Welcome to the month of September! If you’re a parent with children in school, early September isn’t usually a very exciting time, and for good reason. Junior’s school will soon send (or has already sent) a ‘love note’, politely reminding you that it’s time to pay for his tuition.
Paying school fees as it comes, without a long-term plan in place will cause remarkable financial stress for the family, especially when there’s not a large savings account to draw from. If you have many children in school at the same time, the family’s savings may not even be enough to cover the considerable costs. The solution? A long-term plan.
Planning for your children’s education should actually begin as soon as you decide to have children. This may sound ridiculous but putting a child through good schools from nursery school to a university degree is actually quite expensive (according to the NCES between the 2006-7 academic year and the 2016-7 year, undergraduate tuition at public institutions rose by 31% ). You would be wise to start thinking about it as early as possible.
So how do you go about this? Putting money away for your children’s education can seem like a daunting task, but thanks to the power of compound interest, putting even small sums of money from now can compound and grow over time.
The importance of having money saved away for your children cannot be over-emphasized. Not only will it save you the stress of having to look for school fees money within a tight timeframe, you will also not have to go physically to pay the school fees or have it transferred from your account. What’s more? There are saving devices that make sure your children’s fees are handled as long as the provision is made, whether you are there or not. One such example of this is the United Capital Heritage Trust.
The Heritage Trust is an investment in the future of your children by either depositing a lump sum or regular contributions. This money is designated to a beneficiary (your child or children). It is invested professionally to ensure that it brings in a return over time. The Trust caters to your child’s education, health, travel and other welfare needs that he/she may have, providing a comprehensive, reliable Trust fund for their current and future upkeep.
Planning for your child’s education ahead of time is a great way to ensure that education funding will not be a recurring problem. It also gives you the financial breathing space to be able to focus on other projects and get more things done. Regardless of your financial status, planning will always be more advantageous than not. Planning perhaps is the one way you can avoid the daunting pressure of school fees week.
