Publish Date: 07/03/2019
Children’s education: Start planning today
Getting your child into the best possible school requires more planning than many people realise. It could involve a savings and investment plan that starts soon after your child is born, or even purchasing property in the desired feeder zone for a particular public school.
It’s crunch time for parents looking to enrol their children for the 2020 school year. In some areas of South Africa, online applications are already closed. Many private schools have long waiting lists and most public schools in South Africa are already oversubscribed.
Long-term savings and investment
If you’re able to start planning for your child’s education needs as soon as they’re born, you will have time on your side and can consider the best investment opportunities and savings products. The cost of education increases every year, so it’s important to find an inflation-beating investment that will help you keep ahead of this growth. Some public schools currently charge well over R30 000 a year.
When it comes to selecting your investment path, chat about the following with your investment advisor:
African Bank offers a number of savings and investment products that meet different needs:
(Rates correct at time of publication.)
With feeder zones dictating access to certain public schools, many parents are considering purchasing property based on the location of the most desirable institutions. Living close to your child’s school also makes sense when it comes to battling traffic for drop-off and collection, as well as easy access to the school for extramural activities.
This approach also requires considerable planning. It often takes more than three months to sell a home, followed by approximately another three months to register the transfer of the new home. If you’re looking to have your child placed in a new school in 2021, you would need to consider selling your current home and buying a new one early in 2020.
African Bank offers a wide variety of savings and investment products that could help you save for a bigger deposit for your home loan. Remember, the bigger your deposit, the smaller your home loan repayments will be.
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.