In Chapter 2, I wrote about the need to save for a rainy day. There are many shiny days in a year, but miserable days will come just like the sun rises from the east every day. Therefore, we all must make provisions for those miserable days. Yes, financial resources are not the only answer to many life challenges, but they do lessen the burden in many instances.
In chapter 3, I write about the need to save for our children’s education and sometimes ours!
Consider this testimony. A few years ago, a friend of mine spoke to a Wealth Management Consultant. They spoke about “all things money” until the inevitable questions came. Do you have children? How old are they? Where do they learn? How much fees do you pay? When will they finish their education? How old are you? Suddenly, the penny dropped. He realised that some of his children would still be in school well after his retirement when he would not be earning a salary that he has relied upon all along, albeit with some difficulty, to pay school fees. What will you do when your salary stops coming? He narrated how his heart sank as this final question echoed in his conscience.
From this discussion he realised that he was not as responsible as he thought he was. He had not planned on how he would see his children through education. It was late but fortunately not too late. He immediately arranged a scheme where he would save a portion of his salary to cover school fees in the future. Because he was late in putting in place a savings plan, he realised that he had to save much more than he would have had he started earlier. He had to forgo a lot in his current lifestyle to catch up on this critical gap. This is a sacrifice he never thought he would make.
Apparently, saving for school fees seems to be a challenge for many parents. It is not clear why this is the case because every parent can tell when school fees will be due for their child/ren from the day the mother conceives and throughout the life of their child.
Ever-since I reflected on the discussion that my friend had with the Wealth Management Consultant I have found it quite clear why at the start of each school term some parents are frantically trying to mobilise funds to pay school fees while others are lining up at the bursar’s office negotiating for payment plans. They just did not plan and save when they should have. Interestingly enough, in some cases, this happens when the family has just landed from a lavish overseas holiday.
I am sure many of you have had friends, relatives and sometimes outright strangers approach you telling you about a financial emergency when schools are opening, and they do not have money to pay school fees. Truth be told, payment of school fees should not be an emergency to any responsible parent or guardian. When a friend or relative knocks at your door, even as repeated as in the story cited in Luke 11: 5-8, you cannot be blamed for refusing to help them in this instance. By asking you to lend them money to pay their children’s school fees, they are in fact benefiting from your savings sacrifices. Yes, saving is a sacrifice as it is difficult and as you must forgo many other pleasurable activities to build enough savings.
The point I am making therefore is that life has many financial commitments that we know will come (like school fees) and saving towards those future expenses in time, is the only way of making the burden easier as the amounts to be saved tend to be much lower when one saves over longer periods of time. The time to save for known and unknown expenditure in the future is now.
Talk to your banker or financial consultant today and enjoy the benefits of saving. I leave you with a hilarious quote which I am sure all of us can relate to which goes - “I’m stuck between “I need to save money” and “You only live once!”
Author: Ralph Watungwa
BAZ President
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