As parents you wish to provide your child with best possible atmosphere to grow and prosper in life. Education is a significant ingredient as part of that upbringing. Higher education costs are doubling every five years. Rising education costs going forward can upset your calculations due to substantial hike in education costs now and definitely in years to come. So make sure you save enough to cushion yourself against the rise and you as a parent need to plan your finances carefully so as to build a substantial corpus for your child's bright future.
Biggest worries for parents when saving for their child education is:
1) Rising cost of education
2) No knowledge of investment options
3) Not saving enough
4) Starting too late
So do evaluate the following questions as you plan for your child's education:
1. What proportion of your monthly income is saved for child's education?
2. When did you start saving for this goal? Have you earmarked investments specifically for your child's education? How often do you withdraw from investments meant for child education? What is the biggest challenge you are facing in saving for child's education?
3. What kind of investment options such as fixed income options (FDs, PPF), equity funds and stocks, traditional endowment and money back insurance plans, ULIPs and child ULIPs have you invest in and is it sufficient to meet your goal?
"Because your child has miles to go and you have promises to keep!"
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