One’s life ambitions are three main things. One is a dream house, if that is fulfilled then better higher education for children and then marriage of children. For some, owning a business may even be an ambition. What all of these bring together is money. Here we will see how you can save little by little from today for your children’s future higher education.
Good higher education is essential for a peaceful future life. Apart from arts, science, engineering and medicine, many higher education departments have come up today. But many of them cost lakhs to learn. We can’t run around asking for loans when our children are teenagers. If you set aside a small amount for higher education right after your child is born, they will grow big in the next 15 years. Let’s see how everything can be saved for children’s higher education.
Start saving fast!
It is called the miracle of compound interest. We need to start saving fast to see that miracle. At the age of 17 or 18, he will enroll himself in higher education. When you’re starting out fast, you can venture into mutual funds, ETFs, stocks, etc. If you invest in the best plan through financial advisors or your own research, even if they grow at 10% per annum, the investment will more than double in the next 15-17 years. Even if the cost of education has gone up, so has our initial investment.
Get insured
Who never knows what will happen. It is better to take term insurance so that the family does not suffer in our absence. Through this, whatever happens in the future, things that cost more like children’s higher education and marriage will continue unhindered.
Long term investment opportunities
Children’s higher education is a long-term goal, so our investment should be accordingly. One of the best features of Mutual Funds is to invest consistently on a monthly basis. This will help you bring an investment discipline and achieve the goal. Apart from this, you can also consider PPFs that offer fixed returns, tax-free bonds, and children’s schemes offered by insurance companies.
Daily investment of 100 rupees!
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You can allocate 100 rupees daily and invest 3000 per month in the best mutual fund. Even if they grow at 10 percent per annum, the money we have invested in 15 years will be Rs.5.4 lakhs. The money that can be returned is Rs.12 lakhs, i.e. Rs.6 lakhs and 65 thousand more.
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