Are you tired of fretting over the tiniest decisions when it comes to your child’s education plan? It’s no secret that as a parent your biggest questions circle around choosing your child’s school, tuition classes, music and other extracurricular activities. In fact, these worries start off at a scholastic level and continue to persist when your child is close to pursuing their higher education. Financial independence can be a task in itself, and the burden of it all only multiplies when there’s one more person who becomes a part of your financial plan.
While the competitive parent within you is trying hard to make sure that their child receives only the best education, your finances are calling out to you so that you can make an economically sound decision. Say goodbye to all those moments of financial anxiety because we have something for you. As difficult as this may sound, we are here to be your companion-in-need with KoolKanya’s Finance Pass. Become financially independent and take matters related to taxes, student loans, and investments in your own hands.
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Now that we already know how daunting a task financial planning for your child’s education can be, let’s simplify it with a few easy steps. If you’re searching for an optimal solution in the middle of this financial heap called ‘child education planning’, this blog seems to have correctly found you.
Here’s how you can map your way through your child’s education planning procedure.
- Start early with your child's education planning
- Save a certain amount of money every month
- Don’t just go by our words, do your own research
- Invest according to your needs
- Observe which plan works best for your child's education planning
- Eventually, teach your child to manage their money too
Start early with your child's education planning
Nothing’s new about the early bird catching the worm, right? It is the same with your child’s education saving’s plan, too. This one is imperative for all parents and parents-to-be. If you’re expecting a child, about to expect a child or, have a toddler ready for school, start planning how you want it to look like for your child financially. Choose investment options that aren’t on an emergency basis. Create an education savings plan that involves mutual funds or shares, since these options give you high returns over a period of 10-15 years.
Starting early also entails the following:
- Save a certain amount of money every month
As old as these words may sound, planning a budget will solve most of your financial crisis. Allot a certain amount of money solely to your child’s education plan. This will also ease the load on your pocket and give you a steady footing right from the start. Calculate this amount so that you’re right on track when it comes to meeting your target.
2. Don’t just go by our words, do your own research
Research is extremely important especially during initial stages. It can be very overwhelming for you to see others investing in a number of education savings plans. Relax, take a deep breath and don’t let their plans interfere with yours. Evaluate your own income, financial status, goals for child education planning and then decide where, when and how you want to invest. This blog is only a guide for you and not a Bible for you to live by.
Invest according to your needs
Every parent’s financial planning for child education is highly variable. While some parents have their children’s plans for further education chalked out right from day one, others may give their child the time to figure out what they want to major in, where and how.
You can invest in plans that ensure a high return on interest. Those who have started planning a little later can focus on short term investment options with higher returns like liquid funds, wherein you can invest in short term government certificates and securities of deposits.
You can also apply for education loans and seek guidance from financial experts as to ‘how to get an education loan’.
Observe which plan works best for your child’s education planning
You can experiment with various child education plans and policies in the beginning and stick to the ones that seem utmost effective eventually. The best way to learn is by trying, and this rule applies to investments too. Education planning is no joke, hence, venture slowly but steadily. The HDFC Life YoungStar Udaan plan is a promising policy, where you can pay a premium of Rs. 24,000 a year and get 3 maturity benefit options. Another plan which is trusted by most Indians is the Max Life Future Genius Education Plan which helps you efficiently manage your child's higher education costs with a number of benefits*. Until you find the right plan, you can continue keeping certain amounts aside from your monthly income as recurring deposits, etc. Your child's interests may also change over the years and that could also be decisive in changing your child planning policy.
(*Note that the education plans mentioned above are mentioned as per our analysis and are subject to change in case of a change in future events, policies, financial markets, etc)
Eventually, teach your child to manage their money too
Growing up, your children will have to make their own financial decisions, too. Repaying educational loans, living abroad or simply handling expenses in college are important parts of one's life and any prior knowledge that you could impart to your child could hold them in great stead in the future. As a parent, your financial planning ends once your child's future is financially secure. After all, a couple of budget tracking tips don't hurt, do they?
Now that you are all ready to secure your child’s future, we have taken a small step to help you in the right direction financially with KoolKanya’s Finance Pass. Get ready to learn everything that you need to know when it comes to you and your finances. Now, you won’t have to stress over anything related to taxes, investments or cryptocurrency. Sign up now, become job ready and #RaiseYourPower!
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