Sharon-Byereta-Deputy Manager of Operations at ICEA LION Life Assurance Uganda
Every parent knows the pressure that comes with a new school term. Tuition, books, uniforms, transport, meals and other requirements can quickly turn school reopening into a financial scramble.
In Uganda, the cost of education is becoming an increasingly important household financial consideration. According to the Uganda Bureau of Statistics (UBOS), average household expenditure on secondary education rose from Shs1.396 million in 2019/20 to Shs2.255 million in 2023/24. In Kampala, the average stood at Shs3.753 million.
For many families, school fees therefore become a recurring financial emergency. Parents borrow, dip into savings or postpone other commitments to keep their children in school.
But education should not be financed through panic. It should be planned for.
The school fees bill is not a surprise. Parents know it is coming. The question is whether they are preparing for it early enough. Instead of looking for a large sum when the deadline arrives, parents can spread the cost over several years by setting aside manageable amounts consistently. This can turn education from a recurring crisis into a predictable financial commitment.
An education plan goes beyond simply putting money aside. Parents also need to consider what happens if their financial circumstances change. Job loss, illness, business challenges or the death of a breadwinner can derail even the best savings plan.
This is where education insurance plans can provide an additional layer of protection. Depending on the product, they combine regular savings with life protection, helping safeguard a child’s education goal if an unexpected event affects the parent or policyholder.
For instance, ICEA LION’s Toto Education Plan allows parents to make regular contributions towards a child’s education while providing life protection. The plan can be structured over several years, allowing parents to build towards future education expenses rather than searching for a large amount when fees fall due.
The broader lesson is important: education planning is about saving for the goal while protecting the journey towards it.
It also introduces discipline. Money committed to a defined education plan is less likely to be diverted to everyday expenses, helping parents remain focused on the long-term objective.
Financial planning is not only for high-income families. The more important question is how much a parent can comfortably commit and sustain over time.
A parent does not necessarily need to find millions of shillings at once. Starting early with manageable regular contributions gives the family more time to build towards the eventual education cost.
Parents can also ask themselves practical questions: What level of education do I want for my child? When are the biggest expenses likely to arise? How much might education cost by then? What happens if my income changes?
These questions may be uncomfortable, but answering them early provides something every parent wants: greater financial certainty.
A good education can open doors to opportunities that extend far beyond the classroom. But for many Ugandan families, keeping those doors open requires financial preparation.
There will always be another school term, another fees bill and another set of requirements.
The difference is whether each one becomes a crisis or part of a plan.
Parents should therefore consider education planning before the school sends the fees circular, not after.
When the next term arrives, the goal should not be to ask, “Where will I find the money?”
It should be to say, “We planned for this.” Your child’s education is too important to leave to last-minute borrowing or financial improvisation. Start early. Start consistently. And make the future part of today’s financial plan.
The writer is Sharon Byereta, Deputy Manager of Operations at ICEA LION Life Assurance Uganda.
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