The rising cost of education is a constant worry for most families, as it is becoming harder to send your kids to a good school and university to get them the education you know they deserve. Budgeting and saving for your children’s education is no small task and as most parents realise, the costs don’t just stop at the tuition. When it comes to saving for schooling, every cent counts so here are a few ways that you can budget and save for education costs.
Consider a personal loan
A personal loan can help you cover the costs of either your own or your children’s education. With Virgin Money, you can get a personal loan between R80 000 and R250 000. With this money you could cover tuition and all the additional costs that come with getting an education. You can apply for one here.
Reduce the cost of course material
Text books and course material can be a significant cost when going to school and university. Something to consider is to first see if the campus library has the textbooks and then you would be able to use them when you need them. If this is not an option, course material is often available online so you can access this from the campus computers. As a last resort, you could look to buy the textbooks second-hand. This would be significantly cheaper than buying new books.
Set up a savings account and leave that money alone
You could investigate setting up different savings accounts for education costs, such as a unit trust or a tax-free investment. Before you do this, you should speak to a financial advisor so that you make the best choice for your own financial situation. The key is that once you set up this account, you need to make sure that you aren’t dipping into it for personal use.