Having children is expensive and trying to put money aside while you pay for everyday expenses such as feeding, clothing, toys, healthcare, etc. can be really difficult.
Also, education costs these days are on the rise as with everything else, especially if your children are very young.
If you have not started putting some money aside for your children’s fees, the good news is that it is never too late to start.
Here are the few tips we have put together to help you save for your child’s future;
Review your Budget regularly
It is always good to review your budget regularly as your financial situation may change. For instance, you may get a pay raise which will allow you to save more for your Children’s fees.
This will also apply if your earnings decrease due to a particular reason. It now means that you will need to save lesser than you use to. Do not be discouraged if this happens, nothing is too small, remember that little drops of water make an ocean.
Make your contributions automatic
You can set up automated debits from your bank account or application to your Target Savings Account. This way you don’t have to put in any extra effort into ensuring you are making regular contributions to saving towards your child’s education.
Let your children know it’s important to save
Your children should have an understanding of the importance of financial planning.
Let them know what their education expenses demand, giving them the opportunity to become more involved and even eager to save for their education by themselves as they grow older.
Pick the right school for your children
In choosing where to send your kids to school, ensure you choose a good school that fits into your family’s earning income.
This is very important as it will help you plan well and you wouldn’t have to put yourself in a tight position. Remember, you still have to save for other things like medicals, feeding, and more.
We hope you found this post useful. Kindly share with other PayCentre agents that you know.
For more information, follow us @paycentreafrica on Facebook and Instagram. You can also reach our support team for help via 017006213 or send a message to @eslhelpdesk on Facebook and Instagram.