And with former Model C schools costing from R30 000 a year up to R130 000 a year for a private school, not including extras like stationery and extramurals, sports kit, birthday presents for parties and aftercare, the bills start to add.
In an ideal world you will start saving for your as yet unborn child from your very first pay cheque, even if at this stage you haven’t actually earmarked that money for that specific purpose.
Then you can start ring fencing buckets as the years pass, for emergencies, retirement or your child’s education. Have discipline to save from the outset so that it becomes a habit.
A savings culture starts with thinking and planning ahead. Have a holistic view of your cash flow and savings as well as a monthly budget which you stick to. Make sure to use the power of compounding growth over time. Save a portion of your annual bonus towards your child’s education, or consider paying your child’s school fees upfront at the start of the year to take advantage of the discount offered.