We are back to the season where every parent is asking “Why is your school uniform now expensive? Why are your textbooks so expensive? It is no doubt that being a Nigerian parent in this economy is not as easy as it used to be. However, in a quest for a better life for our children, every Nigerian parent has to put up with the “new school expenses”coming up.
Think of Papa Dare, who sells meat in Yaba Market, wondering how he will put food in the bellies of his children and still be able to afford to send them to the best schools or Mrs Onwuka who works in a fintech company and sells clothes as a side hustle so that her children can have the best life. Yet, the school fees and the prices of everything keep going up.
Sadly, this is now the reality for many Nigerian parents. Some parents pay up to ₦200,000 to put their little children in daycare which is twice as much as it used to be. Do we blame the schools? No. Inflation indeed is hitting every sector of the economy.
While this is the reality, there is a way to go around this rising inflation which involves every parent having a good financial plan that covers their children. This financial plan is more possible with Babybox, a Jollof+ feature that welcomes high returns for every income deposited.
Why Does BabyBox Fit the Bill?
Due to the daily increase in the prices of everything, anything that can help you cope is a good thing to have, wouldn’t you agree? Babybox feature was added to the Jollof+ savings app to help parents save for their children’s needs and still get value on their savings. The interest on any savings done on the Babybox platform is 15.5% net p.a which helps to mitigate the effect of the rising inflation.
With the Babybox feature, you can set savings goals, and save for your children’s future and present school fees and other needs. The funny thing is that there is no withdrawal fee if you touch your savings before your due date.
The BabyBox Step
First, you need to draw up a budget. Don’t worry, you are not drawing up a national budget. Just calculate the amount of money you will spend on your children’s needs and everything else that month and the amount you will earn that month. Then you proceed to putting money on Babybox to get your high interest rate. Even if it is 1% of your total income, add it. This will save you on rainy days especially when your child wants to go on an unplanned excursion or falls sick.
Starting your journey with the Babybox is easy. You just need to download and open the Jollof+ app, click on savings, and then the Babybox plan. Create a Babybox, add the title, enter the amount and set the payback date. Put in your pin and you have created a Babybox plan.
Every parent deserves to smile when they hear “Back to School” and not wonder where the funds will come from. These steps are pretty simple and straightforward to help navigate the inflation crisis in the economy. If you want to try this feature, get the Jollof+ app here.
