One of the biggest pains a parent can have is not being able to pay school fees for their children. When school fees are not paid, it also affects the children as some schools will not allow your child to come to school if the fees are not paid. At ThuthukaSA, we are here to help you as much as possible when it comes to saving and investing for school fees for your children. We can help you to save on your own or as part of a Stokvel.
Imagine if you could pay the fees in Januaryevery year –you would really have peace of mind. Many schools offer discounts when fees are paid in full for the whole year by the end of January so you would also pay less. School fees are expensive and over and above the fees, you must also budget for:
Q: What is the best time to start saving for school fees?
A: As soon as you think of having a baby. If the child is already here, now is the time to start saving.
Q: What is the minimum amount that you can save?
A: R500 but if you want to send your child to a private school, then be prepared to invest a minimum of R3000 per month. This will also be influenced by the age of your child and when you will need to start withdrawing from the investment.
Q: Where will the money be invested?
A: It can be invested locally in the JSE or offshore. Your risk profile, term of investment and other factors will determine what is most appropriate investment for you. Note that this can also be a tax free investment.
Q: Do I have to invest as part of a Stokvel or can I do the investment on my own?
A: The choice is yours, you can invest on your own or as part of a Stokvel.
We suggest that you contact us for any further info that you might require because investments are tailored to the investor and there is no one-size-fits-all advice.
Share this knowledge with your loved ones