Planning for your kids education

Planning for your kids education:

You should probably start thinking about it when your child is born. But, with all the other expenses of a new baby, and given that his or her schoolyears feel so far away, most people don’t think about their child’s education until much later. The truth is that you can never start saving too soon. And the sooner you do, the more your savings will grow to reach your goal of offering your child the best education.

It is impossible to know what career or profession your child will want to pursue. But if you’d like him or her to have the option to study further, start planning by doing a few sums. Find out what it will cost for your child to do a three- or four-year degree, so you know how much you need to save every month. A Sanlam financial adviser can help you calculate what you need to save to reach your goal. Even if you can't save the full amount every month, save as much as you can, as you may be able to rely on others for financial support when the time comes.

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