Quality education is not cheap anywhere in the world. In Nigeria, blame it on poor budgetary allocations among other factors, the public education system continues to depreciate. To give their children quality education, many loving Nigerian parents opt for privately owned schools.

These privately owned schools come at a premium cost,

Aspirational parents would want to go with the first option – enroll their children in private school – despite the cost. To make it easier to afford a good education, a parent needs to intentionally save for their children’s education.

The question then is, amidst a bleak economic reality and sky-rocketed cost of living how, can a parent save for their children’s education?

Let’s see a few tested and trusted ways parents can save and take care of their kid’s school fees with less stress.

How to save for your child’s education in Nigeria

1.      Have a plan

First things first, have a clear picture of the kind of education you want your child to attain.

What level of education do you think is the basics? Is it a bachelor’s degree or up to a master’s level? Would you want them to stop at the SSCE level? Would you want them to attend a vocational school after their secondary school or learn some professional courses that would still cost money?

You don’t need to have a rigid plan already, but it's good to have an idea of what you want for your child in terms of education. These days, children also have a say in what type of education they want and how much of it they would want to attain, especially when they reach certain ages.

2.      Start early

The decision to raise kids is a personal one. That’s why some couples may decide not to have kids at all or until a certain time. If you would love to raise kids that would go to school, then don’t wait till it’s time for them to start school before you start planning.

The best time to start is now before you start having kids. You may want to have a discussion with your spouse or partner as regards that.

You may also want to discuss other issues like the number of kids you would love to raise because unless you are Dangote, we can’t possibly be talking about raising 20 kids at once here.

If you already have kids and you want to start saving for their education going forward, why not? Better late than never, as they say.

3.      Set up a fixed account

The truth is, no matter how disciplined you are, sometimes, it can be almost impossible not to touch what you have earmarked as ‘savings for your child’s education''.

Opening a fixed account comes in handy. Fixed accounts might not be the most profitable type of account to run, but for the purpose of saving for your child's future, it is one route you want to follow. Monies saved in fixed accounts cannot be withdrawn until a certain future time and this can help you achieve your savings goal.

4.      Review your budget occasionally

When you start saving for your child’s education, you save a certain amount based on what you earn and the time. As time goes on, you may need to review your budget and adjust it appropriately.

Let’s say you moved to your own apartment and no longer spend money on rent or you got a new job that pays you more, you may want to increase your child’s education savings.

In a case where you have more expenses to make or there is a slash in your income, you may also want to review savings.

5.      Dedicate another income source to the project

A lot of working parents have one or two income sources that augment their monthly salary. They call it a side hustle.

You too can start a side hustle whether or not you have a paid job. You can then re-invest some of your profits in your child’s education fund. Yes, quality education for your child is an investment with a high return. Here are some businesses you can start by the side while doing your 9-5.

6.      Make wise school choices

The fact that you have saved some reasonable amount for your child’s education does not make you spend them wastefully. So, when making a school choice, enroll your child in a school where you’ll get the most value and not necessarily the most expensive schools.

You can find and compare good schools in Nigeria based on your budget and preferred location on Edusko.com. If you are looking for a school for your child based on these criteria, you can start your journey here.

This is one of the best ways to save for the future of your child.

7.      Enlist the support of close family members

Your close family members and friends can also support your child’s education fund project. Let them know that instead of getting expensive gifts for your kids during special celebrations, they can send money into your child's education account. That will be well appreciated.

8.      Have your kids save too

Let your children know that you are saving for their education. Teach them that there is dignity in saving and contributing to their own education by themselves, no matter how small.

As they grow, they may be eager to support their parents with their school fees by taking up age-appropriate jobs.

9.      Use the “Kolo” method

Keep a jar where you put your spare change from time to time. Once they are full, go and deposit them in the account. As little as those contributions may be, they will add meaningfully to your child’s education savings.

Do you need a quick hassle-free loan to sort your child's tuition fee right now? Access a low-interest short-term school fees loan here.

Below is a bonus point on how to save for your child’s education in Nigeria

10.  Review your lifestyle and spending habits

To save for your child’s education effectively, you may need to check your lifestyle and spending habits.

Little things like preparing homemade meals rather than eating out, buying in bulk, negotiating better, cutting down on junk, buying out of season, etc. can help you save more. Quality education for your child is worth all these great sacrifices.