This blog post is inspired by a tweet we saw on our twitter timeline earlier this week.
In 'the writer's' words,
'What if, for salary earners, we could convert school fees and house rent into a monthly subscription? some kind of savings or loans plan'.
What caught our eye in the tweet is the 'school' part of the subscription model the writer is proposing.
What he is proposing is very possible, convenient and smart route for salary earning parents to take. It makes the goal these parents have of giving their children the best education, a reality.
A lot of Nigerian parents live on the monthly salary they get from their 9-5 jobs. With what they earn monthly, they are expected to take care of all their financial obligations at home including paying their child's tuition.
This is always a burden for these parents because considering the reality of the country we live in, their salary is barely enough to pay for bills talk less of setting some money aside for their child's tuition. For parents that have more than one child in school, the burden is a lot more.
The onus is on these parents to make it work regardless, however hard it is.
Smart parents can reduce the burden they go through by being proactive, the same way they are proactive with their rent payments and their other utilities monthly.
How can smart parents become proactive?
Instead of waiting till the end of the every school term to pay the fees, parents can start saving in smaller tokens daily, weekly or at the end of every month. Proactively saving every week for 13 weeks ahead of the new term is a lot smarter than waiting till the end of the term to 'produce' the money for the fees.
For some parents, even with saving ahead, they sometimes don't get to meet with 100% of their savings targets. These parents can take loans to give them a 'leg up' with paying their child's tuition. All they have to do is save some by themselves and then take a loan to complete the payment.
This way, they are a lot more prepared for when school fees season comes and can pay their child's tuition in convenience.
How Schoolable helps Smart Parents
With Savings Plans
On the Schoolable app, the termly tuition plan is a plan suited specifically for salary earning parents who live on a 9-5 salary. With this plan, these parents can save in small or large token weekly or monthly towards a specific school fees target.
Parents who save in a savings plan on the Schoolable app. for at least 2 months or more can access low interest loans,loans that they can pay back in their convenience.
With these loans the burden of paying fees is lighter for these parents.
Parents need to stay accountable with saving for school fees and also have access to these loans. These parents can start their savings journey on the Schoolable mobile app.