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How To Avoid Borrowing To Pay School Fees by segello: 12:47pm On Jun 16, 2015 |
It’s that time of the month again and Remy looks visibly worried. He is increasingly running out of options and was tired of hiding from some people. Ironically he is about to add more people at to that dreaded list of lenders. This time, his Children’s school fees was about N2million per term and he had just N50, 000 left from his prior month’s salary. Now that he had run out of options on who to run to for more cash, he was now contemplating getting a bank loan to finance his children’s school fees. Pulling them out of that school and telling the kids he cant afford it was also not an option. He had to keep up that lifestyle as he thought his status in society was very important in addition to his genuine quest to have his kids obtain the best education they possibly can get. If borrowing is what it takes then borrowing he must embark on. Should this be the right approach? Must we continue to live from hand to mouth despite the harsh economic environment we find ourselves in? Before you decide to live like Remy, why not consider these options. Budget I have always reiterated the importance of having a family budget prepared on a Monthly basis. Budgets if nothing, gives you an insight into your household income and the likely expenses that will match it. Every single naira that you earn must have a mission. Without budgets it is easy to think that you have the money only to find out later that you have to borrow to augment. Cut your coat to your cloth If your Children school fees per term is more than 50% of your monthly take home pay, then you have basically set the stage for hardship and borrowing. For example, a family that earns a combined N500, 000 per month will need to save N75, 000 every month to pay for a N225,000 per term school fees per term. Anything above this is a recipe for incessant borrowing. Not for everyone Nearly every average working class family will like to have their children attend the best schools in the world. Harvard or Princeton for example, cost over $30,000 per annum for tuition taking it out of the reach of most families. This is why there are other options for students who cannot afford to pay for an Ivy League school. Luckily there is no written rule that says students who end up not going to an Ivy League school cannot perform better in their careers. This is so with some of the local schools we have in Nigeria. Rather than whine about not being able to afford a better looking school for your kids efforts should be made at putting them in the next best school that you can afford Work even harder Big dreams hardly die so if you still want your ward to go to that big school then you have to work really hard for it. Put in more efforts at your job making sure that it never goes unnoticed. Soon enough, you will be promoted and paid a higher salary. If that doesn’t happen, then seek employment elsewhere that can pay you better. Seek alternative income Why not explore other means of augmenting your salary? If you are good at trading then you can have a buy and sell business by the side, which can help fund the school of your dreams for your children. Besides, alternative income helps increase the amount you can throw on school fees when you earn more. more on.... http://nairametrics.com/how-to-avoid-borrowing-to-pay-school-fees/ |
Re: How To Avoid Borrowing To Pay School Fees by calculator123(m): 2:58pm On Jun 16, 2015 |
ftc dedicate it to jarus kingtom.jacksparrow 1 Like |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 3:01pm On Jun 16, 2015 |
If this thing make FP, I go propose marriage to Misssclassy |
Re: How To Avoid Borrowing To Pay School Fees by Nobody: 3:02pm On Jun 16, 2015 |
OK...I get thank God, kingtom is finally thinking of marriage!!! |
Re: How To Avoid Borrowing To Pay School Fees by robosky02(m): 3:08pm On Jun 16, 2015 |
KingTom: ok good news i will provide the italian suit and the french gown for the day. lol |
Re: How To Avoid Borrowing To Pay School Fees by calculator123(m): 3:25pm On Jun 16, 2015 |
and i will provide d private ship |
Re: How To Avoid Borrowing To Pay School Fees by RobinHez(m): 3:41pm On Jun 16, 2015 |
I took note! KingTom: |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 5:31pm On Jun 16, 2015 |
Tomfrench: I am married |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 5:32pm On Jun 16, 2015 |
robosky02:. |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 5:33pm On Jun 16, 2015 |
RobinHez:Yes o |
Re: How To Avoid Borrowing To Pay School Fees by Nobody: 5:38pm On Jun 16, 2015 |
KingTom:cool...who's the lucky chick |
Re: How To Avoid Borrowing To Pay School Fees by Jarus(m): 8:41pm On Jun 16, 2015 |
calculator123: Thanks boss. Let me know when your ftc ministry moves to permanent site |
Re: How To Avoid Borrowing To Pay School Fees by calculator123(m): 8:45pm On Jun 16, 2015 |
Jarus:ok ooo |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 9:51pm On Jun 16, 2015 |
Tomfrench:Tomfrench's Sister |
Re: How To Avoid Borrowing To Pay School Fees by Nobody: 11:06pm On Jun 16, 2015 |
KingTom:hian...whose my sister |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 11:26pm On Jun 16, 2015 |
Tomfrench:You tell me |
Re: How To Avoid Borrowing To Pay School Fees by Nobody: 6:35am On Jun 17, 2015 |
KingTom:she is Angieberry ...so, how did it happen |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 9:29am On Jun 17, 2015 |
Tomfrench:Oh My Gaaaawwwd |
Re: How To Avoid Borrowing To Pay School Fees by Nobody: 10:01am On Jun 17, 2015 |
KingTom:....na play o... |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 10:16am On Jun 17, 2015 |
Tomfrench:No play with that kin thing abeg |
Re: How To Avoid Borrowing To Pay School Fees by Nobody: 10:21am On Jun 17, 2015 |
KingTom: |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 10:25am On Jun 17, 2015 |
Tomfrench:The babe pure o |
Re: How To Avoid Borrowing To Pay School Fees by Nobody: 10:34am On Jun 17, 2015 |
KingTom:yea she pure die!! |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 10:42am On Jun 17, 2015 |
Tomfrench:I swear down |
Re: How To Avoid Borrowing To Pay School Fees by Nobody: 10:47am On Jun 17, 2015 |
KingTom:if you wan run the matter no p......i trust u |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 11:23am On Jun 17, 2015 |
Tomfrench:I hope say many people no too interested in the package |
Re: How To Avoid Borrowing To Pay School Fees by Nobody: 11:26am On Jun 17, 2015 |
KingTom:Nah... na new convert |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 11:29am On Jun 17, 2015 |
Tomfrench: Because of this single act of valour, I dey go convert more guys for your side |
Re: How To Avoid Borrowing To Pay School Fees by Nobody: 11:33am On Jun 17, 2015 |
KingTom:KAAAABIESIIII !!! May you live long |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 12:05pm On Jun 17, 2015 |
Tomfrench:Wait no hail me first |
Re: How To Avoid Borrowing To Pay School Fees by Nobody: 12:08pm On Jun 17, 2015 |
KingTom:ok...After the matter |
Re: How To Avoid Borrowing To Pay School Fees by KingTom(m): 12:23pm On Jun 17, 2015 |
Tomfrench:You sabi |
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