{"id":14813,"date":"2021-07-27T16:39:21","date_gmt":"2021-07-27T14:39:21","guid":{"rendered":"https:\/\/getitmagazine.co.za\/ballito-umhlanga\/?p=14813"},"modified":"2024-01-09T08:50:28","modified_gmt":"2024-01-09T06:50:28","slug":"five-tips-on-how-to-save-for-your-childs-education","status":"publish","type":"post","link":"https:\/\/getitmagazine.co.za\/ballito-umhlanga\/blog\/2021\/07\/27\/five-tips-on-how-to-save-for-your-childs-education\/","title":{"rendered":"Five tips on how to save for your child\u2019s education&#8230;"},"content":{"rendered":"<h4><strong>Education is one of the top priorities for parents, with saving for education one of the top four monthly expenditures among lower-income households. But how do you plan and save for school fees at a time when many families struggle to make ends meet every month?<\/strong><\/h4>\n<p>It all starts with a budget, says Natasha Vellieux, Financial Manager at <a href=\"https:\/\/sparkschools.co.za\/\">SPARK Schools<\/a>. Think of your budget in \u2018must haves\u2019 and \u2018nice to haves\u2019. Must-haves include the best education for your children, saving for your retirement and unplanned events in your life. This will help you to identify exactly where you can cut costs in other areas to accommodate for the best education you can afford for your kids. <strong>Then follow these five tips:<\/strong><\/p>\n<p><strong>IF POSSIBLE, PAY FEES IN ADVANCE<br \/>\n<\/strong>While not everyone can pay a child\u2019s entire school fees in advance for the year, this is one of the best ways to save on school fees, as many schools offer a discount for early payment.<\/p>\n<p><strong>PUT ASIDE MONEY EVERY MONTH<br \/>\n<\/strong>This will help relieve the financial burden at the beginning of the new year when stresses are high and money is tight. It\u2019s far easier to come up with regular, smaller amounts of money than one big lump sum all at once.<\/p>\n<p><strong>USE YOUR LOYALTY PROGRAMMES<br \/>\n<\/strong>Many banks and retailers offer reward points that you can put towards items like uniforms, stationery, and the numerous small expenses that come with a new school year.<\/p>\n<p><strong>CHOOSE THE RIGHT SAVINGS ACCOUNT<br \/>\n<\/strong>When saving for school fees, make sure you\u2019re able to balance the best possible returns with accessibility. If you\u2019re saving for the next year, choose a short-term savings account, which will allow you to withdraw the money when you need it. But if you\u2019re taking a longer-term view, for high school or even university, rather look to long-term savings or investment plans.<\/p>\n<p><strong>UTILIZE YOUR RETIREMENT ANNUITIES TAX BENEFITS<br \/>\n<\/strong>Retirement annuities have tax benefits, investing in a retirement plan has both a tax advantage which puts more money in your pocket at the end of the month and gives you peace of mind when you retire.<\/p>\n<p><em><strong>\u2018The most important thing is to start saving as soon as you can for your children\u2019s education. <\/strong><\/em>The more you can save, the more you\u2019re helping your kids lay the foundation for a successful future,\u2019 said Natasha.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Education is one of the top priorities for parents, with saving for education one of the top four monthly expenditures among lower-income households. But how do you plan and save for school fees at a time when many families struggle to make ends meet every month? It all starts with a budget, says Natasha Vellieux, [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":14814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10184,51],"tags":[4712],"class_list":{"0":"post-14813","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-kids","8":"category-lifestyle","9":"tag-education-saving-tips"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Five tips on how to save for your child\u2019s education... - Get It Ballito &amp; Umhlanga<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/getitmagazine.co.za\/ballito-umhlanga\/blog\/2021\/07\/27\/five-tips-on-how-to-save-for-your-childs-education\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five tips on how to save for your child\u2019s education... - Get It Ballito &amp; Umhlanga\" \/>\n<meta property=\"og:description\" content=\"Education is one of the top priorities for parents, with saving for education one of the top four monthly expenditures among lower-income households. 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