Mums Weigh in On Saving for Education

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Mums weigh in on their plans when it comes to saving for education. What are the options and what is the reality? Is it possible to save of is it really a case of taking each day as it comes?

With different needs and economic upturns, sometimes it might be difficult to make a long-term educational savings plan for our children. Between the daily demands, there is almost no time avenue to save is there?

Single Mum

As a single mum, Ms. Olaitan has been separated from her husband for quite a while. She is the only one bearing all the costs as he is not shouldering any of the responsibilities. Regarding saving for her children’s education, she pays her two sons school fees as it comes due. “I am the only one taking care of my kids”. As she explains; before feeding, clothing, and the million other demands, there isn’t anything left to save for the future, so I have decided that I will take it one day at a time.

Double Income Home

Mrs. Jokotoye is married with two kids. Her home is a double-income home where both she and her husband earn and contribute. They have an account where they both contribute into for their kids’ education. It is difficult to be committed to the contributions because of the economic situation but they do their best. School fees increase yearly, along with other basic expenses, but the salary stays the same! However, they both realise that they owe it to their children to give them the best education, so they make the sacrifice as necessary.

schools

Education on a Budget

Mrs. Martins believes that one should simply cut their coat according to their size. While every parent might want their kids to go to the best school – to get the best education, she thinks many parents will regret it. They get caught up in running around to pay school fees they don’t have the means for all in the name of rolls royce schools. That is even a bigger trouble!

So what then?

The question now is what exactly is the best way to save for our Children’s education? Do we just leave it to circumstances and what is possible? Or do we purposefully and deliberately plan and save for the reality of the rising cost of education. Some parents believe in enjoying today and that a child will be okay no matter what school they attend.

What are your views mums? Sacrifice for your child’s education? or enjoy your trips to Bermuda today because the future will deal with itself?

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