Early planning key to saving more
This comes into play with the recent release from First National Bank (FNB)of Namibia on tips on how to save.
“As a parent, you want to give your child the best start in life, and education is one of the most important financial decisions a parent must consider. Not only can it become a costly exercise, but it also seems as if every year hundreds of parents struggle to find a school.Therefore, the earlier you start planning for every aspect of education, the better, “said Ester Kali, Executive of Retail & Business Banking at FNB Namibia this week, alerting parents to the need of making financial provision for a good education.
She stressed how planning and even opening savings accounts or investment accounts are the route to be taken to ensure future education for children. “The earlier one plans the more likely the child will have a proper education with out the occasional headaches of not attending school due to the parents’ inability pay the fees.”
“Throughout your child’s schooling career, find out what other expenses you’ll have to take care of besides tuition. You might need to buy sports gear or equipment. Extra-curricular activities might not be included in the tuition fees and will be an extra cost. Find out if your child’s school offers any sort of discount for early payment. It’s a good idea to use your bonus to pay for your child’s annual tuition, as you might get a discount if you do this,” stated Kali.
Knowledge of those extramural activities done by the children while at school can often soften the blow on the financial budget of the household, she stressed adding that “during enrolment, if you have two or more children at the same school, it might be worth asking if there are discounts for the second and third child. There might also be school or university bursaries on offer that could be relevant and slash costs.”
She said another good tip is “to consider buying your child’s school uniform from friends or school leavers to save money, or buy blazers and dresses a size bigger. Your child will grow into them and you won’t have to buy a new uniform every year.” “It’s very competitive out there and the rising cost of education means that you have to start planning as soon as possible so that you can lessen the effect it has on your finances in the future. The sooner parents’ start putting money aside, the longer their money can work for them,” she said.