Innovictor
New Member
Whether you agree with me or not, one of the biggest reasons you are working day and night is to be able to give your kids a very good life. Hence, making sure that you can give your kids the very best education within your power will be consciously or unconsciously high on your priority.
Many people unconsciously feel that they could have had better lives if they have had better educations. Hence, in order to give your kids the best shot at succeeding in life, the buck rests on you to pay for their education. Making the decision to start saving for your children's university education now could give you peace of mind and ensure that you are not running helter-skelter when the kids get an admission.
Simple Formula to Pay for College 18 Years in Advance
If you save N2,000 every month starting from the very first month you give birth to a child, you'll have N432,000 by the time the child has his/her 18th birthday.
If you save N5,000 every month starting from the very first month you give birth to a child, you'll have N1,080,000 by the time the child has his/her 18th birthday.
If you save N5,000 every month starting from the very first month you give birth to a child, you'll have N1,080,000 by the time the child has his/her 18th birthday.
If you save N10,000 every month starting from the very first month you give birth to a child, you'll have N2,160,000 by the time the child has his/her 18th birthday.
You see that it is quite simple and "easy" (you wish) to save up for a child's university education. All you need to do is find your level and start saving the money up. You should also make sure that you increase your monthly savings as you are being promoted at work and your salary increases.
More Than One Child?
If you have two kids, you'll need to save twice the amount for each child in order to ensure that the funds are ready by the time they get an admission. No, dividing the monthly savings by the number of children you have won't cut it. If you have three kids you should save up three times your desired monthly savings towards their education. Ever heard of family planning?
Am I late to the Party?
But wait, I have kids already and I haven’t been saving up towards their university education. So what, it is never too late, so start saving now. If you can afford it, drop a lump sum in their account to cover the months/years gone by, if you can't afford it, just start saving up now.
The goal is to have your children's tuition stowed away by the time they obtain an admission, but even if you are unable to meet that goal, you'll have had a significant part of the tuition and you'll find it relatively easier to raise the balance when the need arises.
Don't Touch That Money!
The money you are stowing away for your kid's education is not an emergency savings fund, so you have no right to touch the money unless under circumstances involving life and death. No, taking the kids to Paris isn’t a life and death situation. I need not tell you that the money is best kept in a separate account, but you may want to find a bank that gives special interest rates on money saved toward specific goals.
Can I Invest the Money?
Well, it depends. That’s a completely different topic for another day.
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