Since President Bola Tinubu eliminated the gasoline subsidy, nearly every area of the economy, including education, has felt the effects.
Both the cost of products and services and the cost of tuition for new and returning students have increased dramatically.
Parents must come up with practical solutions to deal with the increase in school fees now that some pupils are back in class and others will resume later in the year.
Parents can use the following advice to deal with the cost increase:
Get familiar with financial strength:
It is crucial for parents to understand their financial situation in order to decide what expenses they can afford and which ones they cannot. To make it simpler, parents can create an account specifically for schooling to balance the costs of school fees and salaries/wages. Since education is a long-term goal, it is important for parents to be aware of their financial standing.
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:
For their children to keep up with the lessons taught during the school day, many parents offer after-school classes. Naturally, it does not, but it does come with a lot, especially if it is a private class. However, there are a variety of platforms that provide parents with access to online educational resources.
Your money could be invested in a bond, a mutual fund with a high yield, or a variety of other top-notch securities on the stock and capital markets. When they become due, they might pay out more. With a significant fundraising effort, you may harness the power of compound interest to pay for your children’s or ward’s college tuition.
Explore other sources of income:
Investigating a wide range of sourcing earnings is one of several strategies for overcoming the current economic restrictions. Parents are entirely permitted to use multiple income sources to cover their children’s school expenses. Additionally, money from other sources can be utilized to pay for expenses linked to school fees, such as books, events, and so forth.