A GUIDE TO SAVING FOR YOUR CHILDREN’S EDUCATION

17 Jan A GUIDE TO SAVING FOR YOUR CHILDREN’S EDUCATION

Education is an instrument of power. It gives you an air of confidence, allows you control

your environment and shape your destiny. Your children are an important part of your life

and as a parent your child’s education takes pre-eminence.

We know you are interested in giving them the opportunity to make the most out of life by

offering them the best education money can buy. Remember however, that it is necessary to

plan in order to be able to provide the best for them. Here’s a simple guide to saving for your

child’s future.

 

Start Early

The first thing to do, is to start early. The benefits of starting early cannot be over

emphasized. Planning is important and becomes most crucial as your children get older.

Prepare yourself to start saving as early as possible when the children are still little and their

expenses are minor, in anticipation for when they start attending higher institutions. If you’re

a new couple, great! You have a good head start to saving  for your children’s education. If

you’re not, then start saving now. You can take advantage of RenMoney’s Target Savings

product which offers you a whopping 10% per annum interest on your savings.

 

The Strict Percentile

Kids grow fast and before you know it, they start consuming resources pretty quickly too.

What you need, is a game plan. Open that Target Savings account and for every income you

acquire, even if you’re into personal businesses, separate a strict percentage (not less than

20%) that goes into it. Title the account, ‘School College Funds’; you must remember not to

touch these funds at all. If need be, analyse your spending so you can cut costs and

increase this percentile. It’s all for the children.

 

Choose Your Kid’s School Wisely

If you’re a low or average income earner, there’s nothing wrong in being smart about where

your children go to school. Yes, consider the credibility of the school, but work around your

available income. Before you search for a school, work out how much you will need for it.

For example, if at the end of December, after saving a percentage of your income, your

child’s College Funds account lands at about X00,000 naira, divide this amount by the

number of terms or semesters. This gives you a clearer perspective of how much you should

be spending on fees that year and more importantly, an understanding of what schools you

should be searching for.

 

Take advantage of RenMoney School Fees Loan

Looking for where to get back to school loan?

Financing education can be financially stressful with payments for school shopping, school

fees and all that goes into preparing for school and that is why RenMoney School Fees

Loan provides a buffer for you.

You can get up to N2,500,000 School Fees Loan to fund your child’s education financial

demands, no collateral required and cash will be disbursed within 24hours after successful

document submission.

 

Engage your Children

Educating your children financially goes a long way in shaping their future. Allowing them to

have an understanding of what their education expenses demand, gives them the

opportunity to become more involved and even eager to save for their education by

themselves, as they grow older. Don’t shut out your kids, let them understand why education

is important for them and what price must be paid. You will be training up financially

intelligent children.

 

Remember, RenMoney has got your back.

The RenMoney Blogger.

2 Comments
  • Amuzie Philip
    Posted at 14:46h, 20 January Reply

    What a financial education! I got it all and will act accordingly.Thanks for this info.My question, can i borro once i open this edutrust fund account?

    • Oke Egbi
      Posted at 15:00h, 20 January Reply

      Hello Phillip,
      Thank you for your comment.
      You can borrow at any time as long as you meet our loan criteria. Please call 0700-73666639 or send a mail to to marketing@renmoneyng.com to know our loan criteria. You can also share your mobile number with us if you prefer for us to call you.

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