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Last update: May 19, 2022