The removal of fuel subsidy by President Bola Tinubu has since been felt by almost every sector in the country, education inclusive.
Prices of goods and services have skyrocketed as much as school fees for fresh and returning students have also taken a leap.
With students back to school in some parts of the country and others to resume subsequently, the onus lies on parents to hit on pragmatic ways to cope with the hike in school fees.
Here are tips parents could employ to cope with the hike in fees:
Get familiar with financial strength
First, it is important parents are in the know of their financial strength to determine what costs they can bear and otherwise. To make it easier, parents can set up an account particular for education to balance the odds between salaries/wages and school fees. Education is a long-term interest and, thus, there is a need for parents to be acquainted with their financial strength.
Parents can scrap school bus service
Some things are important but not necessary. Parents can alleviate the burden on school fees by opting out of the school bus service, if their children’s school is close to home.
Internet instructional materials for after-school classes
A lot of parents provide after-school classes for their ward(s) so they can keep up with day school lessons. Of course, it does not but comes with relatively huge amounts, especially if it’s a private class. However, parents can resort to using online instructional materials abundant on platforms that offer them.
You could put your money in a bond, mutual fund with a high yield, or many other high-quality items on the proceeds and capital markets. They could yield higher payouts when due. You could raise that money substantially and use the force of compound interest to help fund school expenses for your children/ward.
Explore other sources of income
One of the many ways to tackle the present economic bottlenecks is to explore a wide range of sourcing incomes. Parents can fully devote more than one source of income to paying their children’s school fees. In addition, proceeds from other sources can be used to fuel the payment of necessary fees related to school fees such as writing materials, events and so on.