Parents are in a difficult position in South Africa. There are only a small number of good government schools, and they are relatively expensive. That means parents are forced to choose between private schools (the most expensive of which costs more than R400,000 per year) or face the difficult choice of placing their children in substandard and underfunded government schools. University can also cost up to R100,000 per year without accommodation costs. So, how do you make the best decisions for you and your family when your resources are constrained?
Make some considered decisions first.
If you know that you will find it challenging to fund your children’s education without putting the family under financial pressure, you need to determine your top priorities.
It is essential to provide your children with an excellent education and offer them the best possible home life. However, if your family will be under constant stress due to the financial pressure of education, is this the right decision for your children? It is essential to focus on the quality of life for the entire family, and if you can minimise financial stress, everyone benefits.
Could you make some different trade-offs? Perhaps online tutoring or other educational tools can help bridge educational gaps.
Where you live is essential.
Many parents want to raise their children in a lovely home, but unfortunately, housing near good schools can be unaffordable. That means some families can only afford to live in a house far from school and work. This forces everyone in the family to spend hours in traffic during the week. The time spent in traffic could be better spent on family time and other activities, such as homework.
Consider staying in a smaller home closer to schools or work, allowing the family to spend more time together every evening. Deciding to live close to good schools may improve your chances of getting into the schools, as some schools also give preference to those who live closest to the school.
An excellent education is not only provided by a school or university
There is considerable evidence that children who learn to read at home tend to perform better academically. The first 5 to 7 years of a child’s life have a profound impact on their future development. These years are not generally spent at school, so parents can play a massive role in setting them up for life.
Outsourcing all of your children’s education to schools does not guarantee success. Reading to your children from a very young age and helping them develop reading skills as they grow older is something parents can do at home without the expense of a private school.
Save for education in stages.
Suppose you decide to provide the best schooling you can afford. The cost is going to be considerable, and if you are aware that your resources are limited, you will need to plan carefully for these expenses. To start, consider saving in stages.
Try to set aside money every month for high school and university when the children are very young. If you start saving for these expenses when your child is born and invest in a stock market unit trust or index tracker, the money will have 12 or 13 years to grow before you need it to pay for high school.
The drawback of this strategy is that you will have to pay for pre-school and junior school out of your salary. However, this should be less expensive than high school and university expenses, which is the reason it would be better to save and invest for these costs.
Conclusion
If you are considered and intentional in raising your children, you can find ways to give them a wonderful upbringing, including an excellent education, without the overwhelming financial burden of private schooling. It takes time, effort and some planning, but it is possible.
