Invest in your child’s education
A good education can help set your child up for a better future and career. This is according to Momentum Metropolitan deputy CEO, Jeanette Marias. She will be talking about the importance of education on your journey to success on Geldhelde this week.
Set a savings goal for your child’s education costs
Much like any investment, the earlier you save, the more money you’ll save; and the more time your money has to grow with compound interest. Some parents choose to start investment accounts for their children before they’re born or around their first birthday.
Long-term investing gives you the benefit of the compounding effect on returns over the long term. To work out how much money you’ll need, research the projected costs of a desired school, look at current projections and then divide by the number of months left until your child starts school. Incorporate the amount into your monthly budget.
There are different types of accounts you can use to save for your child’s education. By doing your homework, and speaking to a financial adviser — you’ll have a better idea of where to invest the money you’re setting aside for optimal returns.
For more on how to finance your child’s education, watch tonight’s episode of Geldhelde on via.DStv channel 147, at 19:30.
Tips on how to save for your child’s education
Momentum Metropolitan deputy CEO, Jeanette Marias, stresses the need to be honest with your adviser about your financial situation. After all, you’ll expect them to give you sound advice and draft your detailed financial plan based on your holistic financial picture.