You could consider saving for child madly from birth to grade 7 using the capital that you manage to accumulate towards affording a better secondary education.

2. Saving for Children’s Education

3. Parents want the best for their children and education is top of the list of
priorities with many households.
Many parents are turning to private schooling over government schools as
the trust and confidence and quality of education is found in the former.
The question is, where do you find the money to pay for private education?
I spoke to Jenny Crwys-Williams on her show on Radio 702 this afternoon
and we uncovered some of the huge costs of Private Schools.
The Ridge in Johannesburg was one of the most expensive at a whopping
R60 000 per year. The figures extrapolated to over R600 000 to educate a
child to grade 7.
I was on Midlands Meander at the time and passed by Michael House so
thought I would do some research on the costs. Found the First year to be
R206 018 with the “Acceptance fee and Development Levy” included.

4. Be Realistic
Realistically, parents do not have much time to save. From birth to the first
day of school there are only 5 years or so and then education costs cover
the next 15 years plus. If you decide to borrow money to fund education
you simply pay much more for it, so this is not the ideal solution.
The funding should come from your monthly household income which
means you will need to balance your budget carefully and honestly giving
way to other living expenses the more you allocate to education.
Target a stage of Education
You could consider saving for child madly from birth to grade 7 using the
capital that you manage to accumulate towards affording a better
secondary education.

5. With the power of compound interest and saving from birth through primary
and secondary school you could accumulate a substantial amount which
could help towards a better option for varsity.
Where do you save?
There are many investment vehicles which will help you save towards
education costs. Unit trusts, exchange traded funds, endowment policies to
name a few. You should seek the advice of qualified financial planner to help
you choose an appropriate option.
One of the lessor considered options for providing funding towards your
education costs is your access bond. If you saved extra in your bond you
immediately earn the same rate of return that your bank is charging you. No
costs, no tax, no risk of losing capital and immediate access to funds when
you need them.

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