Invest in their future
5 steps to the education plan that can make it happen
A good education is the key to unlock their big dreams - it could lead to better job opportunities and ultimately a higher income.
Making sure that your child has a solid education to secure their future is probably one of the most important roles you have as a parent. A good education is the key to unlock their big dreams – ensuring better job opportunities, higher income and an overall better quality of life.
It might sound overwhelming, but you can proactively plan and prepare for their future education in just five steps. We provide all the tools you need.
Work out the cost of education
Our Cost of education calculator will help you work out the cost of your child's pre-primary, primary, secondary and tertiary education. The calculator will produce a comprehensive report that you can download to review, or share with your financial adviser
How much to save every month
Once you have a clear view of the education costs, use our How Much To Save Calculator to work out the monthly amount needed to reach your savings goal. The Savings vs Loans Calculator will show you how much you can save by starting to save early versus how much more it could cost you if you have no savings and need to take out a loan. It really pays to start saving as soon as possible.
Find the money
Making small adjustments to your monthly budget will save you from making big sacrifices when it's time to pay for education. Our Pay Yourself First Calculator can help you find the money in your budget that can go towards education savings. It also gives you practical savings tips and the amounts you can save by making some small changes in your daily life.
Get the right advice
Contact your adviser or call 0860 66 66 59 and we'll connect you to an adviser. Your adviser will guide you in selecting the most suitable solution, taking into account your affordability, flexibility, tax, and risk profile. We'll also make sure that you have the appropriate life and disability cover to protect your child's education savings. We offer a 10% discount on life and disability cover – ask your adviser.
Get rewarded
You can get rewarded for saving for your child's education, having the right life and disability cover and taking control of your finances. Make sure you are signed up. As an Old Mutual Rewards member, you can earn points, depending on your tier status. By using one of our savings solutions for your child's education and having the right life and disability cover, you will move two tiers higher and earn even more rewards.
Use the calculators below to put your plan into action.
Knowing how much to save and what your options are is the first step to giving your child the best start in life.
The cost of education calculator
Get a good idea of what their education will cost you.
How much to save calculator
Work out how much to save every month to get you to your education savings goal.
Savings vs loans
See how much you can save if you starting putting away for their education now.
Pay yourself first calculator
See how small actions today can make a massive difference to your child's education.
Protect your loved one's education dreams
Protect their dream of a brighter future no matter what happens to you
Join Old Mutual Rewards
Make your savings journey much more rewarding
Save for a good education
Start saving for your child's education today and give them
the best start in life.
For help call 0860 66 66 59
Education Calculators
For help call 0860 66 66 59
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It is important to save for education, but it's equally important to protect those dreams.
Our life and disability cover options ensure that you can still achieve your savings goals if anything happens to you. Ask your adviser about the right life and disability cover for you and your family, or find out more here.
Old Mutual Rewards is a free-to-join financial wellness programme designed to partner with you on your journey towards financial freedom.
You can get rewarded for saving for your child's education, having the right life and disability cover and taking control of your finances.
LEARN AND EARN: Earn points for learning how to take control of your finances using our online financial education content, online assessments, Rewards calculators and tools.
GET MORE: Your Rewards tier determines the rate at which you earn points and other discounted benefits. You can earn a percentage of your premiums on qualifying products in Rewards points monthly.
GET REWARDED: Redeem your points with our partners or save them for the future. Buy groceries and fuel, watch a movie, treat the family to a meal, or even donate your points to a charity.
There are many more ways to earn points:
Speaking to an adviser: 100 points
Referring a friend: 100 points
Completing online courses: 50 points
Using financial calculators: 20 points
Requesting a credit report: 100 points
Completing a survey: 50 points
It's free and anybody can join. Register today.
Old Mutual Rewards (Pty) Ltd. is a company in the Old Mutual Group. Terms, Conditions and Programme Rules apply.
These are average costs of education in South Africa if education started in 2024. Cost vary considerably from one institution to the next. Education inflation is 7%, so expect these costs to rise accordingly every year.
Pre-primary: Public (1 year Grade R) - R 24 745
Pre-primary: Private (1 year Grade R) - R 46 958
Primary: Public (7 years) - R 209 834
Primary: Private (7 years) - R 555 801
Secondary: Public (5 years) - R 205 925
Secondary: Private (5 years) - R 444 242
Tertiary (Undergraduate 3-year degree) - R 171 829
Tertiary (Honors 4-year degree) - R 210 966
Tertiary (Masters 5-year degree) - R 245 823
- Enter the estimated amount you spend each month.
- Select the two most appropriate tips to start your savings.
- Move the slider to indicate how much you can save with each tip as a percentage of the estimated spend amount.
- Please note: Although it is possible to reach the full savings, it takes extreme discipline. Be realistic with what you think you can achieve.
How to calculate your entertainment savings:
- Enter the estimated amount you spend each month.
- Select the two most appropriate tips to start your savings.
- Move the slider to indicate how much you can save as a percentage of the estimated spend amount. In the fourth tip, enter specific expense information, such as '5' on-the-go lunches.
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