Top tips to prepare for annual education costs
It has often been said that education is the key to success. Whether you are a parent investing in your child’s future or an adult who is considering getting another qualification, we can all agree that the cost of getting an education can be high in our country.
While most of us were getting ready to celebrate the festive season, many had also begun planning for the new year and the costs that came with it. Here are our top tips that will help reduce the stress that comes with budgeting for education in the new year:
- Calculate the annual costs: this includes everything from tuition, accommodation, costs of textbooks, stationery and uniforms (or clothes for varsity students) to extra-mural activities, devices such as laptops, travel expenses, pocket money and other additional fees. It is possible that additional expenses may come up as the year progresses; however, for you to begin the budgeting process, you will need a general idea of how much will be going towards education costs in that year.
- Find out what payment plans are available at the institution: most people cannot afford to pay the entirety of their tuition fees in one payment, so most institutions usually offer different payment plans. Some may also offer discounts to parents who have more than one child currently enrolled for that year. Find out what options are available to you and decide on the one that is best suited to your budget.
- Don’t wait until the new year: some institutions offer discounts to parents who pay their tuition before the initial deadline, so this can help you save a little money. For items such as laptops and other tech devices, you may be able to find good deals during Black Friday or over the festive season.
- Consider applying for student loans: for those planning to pursue a tertiary education, a student loan can assist with managing the high costs of tertiary education. With our student loans, you can receive funds for tuition, accommodation, textbooks and equipment such as laptops*.
The costs of education in South Africa continue to rise every year, and that is not something that you can control. What you can take control of is ensuring that you are personally prepared for the coming year by planning ahead and being smart in your approach.
*Terms and conditions apply.