Education Planning

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Education Planning

Planning can be different for every family depending upon the age of child, type of the education child want to study, Investor’s current income, his assets and liabilities etc. 

Here are a few TIPS that may help kick-start an Investor's planning:

Create a Financial Plan with a goal in mind:

First, an investor should make an estimate of the costs that will go into his Childs education. The cost should take into account inflation.
The Investor can plan in such a way that in a particular month, child will get a particular amount to run his/her education properly on a one time investment that he is making today.
If someone does not have a big sum to invest today, he can invest through SIP (Systematic Investment Plan), on monthly or weekly basis.

Insurance of Earning Parent

The Investor 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.

Review the plan

Regular reviews of the plan will help the investor stay on track with his target goals. He should review it at least half yearly and with every major life change such as new child, career advancement or move to a bigger house.

Top up as and when you can

The Investor could consider increasing the amount of contribution annually or top up his regular contributions when his income increase such as when he receives a bonus or get a pay rise, in order to meet his target earlier or achieve an even large fund.

No Dipping into the funds

An investor should choose a plan that locks in his funds for his children’s education till they are ready to leave for college. If it is easy to cash out the education fund, chances are the investor may be tempted to use the money for other emergencies or needs that may crop up in life.

Invest Child`s gifts for child only

An Investor should encourage grandparents or relatives who shower his children with gifts to consider opting for a cash contribution towards their education fund.

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