How to save money for your children's education
14 Jan 2020
Have you looked at your children and wondered what they will be when they grow up? Now, before the festive season starts is a good time to start thinking about your child's education. Perhaps they'll excel as engineers, scientists or artists? To help them unlock their full potential, you'll need to provide them with an education. To do this effectively, you'll need to start putting money aside for them as soon as possible and investing to help make their dreams a reality.
However, as we get ready for the new school year, we know that we need to be more prudent in our spending this December, in order to prepare for our children's education. As a parent, this ever-rising cost of education is concerning, leaving many of us wondering how we’ll afford school and university fees now and in 5- or 10-years’ time.
It doesn’t matter if your children are at government or private schools; the costs of uniforms, stationery and extramural activities pile up throughout the year. The last thing you want is for your children not to take full advantage of the educational opportunities you’re paying for.
Lindi Monyae, Managing Executive for Liberty's Emerging Consumer Market says, "It’s wise to start saving money for your children as early as possible (even before they’re born). To develop a robust and inflation-beating financial plan for your children’s education, you’ll need to work closely with a financial adviser and plan for the long-term. It is also wise to identify low-cost ways to support your children at school. "
Five low-cost ways to help your children to excel at school
Partner with your children’s school
To give your child the best chance at success at school, become a key partner of the school. Ensure that you keep up with timetables and events. If there’s an opportunity for you to get involved in the school, take it. Your child will appreciate your support and interest in the success of the school.
Support your child academically at home
Leaving your children’s education solely to teachers can backfire in the long-term. Unfortunately, paying tutors can be costly too. To reduce this cost, speak to the teacher and find out what your child is struggling within the curriculum. You can assist your child on their learning journey by helping them grasp the curriculum at home. Most importantly, make sure that your child’s homework is done every day - this creates a culture of learning and highlights the importance of full academic involvement.
Participate in school activities
Few things will motivate your child as much as seeing you actively involved in the activities at the school. Parent-teacher meetings, sports days and even fundraisers are a great way for you to participate in school activities. Use these opportunities to monitor your child’s performance and put actions in place to help them succeed.
Encourage a culture of reading
It doesn’t matter how old your school-going children are, read to them regularly or have them read to you. Once you’ve finished the story, ask questions about what they remember. This will help develop their memory and reinforce the reading and comprehension lessons being taught at school.
Pack healthy lunches and brain foods
When it comes to packing school lunches, fresh is best. Instead of peanut butter sandwiches, pack fresh fruit, veggies and cheeses for the children. Avoid sugary snacks like sweets and sodas, as they tend to boost the child’s energy for a short while but reduce concentration levels.
Monyae explains, "This is an exciting time for your children, allow them to explore the world, gain knowledge and ultimately become the success you want them to be. Treat your child’s education like a long-term investment: diversify their knowledge, understand what they’re learning and put as much of your own time and effort into their education as possible."
Liberty Group Limited is a Registered Long-Term Insurer and an Authorised Financial Services Provider (FAIS 2409).