Should you be saving for extramurals for your kids?

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.