It’s the start of a new academic year and some parents can feel the heat. Don’t let the payment of child’s school fees become a burden, just adopt a strategic way of paying it and it will be easier than you think.
The principles that guide Maslow’s hierarchy of needs appear to be taking center stage.
It has become necessary burden for parents who fail to plan.
The fees are not low and there are no signs of discounts or sudden additional income. So, brace up and create an opportunity from what seems to be problem.
There are a few things parents can adopt to ease the burden and stress.
1. Save Ahead: There are different savings accounts for children in commercial banks in Nigeria and opening one for the child will not be a bad idea. Issue a mandate to your bank to credit the account the moment deposits are made.
2. Insurance For Child Education: Some insurance companies have packages for children’s school fees that parents or guardians can explore with specified mandates on when payments are due.
3. Invest In A Side-hustle: Tour salary is not increasing in proportion with inflation rates soaring month-on-month.
It’s best to invest money wisely and earn additional funds from it instead of keeping it in your bank account. There are different options to explore.
Shares, treasury bills, bonds, cryptocurrency, fixed deposit and many more.