“The sooner you start saving for your child’s education, the more time the money will have to grow."
"If, for example, you saved R200 a month for seven years, your savings would be worth R16 800 at 0% growth. If, however, the investment grew at 10% a year, then your total return would be R24 800,” says Lapedus.School fees increase by about 10% a year and, with that in mind, checking in with a financial adviser is a good place to start.
“Saving for your child’s education shouldn’t be a daunting task. If you start planning early, this will help you to avoid taking out loans that may take you years to settle,” concludes Mothoagae. Have a financial question you're too shy to ask your friends? CLICK BELOW to Ask The Guru and receive an expert response within one working day.