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Preparing Financially for The School Year
Preparing Financially for The School Year
04 Jan 2021

While education is known to be the key, it can also be one of the costly expenses parents will face. Knowing a few practical solutions can help you avoid putting a strain on your finances. Here are five tips to help you juggle those unexpected costs and carefully planning towards their school years.

Plan for the future today

Education can be costly if not planned. A parent can spend R1 million in public school fees and up to R3 million for private schooling, excluding the cost of university fees once they have passed high school. 

There is also the unpredictability of life that could lead to you dying earlier than expected. Without any safety net in place to help you continue to provide for your child long after you have passed, can leave them financially exposed. 

Therefore, it is crucial to have life and funeral cover as a start. The next step to take is to have an educational savings trust put in their name where you can contribute an amount that you will be comfortable contributing each month.

 


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Doing this can be overwhelming for some parents which is why it is better to speak to a financial advisor who can help you tailor your finances without putting a strain on you. Remember that it is also possible to get free financial advice to help you on your financial journey. 

 

Buy in bulk where possible

Some costs are recurring that will make planning for the school year easier to juggle. Finding ways to save some money can go a long way. Try purchasing items in bulk such as food, stationery and search for uniform discounts. Hunting for sales that will be offered by stores in January and throughout the year can help you budget more efficiently.

 

Purchase after the back to school rush

The best time to purchase school items such as school uniforms and stationery is before or after the January back to school rush. It can complement your budget and also save a couple of Rands in the process. Checking online and in store can help you spot the best deals to maximise your money. 

 

Make use of options offered by the school

Checking with the school that your child goes to for discounts or scholarships that can be applicable to your child can help parents reduce the costs of education. There may be a limited amount of scholarships available, but if your child is eligible, it can make a difference to any parent’s budget. Take advantage of the discounts that are offered by some schools for parents who pay upfront to reduce the cost.

 

Not everything has to be brand new

Tapping into stores that offer second-hand uniforms and other school equipment that your child needs is possible. Furthermore, you can get these in good condition. It can come in handy especially for children who grow at considerable speeds.

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06