How much School Fee Can I afford per year?
By Madhurie Singh, November 19, 2013
This is a latent question that we all parent must have in our heads. Yet we tend to ignore it assuming that our kids’ education is the most important thing than any other thing in our lives.
Yes, the education is the one of the most important things in the lives of our children. Also the fact that we have brought them in this world, it is our duty to make sure we provide for all their needs.
Basic amenities, Emotional needs, Educational need, Intellectual needs and the need for security.
Without going into the philosophical depths of these needs let me hover around the educational needs.
Mind you, education does not only mean literacy. Education goes beyond the textual knowledge.
So how much should you really spend on the school academic fee?
There is no one formula and one figure for all to really fit and feel good. Yet a simple assessment you may do on your own.
Ideally one should make sure they do not spend more than 5% of the salary in the educational needs.
Remember there are many more things for which you need to save all that precious hard earned money. Just to remind you, their higher education, marriage, legacy and your own retirement!