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Saving for the rising cost of education in the Covid-19 era

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SPONSORED | StandardBankZA High fees combined with uncertain future markets might not make investing seem worthwhile at face value but starting to save from as early as grade 1, or even earlier, will help toward ensuring you ride out market fluctuations.

Private primary school: R255,000As a parent, you naturally want to ensure your child has access to quality schooling to be given the best chance at succeeding later in life. This means that SA households will have to make more room in their budgets to account for rising tuition fees.

Whichever savings or investment plans you opt for, it is prudent to create a debit order so that you remain a regular and diligent saver over time. Fortunately, there are several ways that make it easier to save money for your children’s education.Depending on which portfolio you buy into, inflation-linked unit trusts can help you to beat inflation as they have inflation-related targets as performance benchmarks.

High fees, combined with uncertain future markets, might not make investing seem worthwhile at face value, but starting to save from as early as grade 1, or even earlier, will help you ride out market fluctuations.Parents could also consider a tax-free savings account, which allows annual contributions of up to R33,000 and a maximum of R500,000 over a lifetime. All the investment returns earned in the accounts are 100% tax-free and the money can be withdrawn at any point.

 

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