Your child is young, have you thought about which school you prefer? You will be near your retirement by the time your child is in college, how are you going to pay the fees?
Once you are a parent, you have to embrace your child with care and prepare for the responsibilities and financial liabilities. Be a responsible parent and secure your child’s education future by planning everything in advance.
Considering the following mentioned factors, Child Education Planning can ensure security for the future through timely financial planning for your child.
❏ Start Early
You will benefit more if you start early while investing. The investments with extended time provision have greater opportunities to earn higher. You should start planning as soon as you can to be better prepared and gain greater results with an extended amount of time.
❏ Learn About Inflation And Its Impact
Are you aware that the cost of any professional course in college gets double in 6 years? Inflation is something that you cannot control. You can learn how it will impact your financial planning and accordingly have a factor in the rate of inflation. It will help you plan a better future for your child’s education.
❏ Explore Compound Earning And Benefits
Your income might not increase as much but education will be expensive in the future. Don’t rely on old methods of savings like FD, explore compound earnings route like SIP. Benefit from it and build a faster and better education corpus for your child.
❏ Choose An Insurance Policy And A Nominee
Only investing will not help you secure your child’s educational future. There are more factors that go hand in hand with this. Secure your child’s life with the best child plans that offer numerous benefits.
Also, select a Nominee who can be trusted to take care of your child if something happens to you. The Nominee will be in charge of the investments for your child’s education in your absence so that your child’s future is secured.
❏ Prioritize Goals And Have Partial Withdrawals Provision
There will be a number of occasions in the education life of your child and many goals that will require attention. Prioritize these goals and make provisions for partial withdrawals as at times of emergency it can come handy.
❏ Keep Track Of Your Child Education Plan
Review financial strategies from time to time to make sure the savings are according to the set financial goals. Tracking also helps you determine if your plan needs modifying for better results given changes in some factors.
Financial Advisors at Fincart keenly understand your needs and suggest a Child Education Plan that suits your choice.
