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
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
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
Remember, RenMoney has got your back.
The RenMoney Blogger.