Thread by @anelisa_tuswa, Been doing some research on the available Education plans for my future [...]

Been doing some research on the available Education plans for my future kids.

Yes - I dont have kids, I am thinking about them and I would like to be financially prepared when they do rock up.

A thread:

Firstly: If you& #39;re not sure how much you should save for your child.

Then start with Sanlam& #39;s Education Calculator: (Even if you wont set up the education plan with them. It gives you a good gage on the figures, specifically Tertiary education)

#calculatorBox">https://www.sanlam.co.za/personal/investments/Pages/education-planning.aspx #calculatorBox">https://www.sanlam.co.za/personal/...

For Primary Education calculation:

Research a bit on how much the & #39;preferred schools& #39; you want for your child is & #39;currently& #39; costs per annum.

Education inflation is usually higher than food inflation, so expect an annual increase of 8 to 10%.

I will make an example.

I want Iyana to go to Clarendon Park primary school in PE.

She& #39;s 1 year old

https://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen"> so I have a good 5 years before her Grade 1. Their school fee& #39;s for 2020 were R21 455.00.

To make my calculations easier, I will use 10% education inflation.

So 10% each year, my baby& #39;s education will increase by 10%. But that& #39;s even before she starts school.

lol... 2021 = R21 455.00 + (10 percent inflation) = Thats roughly R23 600.
2022 = R23 600 + (10 percent inflation) = R25 960
2023 = R25960+ (10 percent inflation) =

Once you get each year. Combine each year together and come out with your total for basic education.

The trick is to save ahead, so when she is in Primary, you can start saving for High school etc.

Old Mutuals FutureInvest 4 Education is pretty affordable. And you can start saving before you even make the babies... you can start with as little as R250.

https://www.oldmutual.co.za/personal/solutions/education-plans">https://www.oldmutual.co.za/personal/...

Momentum is roughly around R500. And you can pick pick your investment funds (so where you& #39;d like to invest that money- so that it can accumulate some returns for you) https://www.momentum.co.za/momentum/personal/products/invest-and-save/your-needs/save-for-your-childrens-future">https://www.momentum.co.za/momentum/...

Education policy | Educational savings plans | Momentum

A good education can be expensive so planning ahead is essential. Your child deserves a bright future so start saving for your child's education with Momentum from as little as R500 per month.

https://www.momentum.co.za/momentum/personal/products/invest-and-save/your-needs/save-for-your-childrens-future

Here is a scary article from Old Mutual. Lol... zalani!!!!! https://businesstech.co.za/news/finance/293330/how-much-it-will-cost-to-send-your-kids-to-school-and-university-over-the-next-18-years-in-south-africa-2/">https://businesstech.co.za/news/fina...

How much it will cost to send your kids to school and university over the next 18 years in South...

Many parents struggle to prioritise saving for their child’s education, with 57% of urban South African parents not actively saving for their children’s education.

https://businesstech.co.za/news/finance/293330/how-much-it-will-cost-to-send-your-kids-to-school-and-university-over-the-next-18-years-in-south-africa-2/

Also, ask your bank. Most banks have Education funds.

I know absa has the Fundisa Fund: https://www.absa.co.za/personal/save-invest/products/absa-fundisa-fund/">https://www.absa.co.za/personal/...

Absa | Fundisa Fund

With the Absa Fundisa Fund, you and others can contribute to an investment for a child’s education and receive a bonus of up to R600 to help pay for the child’s education.

https://www.absa.co.za/personal/save-invest/products/absa-fundisa-fund/

If you want to send your children to public schools bethuna

https://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen"> you’re allowed..Nathi we grew up and studied there - so asinamapolitics ne public schools ... the thread is for people who want private education

https://abs.twimg.com/emoji/v2/... draggable="false" alt="☺️" title="Lächelndes Gesicht" aria-label="Emoji: Lächelndes Gesicht">

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