Financial Planning

Get a head start with saving for your child’s education

With the current academic year coming to an end, the year’s economic realities remind us that education costs will continue to put a strain on already stretched budgets for many parents and caregivers. If this is your truth, the best way to navigate the challenge is with a realistic plan and focused goals that will ensure your child’s access to quality education.

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It can be overwhelming for parents to know where to start when it comes to saving for their children’s education

The cost of education presents one of the biggest hurdles impacting parents’ ability to give their children access to quality education, so it is vital to start saving as soon as possible. A Sanlam survey previously noted that your children’s school career, from primary through to tertiary, can cost upwards of R1.4 million (for public schools) in today’s money and close to R3.5 million for private schools. This excludes university boarding costs.

As education costs make up a large proportion of a household’s budget, it can add to your budgeting stress. Getting professional help can help you relieve much of that strain. Speak to a Sanlam Financial Adviser who has the tools to help you quantify the cost of your child’s educational journey, ensuring your savings keep pace with inflation.

One of the biggest hurdles impacting parents’ ability to enable their children’s access to quality education is the cost, so it is vital to start saving as soon as possible

If you start saving R500 a month when a child is born and keep that up until the end of high school, assuming your investment achieves a 10% return annually, you can potentially save more than R300 000 by the time they start university. But delaying this until a child starts primary school will give you an investment return of less than R140 000.

If you wait even longer and only start saving when your child starts high school, you will have less than R40 000 saved. In other words, the later you start, the more you will have to save per month to reach the same goal.

Whatever schooling option you decide to take, be it online or traditional, public or private education, your financial planning will be a crucial determinant in whether you reach your goal. Having a professional in your corner will give you the confidence of knowing that you are doing everything you can to secure your child’s future.

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