Public primary school could cost R 20,000 a year. (R 50,000 in 2022)
Private high school could cost R 70,000 a year. (R180,000 in 2022)
And this does not include books, stationary, transport or extra murals!
And extra costs- - school uniforms and normal extra mural activities can cost as much as R 10 000 per year!
So best you start an investment today!
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- rather than trying to pay for school fees out of your monthly cash flow - your savings could end up covering most of your school fees.
You then have the freedom to invest any extra money towards your own retirement goals!
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.
With your child's education costs covered, you'll have the freedom to invest any extra money towards your own retirement!
The sooner you start saving, the more your benefit from compound growth. The longer you invest the more you earn.
So 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!
YOUR successful retirement saving begins with your child's education fund!
And a well-educated child has a better chance of finding a good job, becoming financially independent sooner!
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.
If you have a longer time to save, then look no further than a unit trust!
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 the education costs!
An education plan is an ideal investment from grandparents!
Your child's success is in your hands.
The financial decision you make today will make all the difference to your child's future.
Give your child a competitive advantage by starting your investment today
The only way you can ensure that your child reaches his/her full potential is to save on a regular basis.
And the earlier your start, the easier it is.
Simply call me and we can work out an affordable plan for you.
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Last update: June 2, 2021
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