Planning can be different for every family depending upon the age of child, type of the education child want to study, your current income, your assets and liabilities etc.
Here are a few TIPS that may help kick-start your planning:
First, make an estimate of the costs that will go into your Childs education. Your cost should take into account inflation.
We can take an insurance that covers the life of the working parents. If God forbid anything happens to earning person, insurance companies pay lump sum money, so that child education is not suffered.
Regular reviews of the plan will help you stay on track with your target goals. Review it at least half yearly and with every major life change such as new child, career advancement or move to a bigger house.
You could consider increasing the amount of contribution annually or top up your regular contributions when your income increase such as when you receive a bonus or get a pay rise, in order to meet your target earlier or achieve an even large fund.
Choose a plan that locks in your funds for your children’s education till they are ready to leave for college. If it is easy to cash out the education fund, chances are you may be tempted to use the money for other emergencies or needs that may crop up in life.
Encourage grandparents or relatives who shower your children with gifts to consider opting for a cash contribution towards their education fund.
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