How to Save for Your Child’s Education

Education is one of the most valuable gifts you can give your child, but it doesn’t come cheap. School fees, textbooks, uniforms, and university tuition are rising every year. According to UNESCO, higher education costs across Africa and beyond increase by 5–10% annually, placing pressure on families.

That’s why learning how to save for your child’s education is one of the smartest financial moves any parent can make. Whether your goal is to cover nursery fees, secondary school, or university tuition abroad, starting early and planning strategically will reduce stress and secure a brighter future for your kids.

This guide covers practical steps, savings tools, and smart investment options to help you build an education fund that grows with your child.

1. Prioritize Education in Your Budget

The first step to building an education fund is to treat it as a non-negotiable expense, just like rent or food. Many parents delay saving until “things get better financially,” but the earlier you start, the easier it is to grow your fund.

Actionable tip: Before making luxury purchases like a new car, a vacation, or the latest gadgets, ask yourself: Will this expense stop me from saving for school fees? If yes, postpone it. You’re investing in your child’s long-term success by prioritizing education

2. Open a Dedicated Education Savings Account

Keeping your child’s education savings separate from everyday spending is important. A dedicated savings account or education savings plan makes it harder to dip into those funds accidentally.

Actionable tip: Automate your savings by setting up a standing order to transfer a fixed amount monthly. Fintech platforms like Accrue, a cross border payments company, is the best. It allows you to save in Dollars and earn up to 7% per annum. There are other options like Piggyvest and Cowrywise that you can try out.

3. Grow Your Fund Through Smart Investments

Savings accounts are safe; however, they often lose value against inflation. To truly secure your child’s future, you’ll need to invest. Strategic investments can multiply your contributions over the years.

A couple of investment options for parents exist. Mutual Funds & ETFs for low-risk, diversified options suitable for long-term growth. Government Bonds are safe investments with fixed returns, ideal for cautious parents. Stocks or Index Funds for higher risk, but long-term potential for higher returns, and real estate can provide passive income that covers tuition.

Actionable tip: Platforms like Risevest make investing easier. If unsure, consult a certified financial planner to build a risk-adjusted portfolio.

4. Supplement Savings with Extra Income

Sometimes your primary salary isn’t enough to cover daily expenses and future education costs. That’s where side hustles and alternative income sources come in.

Side hustles online or offline can bring in some extra funds for your child’s education. An extra $100–$200 per month, consistently saved, could cover a year’s worth of textbooks or a semester’s school fees over time.

5. Explore Scholarships, Grants, and Fundraising

Not all education expenses have to come from your pocket. Many organizations and governments offer scholarships, bursaries, and grants for children at both local and international levels.

Actionable tip: Regularly check school websites, NGOs, and government portals for scholarship opportunities. In urgent cases, you can also seek help from trusted family and friends through fundraising.

6. Negotiate Flexible Payment Plans

Many schools understand that financial situations can change. If you are struggling to pay a lump sum of school fees, you can approach the school’s administration to discuss your options.

Actionable tip: Approach the school’s administration early and explain your financial situation. Request a structured payment plan. What you don’t know is that many institutions are open to helping proactive parents rather than chasing late payments.

How much should I save monthly for my child’s education?

It depends on your target school and tuition costs. A good rule of thumb is to set aside at least 10–20% of your monthly income toward education savings.

Should I save or invest for my child’s education?

Both. Start with a secure savings account for short-term expenses (like school fees within 1–3 years) and invest for long-term goals (like university tuition in 10–15 years).

Is it too late to start if my child is already in secondary school?

It’s never too late. Even saving or investing for 2–3 years can significantly reduce future tuition stress.

What if my income is irregular?

Use percentage-based savings (e.g., 15% of any income you earn) instead of fixed amounts. This way, you’ll still build consistency regardless of cash flow.

Conclusion

Building an education fund for your child is one of the best financial gifts you can give. Prioritizing savings, automating contributions, investing wisely, seeking scholarships, and exploring flexible payment options, you’ll secure your child’s future without drowning in debt.

Start today with $10, $100, or more on Accrue, and earn up to 7% per annum. The earlier you begin, the easier it is to give your kids the best education possible.