Complete guide: How to plan child’s education inflation?
The continuous and sharp rise in the cost of education, whether abroad or in India, is a clear indicator of the requirement to plan financially for your child’s higher education.
Most parents choose to invest and save for their children’s education, but they miss out on beginning early. Hence, it gives rise to inadequate funds. Amidst the inflation bubble, taking care of your child’s education cost may be exorbitant
Why is starting early essential?
The earlier you start investing in your children’s education, you will have more time to grow your money; if you consider delaying the investment, the possibility of you not achieving the desired amount increases because of education inflation.
Parents need to start investing in their children’s higher education as early as possible. If you start early, it will decrease your monthly investment amount required to accumulate the target.
You can also concentrate on other financial goals like home finance, children’s marriage, retirement corpus, and more.
The importance of securing your child’s education amidst inflation
Education is one of the primary things that can secure your child’s future. It can help them through uncertainty brought by the ever-changing world, including inflation.
Inflation is a factor that devalues the buying power of money. Items essential to you today that you can still afford may get expensive over the years.
The quality of living that you wish to provide your child may come with a hefty price tag. EduFund, the most trusted app by Indian parents to help them plan for their child’s education can help you plan and save for your child’s education.
Additional read: What is the cost of school education in India?
How to plan child’s education during inflation?
Parents may feel grappled with the idea of rising education costs in India. As a parent, you will likely meet the education expenses by stretching your budget. But, it doesn’t end here.
Soon, you will realize that you must plan for your children’s higher education well. The tuition fees would be too high amid the education inflation. Check out the tips that can help you invest appropriately to help cover the educational expenses.
The education costs in India have been rising in the last two decades. Every institute has hiked its tuition fees. The best thing would be to check the increasing education costs of premier institutes every year.
Where should you invest?
Rather than investing in traditional investment tools, you may consider investing in investment vehicles that can give you returns that help you reach the required amount to send your child to a quality university.
One such investment tool is mutual funds. EduFund app has several investment schemes that suit every Indian parent. Here’s why you could invest in the EduFund app :
- Edufund is one of the best platforms for Indian parents to invest in their child’s education.
- Edufund helps you calculate the future cost of college and plan accordingly.
- A parent can invest in mutual funds, the US market, and digital gold to save for their child’s education.
- The app has financial experts to help you with investing for your child
It is important to plan for your child’s education well in advance. Considering the rise in the cost of education, it is paramount that parents start saving for their children’s education much earlier so they can support their children’s dreams.