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Have you received the email yet? The one from your child’s school reminding you that you need to pay a certain percentage of the fees on or before the school term resumes. Typically, it is accompanied by account details/bank teller and a comprehensive bill featuring items/activities you are convinced your child does not need but for which you have to pay.

As you go through the list- tuition, books, school uniforms, school bus, lunch, music classes, elocution training, inter-house sports, swimming lessons, field trip– your stomach does a flip-flop, your countenance changing as you take a mental trip into all your accounts. What miracle will I perform over the next three weeks? You wonder. You remember the client who is yet to pay and wish you had invested the proceeds from that contribution you did two months ago. God help you if you have more than one child or if any of your children are crossing into secondary school or university.

That is scenario one. But there is scenario two.

You receive the email, go through the list, check the final figure, retrieve the bank details and transfer the money to the school’s account without sweating profusely, practising your addition and subtraction skills or worrying about the deadline and where the money will come from. Even when you have more than one child and your children are crossing into secondary school or university, you are not fazed.

No, you don’t necessarily earn more than you did in scenario one, you have simply learnt to plan and save ahead. You started an education plan for your daughter when she was in Primary one. Now that she is crossing into secondary school, you call your account manager at ARM Life, redeem your lump sum. It is enough to take care of her secondary school fees and everything she needs for school. When you buy insurance, you are not paying for risk, you are paying for peace of mind.

So are you a scenario one guy? No problem. Now is always the best time to start doing things right. Get an education plan today or start a savings plan. As your child grows, the cost of education will likely increase, your reserve should increase as well.

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