5 Easy Steps to Save And Invest Money For Your Child’s Education

What amount of money is sufficient? How much money should you save to pay for your child’s college education? What will my future expenses look like if I take into account the current inflation rate. These questions require serious thought as each year’s inflation rate is consuming our budget and making our lives difficult and uncertain. For a simple four-year engineering program, it would cost 5-6 lakhs to complete. This figure will rise to 10 lakhs over the next 10 years. This gap could make your nights frightening and overwhelming. Parents who think of applying for student loans would be in panic.

What is the solution? It is important to get started early. Save money and start planning as soon as your baby arrives on the planet. The early riser is the one who gets fresh air and oxygen. Parents should begin saving money as soon as possible to maximize their potential.

To get the most out of compounding, it is important to start early. A SIP of Rs. You could get Rs. 1000 per month if you saved 1000 each month for 15 years. 4, 99,580 and more. For such a long time, a simple SIP Equity mutual fund would allow you to get the best of both low market averaging and high market averaging. This allows you to retain the risk. A delayed start can have serious consequences on the target, and your retirement goals may be ruined.

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You shouldn’t combine one goal with another, such as to achieve the best for a child plan. However, one should not sacrifice retirement savings. This is why it is important to get started as soon as possible.

Which tool should you choose to save money for your child’s education? The best and easiest way to make long-term investments is to use Mutual Funds SIP. There are many calculators and tools that can help you calculate how much you need to save to pay for your child’s education. You can start saving early to ensure your other goals don’t get compromised.

Stock markets can be quite risky if you don’t know all the details. If not done correctly, it can ruin your entire plan. It is best to play safe and diversify funds, such as in equity mutual funds or debt funds.

Goal planning and money-saving go hand in hand, like two wheels on a bicycle. The other can cause the other to be out of balance. This should not happen. A good financial advisor can help you achieve your financial goals.

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You can start some research about the course that you want your child to take in the future. This includes their costs, expenses, and fees. So that you can get an idea of what you should save. Many online websites can help you create a portfolio and suggest the best schemes without charging any fees.