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How to save for your Child's Education

With the money aspect being such a critical part for child’s development, it is natural for any parent to have plenty of questions around investments and be confused about where to start.

With the money aspect being such a critical part for child’s development, it is natural for any parent to have plenty of questions around investments and be confused about where to start. IFE Academy suggest some ways to save child’s education  and a good place to start would be

How to save for your Child's Education

 Planning on building an education corpus.

Nowadays school & college fees today are touching sky but thanks to the fact that most institutions these days offer a number of co-curricular and extra-curricular facilities in addition to "regular education".

Co-curricular Needs

The kids also get to be part of sports coaching, theatre and drama classes, music and musical instrument training, and a lot more. These amenities helps in bringing out the best in the child and are considered a big plus in today’s world and in fact, they are gradually becoming a necessity. But to avail them, you would need to ear mark a small fortune, and also keep adding to it over time.For reference you can usehttps://www.schoolconnects.in/blogs/importance-of-extra-curricular-activities-233-article

https://www.schoolconnects.in/blogs/relevance-of-cambridge-education-in-today-s-education-625-article

Challenges

Planning  an education corpus is always challenging, and needs to be done with definitive goals in mind and  requires identifying major spending areas like admission fees for pre-school, school, college, the tuitions fees ,cost of books, stationeries, transportation. Evaluating these will assign a ball park figure can seem daunting, but this also helps arrive at a rough estimate of the funds needed, which can further dictate the amount you would need to put aside on a weekly, monthly or annually basis, for it to grow through investment earnings. This prepared estimate will also help you develop a pragmatic approach towards choosing your child’s school, college and prevent from getting tricked into overspending on extremely ambitious and expensive institutions.


Money needs for the near future of child

Nowadays, it is very common for parents to look at a pre-school at as early an age as 6 months. Reasons can be many like both parents work,don’t have their family nearby to help them out or any help available which is reliable enough to be left alone with the child. Pre-schools now also offer amenities like live video feeds of the child to make sure that the parents are at ease about their little one. As is understandable, these amenities are not freebies but come at a premium.

It is when the preschool is through, that the kid officially enters school and marks the beginning of a mega expensive affair stretching over a decade. Consider meeting the pre-school and school needs as your short term goals, for which it is important to have investments that are available for use when the need arises e.g. while like seeking admission to a school. Short term investments like Fixed Deposits and investment-based-insurance plans are some good options.


Money needs of the farther future

When your child is old enough to go to college, they should ideally have a neat sum waiting so that they are free to choose the stream they like or attend a university of their choice,study in a location they prefer. Having taken into account the cost of books, stationeries, transportation by the time the child is in college, the incidentals and expenses could have risen.

After all the planning and accumulating, if you still fall short of funds, don’t be disheartened. There are easy education loans that always come in handy. These loans not only take care of your child’s educational needs but also the cost of living. The varied and easy repayment schedule of these loans helps take some of the burden off your shoulders.

Now, that you all have a fair idea of where to start and how, get going and help your child fly high!



Posted in Parenting on November 14 2019 at 02:34 PM

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