One of the financial difficulties most parents face is raising education fund, or simply put, paying of school fees for their children. inflation has raised the prices of almost everything, school fees included.
However, if you want your children to study abroad or here in the country, there are easy ways to start saving up for that now so you won’t be financially stuck along the way. Keep reading to find out how.
- Start early
It is quite late to start planning for your child’s tertiary education when they are done with secondary education. The best time is when they are in kindergarten. If possible, start planning even before they arrive. Start saving early!
- Choose the school you want your child to attend
It’s important to choose the school you want your child to attend, or at least to have an idea of the ideal school. This will help you plan better. While choosing, consider these:
- Quality of education. You certainly want to get quality for your money
- Affordability. Choose a school that you can afford, or at least, a school your can easily save for its tuition
- Location. Do you want your child to go to school abroad or here in the country? Wherever you choose will help you in setting a savings goal
- Programs. Have a discussion with your child to know what programs they are interested in.
- Set a target with Reap goal
First, calculate how much your child will need at that level of education. Add at least 20% of that amount to the initial amount. This will give room for any inflation that might happen in the future. Then head on to the Reaprite app, go to Reap Goal, and set the goal to save for your child’s education. Name your goal. You can call it the “Education fund for Ola”, assuming Ola is the name of your child. Set the amount you are targeting to save, which is the amount initially calculated. Then, contributing regularly to this goal.
- Automate your savings
In order not to default in your savings, you can automate it. You can easily set up auto top up on the Reaprite app. While setting your goal, you can choose to allow the feature. This way you don’t have to go through stress or put in any extra effort into ensuring you are making regular deposits to your savings account.
- Engage your children
Let your children be in the picture. They should have an understanding of the importance of financial planning. When they come of age, let them know what their education expenses demand. This will give them the opportunity to become more involved and even eager to save for their education by themselves as they grow older
As earlier said, starting early is very important as it takes a lot to put your child through tertiary school. If you have more than one child, then you have more savings to do. Start now. Visit Play Store or App Store and download the Reaprite app and start saving now.