How parents can finance their children’s school fees in Nigeria.

It is true that most parents wish to provide their children with the best quality of education and nothing less. Biodun’s parents were no exception. Biodun was a promising brilliant kid born with a silver spoon. He was enrolled in one

Things were absolutely going well for Biodun’s family until his 8th birthday. Biodun’s father lost his job and the family had to depend on Shalewa’s boutique. Things got so bad that Biodun had to be withdrawn from his school. Biodun’s abrupt stop in his academic pursuit wasn’t as a result of his parents’ new economic status but absolutely was as a result of their inabilities to plan for his education even before he was born.

Today, parents like Biodun’s assume that planning for their children’s education means knowing in advance the exact schools their children would attend at any stage in their children’s lives, forgetting that having a well-cut-out financial plan for their children’s education is even more important.

A financial plan for your child’s education would not only reduce the burden of education expenses but guarantee that your child’s education will go uninterrupted while it lasts. The reasonable questions to ask at this point would be, how can I finance my children’s education despite tough times? How can I ensure my kids' education is not cut-short at any point in time?

Below are some 5 smart ways loving parents finance their children’s education even through tough times without any interruption:

5 Ways Parents Can Finance Children's Education

1.Start Saving: There’s no better way to financially prepare for your child's education than saving for it. But at what point should parents start saving for their children's education? According to HSBC, it would be best to start saving for your child's education as soon as possible; for the earlier you start to plan for your child's education, the longer you'll have to build a pot of funds to cover all the costs. An early start also gives you the greatest possible flexibility in fulfilling your child's needs, while a late start may result in either having to put aside a higher monthly contribution, or worse, not having sufficient funds to provide the education that you want for your child. So if you want to finance your children through school, come what may, the best time to start saving was yesterday, the next best time is today! 

ALSO READ: TOP 25 BEST SECONDARY SCHOOLS IN NIGERIA IN 2022 

2.Have a Budget: It is important that you don’t bite more than you can chew as a parent. Know your financial strength. It is never wise to try to impress neighbours with your child’s school. We’ve seen many parents who incurred huge debts because they wanted their children to attend schools that their neighbours’ children attended. That could be very dangerous. How can you prepare a simple budget for your child’s education? Here are some practical advice: Write down all your monthly income and expenses such as house rent, household maintenance, utility bills etc. viz-a-viz. Ask yourself, ‘how much can I set aside for my child’s education?’ In your budgeting, bear in mind that the cost of a child's education is beyond tuition fee. Tuition is only a third of the total annual cost for your child's education. In addition to tuition, add the costs of books, uniforms, extra-curricular activities and other expenses such as travel expenses during holidays if your child has picked a foreign education.

When estimating the cost of your child's education most especially for tertiary education, also consider how much the living expenses might be. How parents can finance their children’s school fees in Nigeria

3.Take advantage of Scholarships, Bursaries and Grants: If your child is a brilliant kid like Biodun earlier mentioned, there’s a possibility for such child to enjoy scholarship, bursary or grant for his education. Many schools and foundations offer scholarships for academic, sports, musical or all-round excellence. Scholarships range in value but rarely cover all the fees. Some schools and governments also have bursaries and grants to help parents pay their fees. In some African countries, these are often awarded to families with lower income. Be on the lookout for these opportunities, and don’t hesitate to take advantage of scholarships, grants and bursaries whenever they are available. 

4.Learn to Prioritise: When it comes to funding their children's education, a lot of parents don't make it the utmost priority. As a loving parent, you should learn and know what’s paramount in your child’s education and avoid spending on luxuries when you cannot afford them. For example, you might need to cut down how much you spend on holiday trips, children’s amusement parks or unnecessary wears etc. With the cost of education skyrocketing in these hard times, it is imperative that parents who do not want to gamble with their children’s education put up a good financial plan.   

5. Leverage Education Finance: We’ve also observed that many parents in Africa aren’t aware of different education financing options and opportunities offered by different financial institutions. A few of these options are Loans, Insurance Policies, Trust Funds etc. We strongly advise parents to consult their financial partners like Banks, Insurance Companies, Funds Managers etc, for various education financing options available.

If you're interested in any of these education financing options, we might be able to help, CLICK HERE.