Personal Finance

​​​​​​​What should I do to pay my son’s school fees with ease?


Starting secondary school can be a challenge for many families, especially when it comes to finances. FILE PHOTO | SHUTTERSTOCK

I have just taken my son to secondary school. I’m shocked at how expensive it is compared to primary school. Help me plan best for the four years so that I’m not always in a financial crisis every term. What should I start doing?

Starting secondary school can be a challenge for many families, especially when it comes to finances. With tuition fees, books, uniforms, and other expenses, it can be difficult to manage the costs and ensure that your son has everything he needs for a successful education.

However, with proper planning and budgeting, you can ensure that you have the resources to provide your son with the best possible education, without putting yourself in a constant state of financial crisis.

Here are some steps you can take;

Make a budget: The first step in planning for your son's secondary school expenses is to make a budget.

Start by listing all the expected expenses for each term, including tuition, books, uniforms, and transportation. Once you have a complete list of expenses, prioritise the most important ones and allocate your resources accordingly.

This will help you get a clear understanding of how much you'll need to save each month to cover all of your son's expenses.

Start saving: Once you have a budget in place, start putting aside a portion of your income each month towards saving for the same.

You can use a high-yield savings account, a dedicated savings plan, or any other savings vehicle that works for you.

The earlier you start saving, the more time your money has to grow and the more prepared you'll be for the expenses that come with secondary school.

Get financial aid: Another option for reducing the cost of your son's secondary education is to look into financial aid options.

There are many scholarships and bursaries available that can help reduce the burden of paying for secondary school. Do your research and find the options that are right for you and your son.

Reduce expenses: One of the best ways to manage your finances is to reduce your monthly expenses. Look for ways to cut down on unnecessary expenses, like eating out or entertainment, or find cheaper alternatives for regular expenses like groceries or transportation.

You may be surprised at how much money you can save each month by making small changes to your spending habits.

Read: Managing your money in 2022

Use a payment plan: If you're having trouble paying for your son's education all at once, consider using a payment plan.

This can help you spread out the cost over the course of the year, making it more manageable. Many schools offer payment plans that allow you to pay in instalments, so be sure to check with your son's school to see if this is an option.

Plan for unexpected expenses: Unexpected expenses, such as school trips or extracurricular activities, can add up quickly.

Make sure to include a contingency fund in your budget to cover these unexpected expenses. This can help you avoid dipping into your savings or taking on debt when unexpected expenses arise.

Seek professional advice: If you are having trouble managing your finances, consider seeking the advice of a financial adviser.

They can help you create a personalised financial plan that takes into account your unique circumstances and goals.

A financial adviser can also help you understand your options for financial aid and provide you with strategies for managing your finances more effectively.

In addition to the points mentioned above, another important aspect of managing to educate your son without straining is to increase your income.

This can help you cover your son's secondary school expenses and provide you with more financial stability. Here are a few ways to increase your income:

Take on a side job: If your regular job is not enough to cover your expenses, consider taking on a side job. This can be anything from freelance work to a part-time job, as long as it brings in additional income.

Read: What tricks can I use to save a lot of money this year?

Start a business: Another option is to start your own business. This can be a great way to increase your income and provide you with more financial stability.

You can start a small business from home or look into franchising options, depending on your skills and interests.

Invest: Investing in stocks, bonds, or mutual funds can also be a way to increase your income. Although there is risk involved with investing, with proper research and guidance, you can find investment opportunities that can provide you with a steady stream of income.

Starting secondary school can be expensive, but with proper financial planning and budgeting, you can ensure that you have the resources to provide your son with the best possible education.

Increasing your income can also be an important aspect of managing your finances. Remember, the key is to be proactive and persistent in your efforts for the next four years.

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