As a parent, you want to provide the best for your children. However, with rising costs, it is becoming increasingly difficult for parents to keep up with the financial requirements of raising and educating children. More and more parents realize the need for financial planning to provide the best possible education to their children.
To plan for your child’s education, you must first determine how much you will need in the future and then save and invest towards the goal, by choosing the right asset mix.
Since most key goals like a child’s education are long-term, equity as an asset class provides the best option to generate higher potential returns. Mutual funds are one of the easiest and hassle-free ways to invest in equities systematically over the long term at periodic intervals (through SIPs).
It is not the education that makes the difference but the quality of education. Delay in starting saving brings a big burden on the parents. If you want to provide the best education to your children now is always the best time to start.
- It is better to have money in the bank than to NOT have money in the bank.
- It is better to save than it is to borrow.
- Your savings will not impact your child’s eligibility for student scholarships.
- You WILL have to pay some of the costs of your child’s education.
- Help ease your mind when it comes to paying for your child’s education.