Financial literacy series: Saving for a child’s education

by Damilola Jagun

literacy

We all know there are significant costs associated with education especially at University level. From fees, to equipment to books and general upkeep, the high level of costs may prevent many parents from being able to send their children to school.

SGiving a child a head start in life by saving or investing even a small amount when they are young could be one of the most important things you do for him or her.

Here are some of the things you need to consider when saving for your child’s education.

  • Start early – There’s no time like the present and starting to save early can help you prepare for the costs of your child’s education. Consider all your options by visiting your local bank or financial adviser. They should be able to talk you through all the short, medium and long term investment and savings options available to you.
  • Get your children involved – Get your kids to get part time or holiday jobs and insist that they contribute to their own education fund. Not only does it give them much needed real-world market experience, it instills in them the value and costs associated with getting an education which are great life lessons for the future.
  • Open a savings account – Whatever the reason for saving; the first step should be to open a savings account.
  • Invest in a pension – Investing in a pension is a great way to plan for the future and to make sure that you can take care of yourself and your family for as long as possible.
  • Take out a life-insurance policy – We all hope and pray for long-life and prosperity but unfortunately, this is not always the case. A life-insurance policy allows you to be prepared for the worst-case scenario, providing for your family even after you are gone.

This has been courtesy Sterling Bank Plc as part of The Bankers Committee Financial Literacy Public Enlightenment Programme brought to you by The Bankers Committee, comprising all the commercial Banks in Nigeria and the Central Bank of Nigeria, CBN.

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