Former South African president and apartheid hero Nelson Mandela is widely quoted to have said that “Education is the most powerful weapon which you can use to change the world.”

The world over, countries that have invested in education have lower levels of poverty and better living standards.

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Africa is gradually increasing its literacy levels and to say that educational costs have and continue to skyrocket is an understatement.

A retrospective analysis of at least ten years in your region, reveals that educational costs have increased and in the coming years, you will incur a lot more.

The truth is, school fees is a bitter pill for many parents, especially those who do not earn a lot of money.

As you break off for the Christmas and new year holidays after a trying 2020, a year characterised by job losses, deaths, and business collapse because of COVID-19, think hard and creatively about how you will finance your children’s school fees in the coming years.

For would-be parents also, it is equally important to plan your children’s educational needs to avoid what a World Bank report (2015), says is a significant barrier to access quality education in Africa.

HCI, as your people and SMEs partner, we share some findings with you, on how you can plan, execute, and reap the benefits of giving your children quality education without much stress.

Start to plan for their needs early in life.

Many learners miss classes because their parents cannot afford to pay school fees. Others end up attending low-quality schools because their sponsors cannot afford high-end schools.

Before you bring a child into this world, ask yourself, can you afford the associated costs?

School fees is one of them and therefore, plan for this early in life.

If you have not considered or are not aware of the investment options available, start making enquires now. Plan to invest early and reap significant advantages of compound interests on savings and investments over several years.

Do not wait for your child to attain school age before you begin to think about money for the fees. Education, as Expat Financial Planner blog, correctly says, is an expensive venture, which requires adequate planning.

Buy educational insurance plans for your children.

Many insurance companies have developed educational plans which customers can take advantage of to make payment of school fees easier in the future.

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Some of these plans allow parents/guardians to save an affordable monthly or quarterly amount of money over a given period.

If, for instance, you sign up for a 10-year education policy, it means you can pay small amounts monthly while guaranteeing your child’s education’s cost.

Major insurance companies have educational covers with monthly premiums as low as $26. Take this opportunity to save and earn interest on your money as well.

Just as AEGON (2018) blog advises, educational insurance policies are not only saving alternatives, but they equally offer protection for you and the child in case of eventualities.

Invest in rental properties

Another area that you can invest in and guarantee a source of your children’s school fees is through rental houses. Remember, as the population increases, demand for housing, particularly affordable housing, will shoot up.

If you are financially capable, construct rental houses as another way of securing a steady source of income that can cater for your children’s future educational needs.

Investing strategically now is essential because there is no permanent guarantee for your salaried job or business. Anything – from furlough to disability, or at worst death, can happen.

But with rental properties, according to the Key Renter Property Management blog, you’re getting a steady, long-term income without many risks. This income can help you manage your children’s education well.

Start a side business.

Many employees’ salaries are not proportionate to their expenditure and investment needs. This may be because of limited skills, extravagant lifestyles, underperforming African economies, and businesses or the oversupply of labour in a particular industry or profession.

Regardless of how much you earn, however, your economic situation will not prevent school fees and the cost of other needs from increasing.

You have to get creative therefore and start a side business that will pay for those extra costs. You can create a side hustle where you will generate additional income specifically to cater for school fees needs. Many have done it, you too can. Hone those skills of starting, managing, and growing a business.

This is an opportunity to contact Human Capital International. We offer training in entrepreneurship start-ups and mentorship programs that several people have benefitted from. You too can take advantage of our very affordable services.

Have a manageable family size.

Education is now a top priority for many families in Africa. Many on the continent have realised that it is through education that families and communities will be brought out of poverty.

But Africa still has the highest fertility rates in the world. The UN estimates that an African woman will have at least five births in their lifetime.

For you to put five children in good schools will require lots of sacrifices because quality education is expensive. That means if you have many children and dependants, it will be difficult, if not impossible, to give them a quality education.

Only have children you can plan for and invest in. With the current science and technology, it is easy to control the number of children you can have. Always remember that education is one of the most expensive costs when it comes to raising children, according to Healthy Children (2015). So, plan adequately for it.

For Africa to exit the second wave of colonisation, break the poverty cycle, and have fair trade, education and innovation will play a critical role. It will be attainable when we deliberately invest in our children’s education. With these tips on how to do it, pick out what works for you no matter your financial status, and free yourself from any future stress.

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