If your kid is reaching school-going age, you’ve probably already started looking into where they’ll be educated.
Knowing where to send them is only half the battle, though.
Your child will spend roughly 12 years in compulsory education, following which they’ll hopefully go off to university, and it’s going to cost you.
Many parents make the mistake of taking it year by year, and BusinessTech notes that 57% of urban South African parents don’t actively save for their children’s education.
The consequences? I hope you’re sitting down…
Long-term education inflation is expected to reach 9% in 2019, which means that if your child starts grade R next year (that’s generally aged four, turning five by June 30), you can expect to pay between R1,4 million and R3 4 million, for public or private education respectively, over their school career.
This amount covers their primary, secondary and undergraduate tertiary qualifications. If they want to do a postgraduate qualification, and can’t obtain funding, it’s going to cost you even more.
In simple terms, education is hella expensive. Here’s a breakdown, with the annual expected cost featuring in each block:
Yeah, sending a child to a single year of university in 2035 is a cool R254 700, or thereabouts. That’s a lot of lawns mowed and weeds picked and rubbish taken out, kiddo.
As a parent, you’re going to want to work on starting to save as early as possible. In fact, you should probably start saving while the child is still in utero.
The good news is that you don’t have to do it alone.
Consequence Private Wealth live by the mantra that the consequences of decisions made today will unfold over a lifetime based on the sound principles applied at their inception.
Their experts can help you and your family set up and execute a financial plan that will set your child up for lifelong success, starting with a good education.
It’s a tough world, and the best gift you can give your kids is their best possible shot at making it out there.
Get that right, and they might take you on the odd holiday one day, instead of putting you in that lovely ‘home’ a few suburbs away.
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