Parting with a huge sum of money in the school resumption month could seem so hard, especially when there are other pending responsibilities to attend to. But, does this mean you should avoid paying school fees? That is unavoidable. Even for kids that attend government schools where the fees are sorted by the government, parents still need money to get other accessories for the school term.
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Has paying school fees been a difficult feat for you? Adjust your strategies with these tips:
Have a contribution plan with your spouse or sponsors
Planning is the key. If your child is sponsored by someone or by you, you will need to have a good plan of how the contributions will be made, when it should be paid and what exactly is expected from the parties involved. A good understanding of this, should help you have something to work towards.
Make monthly savings. Use a savings plan
As cliché as this may sound, you can not undermine the efficacy of a savings plan. Having a savings plan could help save you from being stranded in the rainy day. What is a rainy day? It is a day where you run out of your constant supply and need something to fall back on.
In this case, you can just take a plan, preferably with an insurance company where the plan is often accompanied with a life insurance plan. For a plan like Leadway’s Education Savings Plan, you can save towards the payment of fees and enjoy peace of mind. The education savings plan helps you save for your child’s education. One in which you can access about 25% of the money during the term of the policy. For the educational target plan, you can plan towards a target sum for your child’s future education.
Spend within your limits
It is so nice to have what you want, when you want it, and the way you want it. But that is not a realistic lifestyle as this will mean you might be unable to save towards projects and other obligations like payment of your children’s school fees. The ability to spend within a budget would save you from running into a glitch.
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Don’t borrow from your savings for fees
Your savings for fees is not your regular savings that you can always fall back on. It should be used strictly for the fees and not for any other purpose. For better control, have a dedicated and not easily accessible account for fees. Better still, use any of the Leadway Educational plans to save for your child’s education.
Making a plan for how you spend and how you save, will go a long way to ease the stress or worry that might arise whenever there is an urgent need for funds. Adhere to these tips and when next a need arises, you should be fine.