Tag - cost of education

The cost of a baby

Chantel has been married for almost two years and was caught slightly off-guard recently when she realised she was pregnant with her first baby. “Even though my husband and I are both extremely good at saving, we didn’t have a specific budget for a baby and didn’t plan to have a baby so soon,” she says. However, four months into the pregnancy...

Should you pay school fees annually in advance?

by Niel Fourie, Public Policy Actuary, Actuarial Society of South Africa The short answer to the question in the title of this article is: not if you have other short-term debt. Most schools have informed parents of the new school fees for 2015, which means that you have only a few weeks left in which to pick the payment option most favourable for...

How to fund your child’s education

When I was in grade one at a government school in 1984, my school fees for the year were 25 cents. I have the receipt to prove it! When my son started grade one last year though, we had to fork out just under R30 000 for the year. Ouch. We’re looking at a cost of roughly R443 000 for a five-year university degree in ten years’ time. So, how...

How to save for your child’s education

Choosing to save for your child’s education ahead of your own retirement plan may be a risky strategy but it is understandable given the rising costs of education. According to the Old Mutual Savings and Investment Monitor, 54% of South Africans believe that saving for education is more important than saving for retirement. That figure jumps to...