Matric past exam papers Matrics 2017!
Should you be saving for extramurals for your kids?
Every parent knows that they have to budget in order to give their children a sustainable future but because the face of education is constantly changing, many don’t know exactly how much they need to save.
(Shutterstock)

The cost of raising a child in South Africa is an ever increasing expense – especially with regards to education. Every parent knows that they have to budget in order to give their children a sustainable future but because the face of education is constantly changing, many don’t know exactly how much they need to save.

Most parents budget according to what they know, so you would take into consideration what you or your parents paid for school fees and what extra items were available to you then. But as the world is changing, so is the educational system. Students no longer just have their school day and perhaps a free school activity afterwards, there are now a range of activities and extramurals for them to partake in – within and outside of the school – and most of these cost money too.

Trading Economics reported that education costs increased by 7% from 2016, which means if you do not have a child of school-going age already, education costs will just continue to increase so by the time that your child does enter school fees will be almost unrecognisable. In 2015, the Stats SA General Household Survey reported that 33% of individuals aged between 5 and 24 said that lack of money was the reason why they were not attending an educational institution.

In 2014, Fin24 reported that in 2033 a forecast would have you spending between R118 600 and R215 000 for one year’s education. Grade R to graduation would cost you an amount of about R1 million for public schooling and about R2.2  million for private schooling, and this is just referring to the school fees.

Anyone that has a child currently in school knows about the sneaky expenses that you do not often think to budget for. There are uniforms, which can cost up to thousands of rands, according to The Sowetan, and many parents opt to buy more than one in case one gets dirty. And that’s not all; there is stationery, text books, sports uniforms, sports equipment, outings, lunch, sport and arts tours and private extra murals.

Last year, Parent24 surveyed how much different extra murals would cost from different forms of dance and music to different sports types. It is a good idea to invest for the extra murals that interest your child when they are in their formative years as it will benefit them in the long run. But it is also a good idea to research different places that offer the lessons that your child requires, and take into consideration prices as well as transport and other factors. Also ask if they allow your child to participate in a trial period of about a month so that they can work out if it is something that they want to do rather than lock them in an activity that they aren’t interested in eventually.

It is no longer feasible to just save a set amount for your child’s education; you need to consider the changing face of education. You need to make sure that you have enough money for price increases, for the individuality of your child, and for a rainy day. The future is unpredictable - be prepared for whatever life throws at you.

Saving for a set goal can be a complicated business but with Sanlam’s Smart Invest you can work out quickly and easily how much you need to invest in order to make sure that your child’s education is covered, with just a few easy clicks online.

Make sure that your child’s education – whatever form it may take – is a priority in your life and start saving now for them to receive the best possible foundation for their future. 

Read Parent24’s Comments Policy
NEXT ON PARENT24X
 
 
 
 
Directories

Everything from parties to pre-schools in your area.

Jobs - Find your dream job

Property - Find a new home