Yes, "live within your means", that doesn't mean "spend only your current income".

Instead of sending your child to a University of your budget when that time comes, why don't you research and decide the type of School you want your child to attend and work start acting on it.
How? Don't make the mistake of opening a savings account. Although this is better than doing nothing, why go through the same discipline to get only 1 result when you can get more?

What do I mean?
If your child is still very young, you will need all the motivation you can get.

1. Insurance companies like FBNInsirance (First Bank of Nigeria Insurance)- will provide a life cover together with your savings benefits. For example, FBNInsurance assures to pay the family (for a maximum of 10 years) 10% of original sum assured yearly in the event of death of policyholder, and they will still pay the original sum assured (25% every year for 4 years at maturity) without family continuing premium payment.

People can sleep with their late friends' wives to help pay the children's school fees. Some children lose the opportunity of quality education because the father died. Don't let this happen to your wife and children. Planning doesn't mean you will die. It's just common sense.

2. Depending on your age at commencement, duration, amount you are saving and the mode of payment (monthly, quarterly etc) you can earn extra on savings.
For example, if a 38 year hold man wants to save #20,000 monthly for 10 years, the total withdrawal in 4 years installments will be almost #500,000 MORE than the saving , about #495,000 extra). Save more, earn more.

3. Your mind will be at rest and you will be happy you doing something for your child's future.

4. You don't need big money to start. With FBNInsurance, you start start with #5,000 monthly or more.

So, why would you not do something worth it for your child, your family and yourself- all in one package?

Apart from the education plan, we also have other general savings plans for projects of your choice at FBNInsurance.