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Child education investment is at an all-time high across the world. The common man is increasingly becoming incapable of affordable quality child education, even in India, as minimum inflation of 10% hits the market.
Even real with excellent scores and great academic performance, medical studies are out of a common man’s budget.
With educational programs costing around Rs. 1,25,000 annually only for primary education in some parts of the urban India, it is a big part of your hard-earned savings to invest in schooling. Now it is important, more than ever, to have a detailed child education plan, mostly for middle and lower-middle-class families. How can you go about it?
Here are the three most important steps to plan your educational savings.
Set realistic goals
Analyze your situation and think about whether you will carry out all the expenses of your child’s education or if you can consider an education loan in the future. This way, your child can also help you pay off the dues after taking up a job.
Calculate the required annual savings
If you are a new parent, then you can have plenty of opportunities to invest well. Even with savings of a small amount like Rs. 2000 per month till your child turns 18, you can have a significant education fund for your child.
Choose your investment strategy
As per your market understanding and your faith in Imperial Money, you can also get actively involved in investments before your child finishes high-school. Once you start requiring larger funds, you can move to conservative investments.
For additional help, remember to follow certain tips while planning for securing your child’s education fund:
- Devise a savings strategy instead of randomly keeping out money.
- Your savings plan may change at any point, so do not feel guilty about doing it.
- Begin saving with clear goals, and discuss your precise plans with us at Imperial Money for better ideas and suggestions.
- Do not let your planning go stale, and keep referring back to our team of experts at Imperial Money within a few years so that we know how your investment strategy is working over the years.
- One of the best ways to save up for children’s education is by investing in mutual funds. Their transparency level is pretty decent, and the cost is low. Mutual funds offer greater returns on the peer products and are also very flexible in nature.