How to make your school fees payment journey easy
By Babu Tendu
| January 9th 2020
Well, its January again, and all the festivities have slowly faded away, and it is now 'back to school' season.
If you have been drawn to this article, then it means that the responsibility of paying fees has been passed on to you.
Well, paying fees is not as difficult as it has been assumed to be over time.
First, borrowing might not be a good idea since, if overdue, it could accumulate interest, which could amount to be higher than the actual amount borrowed.
Unfortunately, this would be the most viable option if you urgently need fees for the term/semester starting this January.
It would, therefore, be wise for you to work on an education saving plan for your children early. This calls on you to regularly save and spend less.
This, however, is not the trend adopted by some parents who 'live for the moment' and not mind about the future.
For instance, if a parent saves Sh500 every month for the education of a child born today, the amount will have come to well over Sh100,000 by the time the child joins form one.
One financial advisor, James Njuguna, says if you want to see your money increase exponentially, then you should invest your money where it can earn interest over time.
"Investment in property and stocks can also help you spread your risk and take advantage of long-term growth," he advises.
A number of people manage to pay their fees by making pre-payment, that is, paying the fees in advance when you have idle money.
The worst-case scenario that comes with this is the possibility that the child could be expelled from the school after destroying school property, forcing the school to decline to refund the money.
However, in case you need to raise cash fast, the following are some of the fastest ways to do so with minimal damages caused.
1. Liquidate Your Assets
If you want to make quick money, one sure way is to sell your assets, which are up to date like an android mobile smartphone or your flat-screen television.
For this to be a success, you should consider selling assets which would attract immediate interest from people.
2. Take on Odd Jobs
To raise school fees quick, you can also do more work than you normally do; this is for extra cash at the end of the day.
You can even work overtime at work and demand for payment depending on the nature of the company.
3. Track Down Your Loose Change
Those coins that you occasionally pocket and forget you did could also be of help in the event you need to raise money quickly.
Start that little treasure hunt, and you will be surprised at the amount of money you could recover.
Being a Kenyan and with the spirit of togetherness installed by the country's forefathers, you could call a couple of family and friends, explain your situation, and request for financial assistance.
Chances are, they will assist.
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