As school fees increase, parents can take these steps to cope

The removal of fuel subsidies, as initiated by President Bola Tinubu, has had a widespread impact on various sectors in the country, including education. The resulting increase in prices of goods and services has also affected school fees for both new and returning students. To cope with these rising costs, parents can consider the following tips:

Assess Financial Strength: Parents should evaluate their financial capabilities to determine what expenses they can comfortably manage. Creating a dedicated education fund or account can help balance income with school fees, considering that education is a long-term investment.

Opt Out of School Bus Service: If the school is close to home, parents can save money by opting out of the school bus service, which often comes with an additional cost. This can be a practical way to reduce expenses related to education.

Utilize Online Instructional Materials: Instead of enrolling children in costly private after-school classes, parents can explore online instructional materials available on various platforms. These resources can be more cost-effective and provide valuable supplementary learning.

Consider Investments: Parents can consider investing their money in bonds, mutual funds, or other high-yield assets. These investments can grow over time and generate additional funds to support school expenses through compound interest.

Explore Multiple Income Sources: In response to economic challenges, parents can explore multiple sources of income to meet their financial obligations, including school fees. Diversifying income streams can provide additional resources for not only tuition but also related expenses like school supplies and events.

By adopting these strategies, parents can better manage the increased costs associated with school fees and ensure that their children continue to receive quality education despite the removal of fuel subsidies.

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