Parents are always worried about how to provide their children the best education and, arrange funds for the same. With growing cost of education and inflation, one needs to start saving early and plan it diligently.
Our calculator will help you determine how much you need to invest monthly to cover the cost your child’s education in future.
1) What is Child Education Planning?
Child Education planning is a process by which the parents forecast the expenses they will incur for their child’s higher education in future and start saving for that beforehand so that no financial burden occurs in the future. It is like a typical life insurance plan which provides opportunity for investment – to build a corpus for your child’s future.
2) What are the benefits of Child Education Planning?
A child education plan has many benefits such as it secures the child’s future, releases worries of parents, reduces financial burden at future, provides tax benefits and many more.
3) When should you start investing for Child Education Plan?
One should start investing as early as possible for the child’s future because it gives the parents a long-term horizon. The early savings give us benefit because the cost in future is going to only go up and one can save larger funds accordingly.
4) Where can you invest?
There are various investment options available like specific insurance plans for child’s education, schemes like Sukanya Samriddhi Yojna, stocks, mutual funds, recurring deposits, FD, etc. One can even diversify his options by investing partly in one option and partly in others.