While families have many monthly expenses, they often move school fees and other expenses to the top of the list at this time of year. We understand you want to be financially prepared for the costs of a new school year, and Mama Money is here to help from the very first day of school until the last day of graduation.
With the start of the 2024 school term, you may start thinking about the cost of your child's education for the new school year. Suppose you'd like to learn a few handy tips on saving and sending money for school fees and how Mama Money can help reduce costs when sending money online. In that case, our handy guide below includes everything you need to know.
One of the first things to do when saving and sending money for school fees is to work out how much you will need to put aside each month to cover your expenses.
The amount you will need to save for school fees depends on a few factors, including the number of children you have, how old they are, what kind of school they will attend, and if it is for their primary or secondary education.
Other costs may include:
1. Switch to a bank with lower fees
Many banks charge you a monthly fee just for being their customer and having an open account. Some banks charge extra banking fees when you withdraw at the ATM or send money to a family member. We recommend switching to a bank with lower fees to save money each month.
If you want to send money to a family member or friend, switch to Mama Money, as we have lower fees than most other money transfer services. All you need is a smartphone, and you can send money to a loved one in minutes via our App.
2. Only pay for essentials to save money
A great way to help save and send money for your child's education is to only pay for essentials when completing a back-to-school shopping list. These essential items could include uniforms, school bags, or stationery. We recommend creating a shopping list and sticking to it to avoid spending money on things you don't need.
3. Shop around for the best deals
Another great way to help save money is to compare prices before buying anything. You can do this with almost anything, from groceries to clothes to household items. Stores such as PEP, Checkers, and Game offer great year-round discounts. Many stores also offer back-to-school promotions at the start of each new year, offering deals on stationery and other essentials your child may need for the new term.
4. Consider scholarships and bursaries
The first step is understanding the difference between a scholarship and a bursary to see if these options apply to your family.
A scholarship includes a discount on school fees offered to students based on their academic or sporting achievements.
A bursary includes a discount on school fees due to their parent's financial circumstances.
Many schools offer scholarships and bursaries to students, and parents may want to consider this option to help them cover the cost of school fees.
5. Use reliable transfer services
Choose a trusted service to send money internationally. Mama Money is a trusted and secure service and offers lower fees than regular banks. If you're using another transfer service, ensure the service follows foreign exchange rules and has positive reviews from other users.
To handle currency exchange rates well, you should know a few things. First, understand that an exchange rate tells you how much one currency is worth in another. Check these rates online, as they change often. Compare places like banks or online sites to find the best rate and lowest fees. Remember, the rates can be influenced by a country's economic and political situation. If you're not in a rush, watch the rates and exchange your money when the rate is good for you. Always use well-known and trusted sources, such as Mama Money, to avoid scams.
We advise you to plan and understand our transfer times to ensure the money you send for school fees arrives on time.
Are you looking to help support a friend or family member with covering the costs of their child's school fees? If you commit to supporting a young person's education, you want to be sure your money is safe. This is where Mama Money comes in; we offer a low-cost way to transfer money from South Africa to a loved one. Users can send money to over 50 countries worldwide, including Africa, Asia, and Europe.
Whether sending money home to family and friends to help pay for a child's education or simply transferring funds overseas, Mama Money offers an easy, low-cost way to send money online.
Register an account by visiting your nearest Mama Money agent or sign up for an account on your mobile phone by completing these easy steps below:
2. Enter your details
3. Provide proof of your ID
4. Submit a photo of yourself
Once your documents have been submitted using the Mama Money App, your account will be verified within 24 hours, and you can start sending money abroad to your loved ones.
1. Log in to the Mama Money App and select "Send Money."
2. Choose the recipient to whom you are sending money
3. Enter the amount you want to send and press "Next."
4. Select your preferred payment method and press "Confirm & send."
Should you have any questions that are not covered above, please get in touch with Mama via WhatsApp at +27661041097.