An average Nigerian values Education a great deal and rightly so. It has been discovered that coping with life challenges can be a daunting task for that are not educated and exposed. We have several number of great Nigerians who lost their fortunes overnight due to ignorance and their illiterate status. Those examples that come to mind such former football icons such that the Late Rashidi Yekini who lost his fortune to his Moroccan wife. Daniel Amokachi lost his fortune to youth exuberance. He had a private jet among other very expensive ‘toys’ he acquired as a top footballer with an expensive lifestyle. Another footballer that suffered a similar fate as Rashidi Yekini (of blessed memory) is the Ivorian Footballer, Ebue. He got married to an European wife who swindled him of all his assets. It was gathered that Ebue couldn’t read and so he signed documents without knowing its contents. He trusted his wife with everything and she betrayed. The Point is that she succeeded because Ebue was an illiterate. So, whoever you are, it’s highly risky to live life without proper Education.
However, paying school fees can be a mission impossible. This has prompted people to take loans with high interest rates hoping to pay up once they secure a good job. Unfortunately, though, very few are able to get out of the debts they incur due to the very interest rates that are slapped on the loans – is the case with people in the Western world. In the Case of Nigeria, the Majority go to public schools where the Fees are very low and affordable or totally FREE OF CHARGE! But, we all know the Problem with our Public schools. We know that the problems with them. It’s either unqualified teachers are manning the schools, teachers abscond from duty at will without consequences, they go on strikes or there are no teachers at all! These leaves parents with one option which is to patronize private schools. Although they too are somewhat affected some of the aforementioned issues with the Public Schools, it is to a very low extent. The Problem with them is that they come with a higher schools fees. Paying for your children’s school fees without taking out a loan can be a challenging task. We all know how burdensome it can be to seek interest based loans, this is why we are here discussing how to pay children’s school fees and other forms of rents without taking a loan. Luckily, there are several options available. Here are some suggestions:
Create a budget
Start by creating a budget to determine how much money you need to pay for your children’s school fees. This will help you prioritize your expenses and identify areas where you can cut back on spending to save money. This is a VERY VITAL part of Personal finance that the Majority overlook. We don’t budget our income, hence, we fall victim of buying very many unimportant things that we can do without at the expense of more important things like children’s school fees and rents. If you wish to pay all your rents and children’s school fees with ease, you need to learn the Art of Budgeting. This would help you determine the most convenient way to pay the schools fees and your rents.
It will help you see what works for you and what doesn’t. Budgeting would help you see the available options at your disposal and which ones are best suited to your own peculiar financial conditions. For instance, you may have to find a side hustle to meet up, it might just be a mere visit to the school or your landlord to negotiate a possible installment plan and agreement. For others, the best option might be to cultivate the habit of making savings.
Utilize Savings
If you have savings that are earmarked for education or other long-term goals, consider using those funds to pay for your children’s school fees. This can help you avoid taking out loans and accruing interest. I know most people will argue that it is virtually impossible to make savings these days. Well, that would be true if you make savings AFTER spending what you have. That’s the POOR MAN’S way of budgeting. The Rich make savings BEFORE spending a dime of their income. So, if you wish to save, save first, then spend what is left of your earnings.
You may take the savings to yet another level…invest your savings and spend from the profits made from the investments. There’s a full e-course on the subject of Wealth Creation that I think you should take if you want more info on how savings are safely invested to earn a lot of profit within a short period of time. Click Here if you are interested.
Thrift and Co-operative society savings are other options that you can take advantage of if you want to pay your rents and children’s school fees with ease. Yes, most Co-operative societies are interest based, but, the Good news is that we do have non – interest based co-operatives you can join and still enjoy all the benefits of being a part of a co-operative. This is the most recommended form of savings if you ask me. Find and join a non-interest based co-operative today and thank me later!
Negotiate a Payment Plan
For Salary earners, it might seem most suitable to pay plan that allows for regular installment payments. This is because, payment at a go might not be possible, making savings might prove extremely difficult or perhaps the savings made might not cover for all the expenses on ground. Hence, the need to work out an installment pay plan.
Talk to your children’s school’s financial aid office to see if they offer payment plans that allow you to pay their fees in installments. This can help make the cost more manageable over time. Especially when you already have a savings plan with a co-operative society but not yet qualified to take a loan just yet, from the Co-operative society. Negotiating a payment plan can help ease the burden and tension that one finds himself when rents are school fees are due for payment.
Work Part-Time
It is now a general belief that one job can no longer earn you enough money to cater for your needs. Hence, the need to work Part time to earn extra cash just to meet the Payments. There are many reasons behind finding a side hustle, however, the most pressing reason is to earn extra cash. Now, you would be doing well by saving all your earnings or a good part of it in the Co-operative society account. This is because, it gives you the Opportunity have access to at least double of what you in savings with them. The feeling is much more suiting when you are not paying a dime as interest on the loan.
Another good reason why it is highly advisable that you save you earnings from both your main and side jobs in a co-operative society account is that with time, the amount you can take as loan increases with time. So, you can either add a business to your side hustle, if it is a job, or increase the Capital of your side hustle if it is a business! When you increase the Capital of your part time business, you make more money and more, over time can mean that you may be able to cater for your needs and still save in the co-operative society!!!
Apply for Scholarships and Grants
This option, unfortunately, is no longer popular in Nigeria. But, that does not that it does not exist. It does exist but it’s extremely rare and hard to find in Nigeria today. Most of the time, some sort of examination is organized to choose the lucky winners. I know of a girl whose church helped her secure a scholarship from the Church’s foreign partners. The Scholarship covered her school fees from the first to the last class in the Secondary school of her choice!
Research scholarship opportunities that align with your children’s field of study or interests, and apply for as many as they are eligible for. You can also instigate whatever association or society to organize such laudable programs as part of their giving back to the society. Some call it Social Responsibility!
As you can see, life’s not really hard if you know your way around. Nigeria is a beautiful place to be. Things are hard only for those that are not financially intelligent. If you are financially intelligent and know to create and manage wealth, you’ll enjoy Nigeria to the FULLEST! As said earlier, you can learn the Art of Wealth Creation. It’s not that hard. There’s an e-course is specifically written with the Nigerian in mind. You can gain access by clicking here.
Remember that paying for your children’s school fees can be a significant financial burden, but there are options available to help you make it work. Don’t hesitate to reach out to your children’s school’s financial aid office for additional support and guidance
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