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College costs, University fees, and related expenditures are fast growing worldwide, and education costs in Dubai will be no exception. Indeed, the UAE has been one of the world's top five most expensive university pricing areas. Because of inflation, the cost of your child's education in the future may be substantially higher than the cost of education now. Regardless of mounting academic expenditures, as a parent, you would want to create the best educational opportunities for your child to help them lead a successful life. So, what are your plans to ensure that you are making efforts to save adequate funds for their further education while still preparing for retirement and personal needs? Ways to fund your child's masters in Dubai 1. Approach a Financial Advisor A financial advisor helps clients with how, where, and when to invest. They may guide you to find a comprehensive financial plan or specific investment vehicles to reach a significant financial goal. You can get assistance from a skilled financial expert on the below aspects: Make a list of your life's goals, priorities, and fundamental economic beliefs. Set financial objectives. Set priorities and allocate suitable amounts of surplus revenue to specific purposes. Choose appropriate investment schemes to assist you in meeting your goals. Financial advisors from EduFund help Indian parents plan for their children's future. They help parents choose the right savings plans that suit their child’s educational aspirations. You may use the EduFund app to plan and save for your child’s school (short-term goal) and college expenses (long-term goal).  You may also modify your goals to your individual needs. Parents can use the app to save for their child’s education by investing in mutual funds and US stocks. The app also has a unique college cost calculator that tells parents the future costs of college and helps them plan and save early towards it. 2. Begin early savings The most straightforward method to afford your children's educational aspirations is to begin early; the sooner you start, the better!  You must begin saving as soon as your child is born; if you've not already started to save, now would be the apt time to focus on your savings. Even small monthly savings add up to a significant amount over time. You may begin with as little as Rs 5000 each month, which can aggregate and develop to about Rs 10,00,000 in 18 years if your investment grows at 7.00% per annum. Compound interest has more time to work when the horizon is longer. 3. Make your money speak for you Deposit account rates have always been lower than the current inflation rate. Furthermore, education inflation is much higher than household inflation; thus, it is critical to invest in assets that offer better returns. Mutual funds are an excellent solution for combating inflation and reducing the risk. A well-diversified selection of international mutual funds should allow you to accomplish your investment objectives with little effort. Mutual funds are generally regarded as a secure investment that enables the client to grow their savings with little risk.  A mutual fund invests in several assets; even if one of the sectors or assets performs badly, the overall investment is not affected by that.  4. Maintain your commitment Investing is a tedious process, but it is ultimately profitable. Honoring your commitment throughout the investing period is critical to the success of your kid’s savings plan. There will be times when appealing investment prospects will entice you, or market volatility will reduce your investment value; do not be distracted and stick to your commitment. Markets will be unpredictable in the short and medium term, but they will reward you with significant profits in the long run. Remember that the goal of this investment is to save for your child's higher education. Additional read: How to plan child's master's in the UK College costs vs. earnings College prices in US regions have risen by 169% since 1980, while incomes for employees aged 22 to 27 have increased by 19%. The average cost of an overseas education ranges from $27,330 for government in-state university graduates to $55,800 for privately funded university students. Tuition expenses, accommodation, grants for books and classroom supplies, transportation, and other incidental expenses are all included in college costs. Tuition costs for an entire year at universities in the UAE can range from US $13,000 to $35,000 for international students. The costs for some specialized courses may be expensive as well. Most colleges in the UAE charge an application fee of around $55. Dubai University Fee as on 2022 (Fees Structure In AED) Conclusion It is important to invest early to meet the education expenses of your child. Understanding the present financial situation and developing a workable budget strategy is critical. Hence, it is crucial for parents to set aside some money each month to save for their child’s education in the long term. FAQs Should you invest in your child's education? Yes, it is important to invest in your child's education as the cost of studying across the globe is increasing. It takes Rs. 30 lakhs to raise a kid in India before they even enter college. Universities' costs are rising high can be over 1 crore as well. What are the best investment options to save for your child's education? Some of the best options are Mutual Funds. A mutual fund is a great long-term investment option that is extremely affordable and cost-effective. Parents have to start with just 3000 monthly and save up to 15 lakhs by the time their child is off to university. Why is the general cost of studying master's in Dubai? The cost of studying master's in Dubai depends on your program and university. It starts with AED 30,000 and can go up to AED 100,000!

Once you have a clear understanding of the benefits of mutual funds and have decided to begin investing, you may look for the appropriate mutual fund schemes to help in your financial growth. Various mutual fund categories are suitable for different investment horizons, assume multiple amounts of risk, and seek different rates of return. So, the first thing you should do is decide clearly on specifics like how long you would like to invest, how much risk you would be able to face, and what type of profits you want. When you are certain of these basic points, it will be easier for you to choose the category of mutual fund scheme that is best for you. https://www.youtube.com/watch?v=uYlrsx9_yog&pp=ygUHZWR1ZnVuZA%3D%3D 1. Your mutual fund KYC According to the Prevention of Money Laundering Act (2002), the Know Your Customer (KYC) procedure is required for all financial institutions, including banks, insurance companies, and mutual fund firms. Simply put, the KYC procedure involves checking the background of anyone who wants to sign up as a client of these financial organizations. Establishing authenticity and making sure that the investments or deposits are made by a real person with valid identification is important. KYC can also assist in tracing any fraudulent transactions. 2. Start investing in mutual funds You can begin investing in any mutual fund company's schemes after your KYC is complete. You don't need to do many KYCs for various mutual fund companies. You can invest using either the offline mode or the online option Start Investing in Mutual Funds 3. Investing in mutual funds offline The majority of options for investing in mutual funds in offline mode only offer regular plans of the schemes. A portion of your gains is removed from your investments in a mutual fund’s Regular Plan and paid to the agent. However, there is no broker engaged if you invest in a mutual fund scheme's Direct Plans. As a result, there is no commission to pay, which lowers the expense ratio. The difference between an equity fund's Direct Plan and Regular Plan returns often stays at or below 1%. Over time, this 1% difference may add up to a significant sum. You can invest in mutual funds offline through distributors, banks, and NBFCs by going to the offices of RTAs like CAMS and Fintech, mutual fund companies, etc. Details are as follows: Registered Investment Advisors: To invest in mutual funds offline, you can also get in touch with SEBI-registered financial advisors in your area. You can invest in Direct Plans with them. However, there will be a price. This fee may be up to 2.5% of your capital investment or a predetermined sum of up to Rs. 1.25 lakh. Banks & NBFCs: Mutual fund programs are also offered offline by several banks and non-banking financial companies (NBFCs). To begin your investment journey, you must go to their office and speak with a representative, often known as a Relationship Manager (RM). They do, however, place your money in a Regular Plan so they can profit from your investments for the rest of your life. Therefore, even if the mutual fund schemes are not right for you, the RMs and agents may try to convince you to invest in them so they may earn a bigger fee. Mutual funds Distributors: Reaching out to a specific distributor of mutual funds is an additional offline option for investing in mutual funds. However, your money will be placed in a Regular Plan. Mutual Fund Companies: You could also invest offline by visiting the office of the mutual fund company and investing in the schemes there. The difficulty is that you must complete all the paperwork by yourself. Additionally, you have to go to each company's offices separately if you would like to invest in a few of the best plans offered by various mutual fund businesses. RTA Offices: By visiting the offices of SEBI-registered RTAs like CAMS and Fintech, you can invest in mutual funds in the offline form as well. A group of fund houses is served by CAMS and Fintech alike. As a result, if you go to the CAMS office, you can only invest in the fund firms they work with. How to Track the Performance of Mutual Funds? Read More 4. Investing in mutual funds online Online investing will be significantly quicker and less laborious than offline investing. You can choose a mutual fund that suits your goals by visiting the website of your chosen fund house. Enter the required information and wait for the OTP to arrive on your registered mobile number. After that, you may enter the amount and choose whether you wish to invest via SIP or lump sum. You have two options for making the transaction: using your UPI ID or online banking. For most fund houses, this is standard procedure. However, you will need to sign up to each fund house's website separately if you would want to invest in a few of their plans. However, the EduFund app has a number of mutual fund schemes offered by different asset management companies all in one app. You can choose the option that suits you and begin investing. To go with it, you can also talk to financial experts on the app who will guide you to invest in the right schemes that suit your risk profile and investment strategy. Conclusion The mutual fund market has been working hard to attract additional investors ever since it began. Earlier, completing the documentation for mutual fund investments used to be a laborious process, and completing your KYC required you to travel to an AMC or RTA office. But thanks to the introduction of technology, all of these inconveniences are now gone. It can still be tough to choose the right plan for you. FAQs What are mutual funds, and how do they work for beginners? Mutual funds are investment vehicles that pool money from multiple investors to buy a diversified portfolio of stocks, bonds, or other assets. To start, research, choose a fund, and invest through a brokerage or directly with the fund company. How much money do I need to start investing in mutual funds? Many mutual funds have low minimum investment requirements, some as low as $100. However, the minimum amount can vary, so check with the fund company for specific details. Where can I buy mutual funds? You can buy mutual funds through brokerage accounts, online platforms, or directly from the fund company. Consider factors like fees and convenience when choosing where to invest. What should I consider when selecting a mutual fund to invest in? Consider factors like your financial goals, risk tolerance, fees, historical performance, and the fund's investment strategy when choosing a mutual fund. Are there tax implications when investing in mutual funds? Yes, there can be tax implications, such as capital gains and dividends. It's important to be aware of tax consequences and consult with a tax advisor for guidance.

Kings College London is one of the most reputed colleges in the whole world. The cost of attendance varies significantly based on your child’s course and can go up to 48 - 50 lakhs in total. Let’s find out how you need to save to send your child to King’s College London.   Tuition fees for courses in King's College, London  The tuition fees for the courses offered at Kings College London are quite high compared to the adjacent colleges. Let’s look at some of the popular courses chosen by students and their corresponding tuition fees.  MBBS: Rs 41 to Rs 43 lakhs per annum  MIM: Rs 23 Rs 36 lakhs per annum  BE: Rs 27 to Rs 29 lakhs per annum  MA: Rs 19 to Rs 28 lakhs per annum  BBA: Rs 21 to Rs 28 lakhs per annum  With the data mentioned above, we can conclude that getting a degree from Kings College London can be heavy on your pocket. Hence, if you would want your child to get admission here, you must start preparing for it early on.  Saving and Investment Options for a Child’s College Education  1. Find out the Cost of Attendance  Suppose you want to buy a house in 10 years, what is the first thing you do? You will find the house you like and the cost of buying it. Similarly, before you start saving to send your child to King’s College London, you need to figure out what will be the cost of attendance in the next 10 years of your child’s course and figure out the solution.   You can look at the past and data to estimate the average tuition fees or simply use the College Cost Calculator to find out how much you need to save after putting in just a few details. The calculator tells you precisely how much it can cost to send your child to a college anywhere in the world.   On average, it costs Rs. 48-50 lakhs to study master's while the cost of attendance for a bachelor is Rs.70-80 lakhs in total.   2. Mutual Funds  Mutual funds are considered to be one of the best options to invest in if you have a child who is still quite young.  You can start a SIP for Rs. 1000 or more and scale your child’s education fund by the time they are ready to fly off to college. Mutual funds offer professional investment management, diversification, and liquidity. At a nominal price, you get access to different industries, companies as well as different markets. Always check with a professional financial advisor before pooling your money in any investments and read the fine print to stay updated.   Start Investing in Mutual Funds 3. Public Provident Fund  Public Provident Fund is a tried and tested way to save to send your child to Kings College London. PPF is one of the most reliable savings schemes opted for by parents for their child’s education. This scheme requires a 15-year-long commitment for the corpus. As of now, the interest rate offered here is 7.1% which is more than what is offered by banks. Presently, banks offer an interest rate of around 5% per annum. Parents can choose to increase the tenure of investment in blocks of five years. After the extension of the PPF account, the subscriber is allowed to make one partial withdrawal every year. However, a restriction is imposed here which says that the total withdrawals during those particular five years should not be more than 60% of the total account balance.  4. Gold Savings  Gold savings is one such option that has existed for so long now. Gold is said to have an ever-increasing value. While investing in gold savings, you should make sure that you do not invest in physical gold. As a parent, it would be best if you invest in Gold ETFs and Digital Gold.   You can follow a strategy where you can buy a small amount of gold every month. Once you have collected enough, you can build up a sizeable one with those small amounts. It has been observed that investing in gold has provided much better returns when compared to other assets.   Gold is a hedge against inflation and works with it. In times when the prices of all goods rise due to high inflation, gold also rises, making your investments diversified and inflation-proof!   Additional read: Why should you consider the UK for your child's higher education? 5. US Stocks  Investing in US stocks to send your child to King’s College London is an underutilized tool! Saving in dollars has dual benefits, you not only benefit from your initial investment as the US market grows but also when the rupee falls against the dollar. Investing in US stocks also increases your purchasing power abroad, it helps you tackle the increasing costs and not lose out more money in currency exchange.    6. Unit Linked Insurance Plan  The Unit Linked Insurance Plan is said to be the best fit for individuals who are looking for both investment returns and insurance protection. It has been observed that ULIPs have been able to provide better returns than many traditional investment options. It helps to beat education inflation and save up effectively for your child’s college education. In this scenario, the chance of getting better returns is higher because a portion of the premium that is being paid is invested in the funds operated in the capital market.   These are some ways to save to send your child to King’s College London. TALK TO AN EXPERT FAQs What are the estimated tuition fees for courses at King's College London? Tuition fees vary based on the course, ranging from approximately Rs 19 lakhs to Rs 43 lakhs per annum. The total cost of attendance can be substantial. How can I estimate the future cost of my child's education at King's College London? You can use a College Cost Calculator or refer to historical data to estimate the average tuition fees for the next 10 years. On average, it costs Rs. 48-50 lakhs for a master's degree and Rs. 70-80 lakhs for a bachelor's degree. What are some investment options for saving for a child's education? Investment options include Mutual Funds, Public Provident Funds (PPF), Gold Savings (Gold ETFs and Digital Gold), US Stocks, and Unit Linked Insurance Plans (ULIPs). Each option offers unique benefits and should be considered based on your financial goals and risk tolerance. Are there any recommended investment strategies for saving for education at King's College London? Starting a SIP (Systematic Investment Plan) in Mutual Funds is a popular strategy for long-term savings. Diversification, professional management, and liquidity are some advantages. Additionally, consider PPF for a reliable and tax-efficient savings option. How can investing in US stocks benefit saving for education abroad? Investing in US stocks can offer dual benefits. As the US market grows, you can benefit from investment returns. Additionally, when the rupee falls against the dollar, your investments gain value. This strategy can help you manage increasing costs and currency exchange risks when sending your child to King's College London.

The simplest and straightforward answer to that question would be that offshore Funds are open-ended investment schemes that invest in mutual funds, stocks, real estate assets, equities, fixed-income securities, etc. in the overseas market.  Understanding Offshore funds Offshore funds are often referred to as international funds or foreign funds as they are based on offshore locations and have non-residents as investors. These types of funds provide investment exposure to global markets but they have to comply with the rules and regulations of that country. In India, both Indian residents and NRIs can invest in offshore funds either directly or through other funds under the purview of SEBI and RBI guidelines. The fund house has to comply with the set provisions and guidelines of the foreign country where they are registered. The Indian resident can invest only in Indian currency just like any other investment scheme.  You can: Select the offshore fund, Write a cheque for the amount due, Submit the cheque along with the application form to the fund house or online app you are applying through. Types of Offshore Funds “What are offshore funds?” is one of the most common queries of investors. In simple terms, it refers to investments that exist and operate abroad.  The different types of offshore fund schemes are -  Theme-based (real estate, power, energy, agriculture, etc.)  Region-specific (Asia, Europe, etc.), and  Country-specific funds (USA, India, UK, Australia etc.). Additional read: What are international funds? Advantages of Investing in Offshore Funds Investors can diversify their funds across geographical boundaries and choose the best available location for investing purposes. It is a golden opportunity to invest in global brands and business houses. The exchange rate difference will yield higher returns. Sometimes, the home economy is not so great but another country might be facing an economic boom. Investing in offshore funds will garner higher returns on investments at such times. Offshore funds are globally incorporated with lower regulation levels. As the income is tax-free it is profitable to reinvest the investment gains.  The operating costs and management fees associated with offshore funds are comparatively lower and financially beneficial. Offshore funds can safeguard the capital from the burden of high taxes in the home country Disadvantages of Investing in Offshore Funds Offshore funds require higher investments, which every investor cannot afford. If the offshore currency is facing a downward trend then it will lead to lower returns. The risk factor associated is greater compared to domestic investments. Investors have to trust the foreign fund houses to explain the terms and conditions. In case of any discrepancy or fraud, it can result in a loss of capital. Tax laws, economic policies, and market fluctuations of both the home country and the foreign country will harm the returns. Things to consider before investing in Offshore funds Research the economic and political conditions of the foreign country where you want to invest. Start with a small investment and gradually increase the investment.  Opt for financially stable investment funds at the onset. Check the fund's reputation, the background of the fund house, and historical returns thoroughly. Choose funds that will help to cash in global opportunities. Consider the currency risk while dealing with international funds. Any currency fluctuation will impact the Net Asset Value of the fund directly because if the value of the rupee depreciates against the dollar NAV will be higher and in case it appreciates earnings will become less. Invest in developed and emerging markets only. Choose long-term investment as it is considered best for minimizing the impact of inflation. Foreign funds are treated under debt thus taxes are levied as per the tax rules in the home country. In India, residents have to pay tax on overall income even if it was generated in a foreign country.  Invest in funds with utmost security and transparency in the transaction process. Challenges associated with Offshore funds in India The RBI and SEBI guidelines do not allow fund managers based in India to manage offshore funds. The investment inflows to India are now managed by offshore authorities and this poses a serious challenge to the growth of offshore funds in India. According to new guidelines REITs and AIFs are allowed to receive investments from foreign investors.  Conclusion By now the concept of what are offshore funds will be clear and you must have realized that these funds follow a different path in terms of rules and regulations compared to the standard investment journey.  It is imperative to sound a word of caution for investors of offshore funds as these are prone to fraud and high risk quite often because of relaxed regulations. Beware and take the help of reputed platforms like EduFund App which will act as a guiding tool in securing safe transactions in overseas markets. FAQs What are offshore funds? Offshore funds are open-ended investment schemes that invest in overseas markets, including mutual funds, stocks, real estate, equities, and fixed-income securities. Who can invest in offshore funds in India? Indian residents and NRIs can invest in offshore funds, complying with SEBI and RBI guidelines. Investments are made in Indian currency. What are the advantages of investing in offshore funds? Benefits include global diversification, investing in global brands, potential for higher returns, tax advantages, and lower operating costs. What are the disadvantages of investing in offshore funds? Disadvantages include higher initial investments, currency risk, increased risk compared to domestic investments, reliance on foreign fund houses, and exposure to changing tax laws and market fluctuations. What should investors consider before investing in offshore funds? Factors to consider include economic and political conditions of the foreign country, starting with small investments, choosing reputable funds, understanding currency risk, and ensuring transparency in transactions. TALK TO AN EXPERT

Read this blog before getting student travel insurance for your kid! Sending your child abroad for college can be nerve-wracking. There are financial needs to consider, accommodation arrangements to make, forex requirements, shifting costs, and a host of worries that accompany this huge move. Insuring ‘this big move’ can be a great decision. Opting for student travel insurance while traveling abroad helps your child with a host of benefits and financial coverage in case of any emergency. What is Student Travel Insurance?  Student insurance is a type of insurance policy specifically designed to provide financial protection to students, whether they are studying domestically or abroad. It recognizes the unique needs of students and offers coverage tailored to those needs. The primary objective of student insurance is to ensure that students can pursue their educational goals without being unduly burdened by unexpected expenses or emergencies.  Student insurance typically covers a wide range of risks and expenses that students may encounter during their academic journey. These include, but are not limited to, medical emergencies, trip cancellations or interruptions, baggage loss or delay, emergency evacuations, and even legal assistance in certain situations. Benefits of taking student travel insurance 1. Financial Relief  The greatest benefit of taking student travel insurance is the financial relief it provides in case of an emergency. Depending upon your coverage, your child will be financially covered if they have been in an accident or require medical assistance if your child falls sick while traveling. Without proper coverage, these expenses can be tough to manage and student travel insurance provides just that relief!   2. Sponsor Protection Some travel insurance even covers the cost of your tuition fees in the event of your sponsor’s untimely death. This clause helps your child continue their studies and provides financial relief in tough times.   3. Family Visits Some student travel insurance provides sponsor protection as well. If your child is sick or hospitalized in a foreign country, then insurance can help you cover the cost of their hospitalization as well as sponsor you to travel to the country to be by your child’s side. The insurance covers the cost of flying to the country so check whether your insurance provides this service.   Additional read: Why Health insurance is important while traveling abroad 4. Interruption Compensation  A host of things can delay your child's study abroad plans. They could fall sick or need hospitalization for a month. There can be an emergency at home that requires your child’s presence back home. All the interruptions can be compensated by your child’s sudden travel plans without any extra costs or expenses. If your child ends up missing a semester then you can claim the unused tuition fees if your travel insurance plan covers it and protect your child’s future.   5. Personal Liability  Some student travel insurance covers the clause of personal liability. If your child is involved in an accident where someone else gets hurt or someone’s property is damaged, then your insurance can cover this liability. Your child does not have to worry about paying from their own pockets or stressing about the expenses.   6. Baggage Loss or Delay  Baggage loss or delay can be extremely stressful for your child especially when they are in a new country. Thousands of bags are lost at airports every day and this event can induce a sense of anxiety for travelers. Without proper coverage claiming your baggage can be tough. Student travel insurance helps you reduce the stress of losing your baggage, this option lets you claim compensation. The insurance can cover the cost of purchasing necessary personal things.   7. Medical Evacuation  Medical evacuation is another benefit of opting for a travel insurance plan. It prioritizes your child’s evaluation from distressing situations to the nearest hospital without costing you a bomb! These medical evaluations can be costly and if you are insured against them then handling this expense can be easy for you and your family.  8. Hijack Cover  Hijacking is an unlikely event but still plausible. Opting for student travel insurance to cover this event can help you deal with the trauma. Check if your plan covers this event and protects your child from every adversity!   9. Loss of Passport  While traveling alone, you may lose your passport or misplacement. This can leave your child stranded at the airport without any end in sight. This situation can be avoided if you have student travel insurance that compensates you for your child’s passport and helps them navigate the situation easily.  Facts about Student Travel Insurance  Many student travel insurance cover legal situations as well. If there is an event where your child requires any bail bond then the company may be able to cover the amount and help your child out of a legal situation.   Student travel insurance can cover a number of events that can be stress-inducing for you and your child. Help your child plan their study abroad journey carefully so that there are no sudden financial costs that may leave you in debt or stress!  Let's dive deeper into some key facts about student travel insurance:  Tailored for Student Needs: Student travel insurance is specifically designed to cater to the unique needs of students. It recognizes that students often face different types of risks compared to regular travelers.  Comprehensive Coverage: These insurance policies offer comprehensive coverage, encompassing medical emergencies, trip-related issues, and personal belongings. Some policies even provide coverage for tuition fees in case a student is forced to withdraw from a program due to unforeseen circumstances.  Customizable Plans: Student travel insurance plans are often customizable, allowing students to choose the level of coverage that suits their needs and budget. This flexibility ensures that students can find a policy that aligns with their specific requirements.  Why do you need a Student Travel Insurance?  Understanding the importance of student travel insurance is crucial for anyone planning to study abroad. Here are some compelling reasons why you need a student travel insurance policy:  Medical Coverage: One of the primary reasons is medical coverage. Healthcare costs in many countries, especially the United States, can be exorbitant. Student insurance ensures that you have access to quality healthcare without the fear of massive medical bills.  Trip Interruption: Academic plans can be disrupted due to various reasons such as family emergencies, illness, or even natural disasters. Student travel insurance helps recover costs if your academic journey is unexpectedly interrupted.  Baggage Loss: Losing your luggage can be a significant inconvenience, especially when you're in a foreign country. Student insurance provides coverage for the loss or theft of personal belongings, helping you replace essential items.  Emergency Evacuation: In case of severe illness or injury, you might need to be transported for specialized medical treatment or to return home. Student insurance covers emergency evacuation expenses, ensuring your safety.  Legal Assistance: If you encounter legal issues while studying abroad, student travel insurance can provide legal support, which can be invaluable in navigating unfamiliar legal systems.  Best Student Travel Insurance Policy Plans in India In India, several insurance providers offer student travel insurance policies. Choosing the best plan depends on various factors, including your destination, duration of study, and specific requirements. Some popular insurance providers in India for student travel insurance include HDFC Ergo, ICICI Lombard, Bajaj Allianz, and Tata AIG.  It's essential to compare the features, coverage, and premiums of different plans to determine which one aligns best with your needs and budget. Keep in mind that the "best" plan for one student may not be the same for another, as individual circumstances and preferences play a significant role in the decision-making process.  Top Study Destinations Abroad The choice of a study destination is a crucial decision for any international student. Here are some of the top study destinations abroad:  United States: Known for its prestigious universities and diverse academic programs, the United States is a popular choice for international students.  United Kingdom: The UK offers a rich academic tradition and a wide range of courses, especially at the undergraduate and postgraduate levels.  Canada: Canada is renowned for its high-quality education system, safety, and welcoming environment for international students.  Australia: Australian universities are recognized globally, and the country is known for its quality of life and beautiful landscapes.  Germany: With its tuition-free or low-cost education options, Germany has become a favorite destination for international students seeking quality education in Europe.  Each of these destinations has its unique appeal and academic strengths, so it's essential to research and select a destination that aligns with your educational and personal goals.  When is Student Travel Insurance required?  Student travel insurance is often a mandatory requirement when applying for a student visa in many countries. Immigration authorities in these countries want to ensure that international students have adequate financial protection during their stay. In such cases, you must provide proof of insurance coverage as part of your visa application.  Even in cases where it is not mandatory, obtaining student travel insurance is highly recommended for several reasons:  Peace of Mind: Knowing that you have comprehensive coverage in case of emergencies or unexpected events provides peace of mind, allowing you to focus on your studies.  Financial Security: In the absence of insurance, you may be exposed to significant financial risks, including high medical bills, trip cancellations, or loss of personal belongings.  Compliance with University Requirements: Some universities or academic programs may have specific insurance requirements for students, and failing to meet these requirements can affect your enrollment.  Tips to Save on Student Travel Insurance Premiums While student travel insurance is essential, there are ways to make it more cost-effective:  Compare Quotes: Obtain quotes from multiple insurance providers and compare the coverage and premiums to find the best value for your money.  Opt for a Higher Deductible: Choosing a policy with a higher deductible can lower your premium. Just ensure that you can comfortably cover the deductible amount if needed.  Purchase Early: Buying insurance well in advance of your departure date can sometimes lead to discounts and more affordable premiums.  Student Travel Insurance Policy Inclusions and Exclusions Understanding what is included and excluded in your student travel insurance policy is critical. Here are some examples of frequent inclusions and exclusions:  Inclusions:  Medical Expenses: Coverage for medical treatment due to illness or injury, including doctor visits, hospitalization, and prescription medications.  Trip Cancellation: Reimbursement for non-refundable trip expenses if you have to cancel your plans due to the reasons covered.  Emergency Evacuation: Coverage for emergency medical evacuations to the nearest suitable medical facility.  Baggage Loss/Delay: Compensation for lost, stolen, or delayed baggage, including essential items.  Dental Care: Coverage for dental treatment resulting from an accident.  Exclusions:  Pre-Existing Conditions: Many policies exclude coverage for pre-existing medical conditions, so it's crucial to understand what qualifies as a pre-existing condition.  High-Risk Activities: Engaging in high-risk activities like extreme sports or adventure activities may not be covered by standard policies. Such activities may necessitate the purchase of supplementary insurance.  Alcohol or Drug-Related Incidents: Incidents related to alcohol or drug use may not be covered.  Non-Emergency Medical Treatments: Some policies do not cover non-emergency medical treatments or elective procedures.  War and Terrorism: Coverage for injuries or damage caused by war, terrorism, or acts of political violence is typically excluded.  Extension of Student Travel Insurance Policy If your academic program extends beyond the original policy period, it is often possible to extend your student travel insurance policy. However, the process and terms for extensions may vary depending on the insurance provider. It's essential to contact your insurer well in advance of your policy's expiration date to discuss extension options.  Extensions are crucial to ensure continuous coverage while you complete your studies, and they help avoid any coverage gaps that could leave you exposed to unexpected expenses.  Claim Process of Student Travel Insurance Understanding the claim process is vital in case you need to utilize your student travel insurance.   Contact Your Insurance Provider: As soon as you encounter an issue that may be covered by your policy, contact your insurance provider. This should ideally be done as soon as possible to ensure timely assistance.  Provide Documentation: Your insurer will typically require documentation to process your claim. This may include medical reports, receipts, police reports (in case of theft or loss), and any other relevant documents.  Complete Claim Forms: You will need to complete claim forms provided by your insurer. These forms will require information about the incident and the expenses incurred.  Submit the Claim: Submit the completed claim forms and all necessary documentation to your insurer. Make duplicates of every document for your records.  Claim Evaluation: Your insurer will evaluate the claim based on the provided documentation and the terms of your policy.  Approval and Payment: If your claim is approved, your insurer will provide the appropriate compensation or coverage as per your policy terms.  It's essential to follow the specific guidelines and requirements outlined by your insurance provider when filing a claim. Timely and accurate submission of documents can expedite the claim process.  Student Travel Insurance Policy Cancellation Process In some cases, you may need to cancel your student travel insurance policy. The cancellation process can vary depending on the insurance provider and the specific terms of your policy. Here are the general steps involved:  Review Policy Terms: Carefully review your policy documents to understand the cancellation policy, including any fees or penalties for cancellation.  Contact Your Insurer: Reach out to your insurance provider's customer service or claims department to initiate the cancellation process.  Request a Cancellation Form: Your insurer may provide you with a cancellation form or specific instructions on how to cancel your policy.  Complete the Form: If required, complete the cancellation form, providing all necessary details.  Submit the Form: Send the completed cancellation form to your insurer, following their specified submission method.  Cancellation Confirmation: Your insurer will confirm the cancellation of your policy and any applicable refunds or charges.  It's crucial to be aware of the timeline for cancellations and any associated costs. Some policies may offer a full refund if canceled within a certain period, while others may have cancellation fees.  Things to Keep in Mind Before Buying Student Travel Insurance Before purchasing student travel insurance, consider the following important factors:  Assess Your Needs: Evaluate your specific needs, including the duration of your studies, destination, and any existing health conditions.  Read the Policy Documents: Thoroughly review the policy documents, including the terms, coverage, exclusions, and any additional benefits.  Compare Providers: Obtain quotes from multiple insurance providers and compare the features, coverage, and premiums to make an informed decision.  Understand Claims Process: Familiarize yourself with the claims process, including what documentation may be required and how to contact your insurer in case of an emergency.  Budget Appropriately: Consider your budget when selecting a policy but prioritize comprehensive coverage for essential aspects such as medical emergencies and trip interruptions.  FAQs What does student travel insurance typically cover? Ans. Student travel insurance typically covers a range of risks and expenses that students may encounter during their academic journey abroad. Common coverage includes medical emergencies, trip cancellations or interruptions, baggage loss or delay, emergency evacuations, and legal assistance in certain situations. The specific coverage can vary depending on the insurance provider and the policy chosen. Is student travel insurance mandatory for all international students? Ans. While student travel insurance is often a mandatory requirement when applying for a student visa in many countries, it may not be mandatory in all cases. However, it is highly recommended for all international students, as it provides financial security and peace of mind during their studies abroad. Even when not required by immigration authorities, some universities or academic programs may have specific insurance requirements for students. Can I extend my student travel insurance policy if my academic program is extended? Ans. Yes, in most cases, you can extend your student travel insurance policy if your academic program is extended beyond the original policy period. It's essential to contact your insurance provider well in advance of your policy's expiration date to discuss extension options. Extending your policy is crucial to ensure continuous coverage while you complete your studies and avoid any coverage gaps that could leave you exposed to unexpected expenses.

As the name suggests, the fund invests in the international market except in the country the investor is residing. International funds invest in foreign companies not listed in the investor’s country. Like we have different funds based on market cap, i.e. large-cap, mid-cap, and small-cap funds. Similarly, international funds invest in different sizes of companies. Types of International Funds International funds are available for Indian investors to invest in. And these funds could have a different approach to investing in the international market. Let’s see the categories: 1. Regional fund These funds invest in the stock market of a specific country or region. Some funds may offer investment in the US market only, and others may offer investment in Asian markets only. The main objective is to gain the maximum benefit from investments in the developing stock market of a specific county or region. 2. Thematic funds These funds invest in a specific theme around the global stock market like artificial intelligence, infrastructure, semi-conductor, etc. The companies in these funds are foreign companies. 3. Global sector funds These funds invest in the focused sector foreign companies to benefit from its development. 4. Global funds Though the international and global funds sound similar, they are not. International funds invest in the world stock market except for the country the investor is residing. On the other hand, global funds invest around the world stock market, including the country the investor resides. Invest in US Market Advantages of International funds 1. Geographical Diversification By investing in these funds, your portfolio can benefit from geographical diversification. There are chances that some countries may outperform other countries. If such a scenario happens, your portfolio will benefit from it. 2. Currency benefit International funds give you the benefit of currency depreciation. Over the period currency, INR has depreciated against the USD. For instance, in 2008, USD to INR was at Rs.40 against $1, but in 2022, USD to INR is at Rs.80 against $1. If you had invested $1 in 2008, you could have only gained 100% on currency depreciation. That’s how currency depreciation helps your portfolio to grow. 3. Global Opportunity The opportunity worldwide is immense, and some world-leading companies have products and services in almost every country. Companies like Apple, Google (Alphabet), Facebook (Meta), etc. International funds provide the opportunity to invest in these companies. Invest in Mutual Funds Factors to consider before investing in international funds There are some essential points that you need to consider before investing: 1. Global exposure  If you want your portfolio to get global exposure, you can consider investing in these funds.  2. Risk International funds are exposed to high-risk factors like currency risk, policy risk, trade risk, etc. All these factors could increase the volatility of the portfolio.  3. Expense ratio International funds could have a higher expense ratio which funds can charge for maintaining the fund. 4. Economy risk Each country’s economy works differently, and all the macroeconomic factors could impact your portfolio returns in both ways, positively and negatively. Who should invest? Investors with a high-risk appetite looking for an opportunity with extra returns and who want to hedge their portfolio against the currency risk should consider investing in these funds. Example of International Fund Name: iShares Core S&P 500 ETF Launch Date: May 15, 2000 Ticker: IVV Index Tracked: S&P 500 Index Performance:  IVVETF Database Category Average1 Month Return11.09%11.05%3 Month Return5.21%5.37%YTD Return-9.26%-14.58%1 Year Return-1.20%-9.01%3 Year Return55.85%34.96%5 Year Return92.84%44.48%Source: etfbd.com Top 5 sectors SectorWeightageTechnology17.70%Electronic Technology15.42%Finance13.21%Health Technology10.44%Retail Trade7.54% Top 10 holdings Holdings% AssetsApple Inc.7.32Microsoft Corporation6.04Amazon.com Inc.3.48Tesla2.09Alphabet Inc Class A2.03Alphabet Inc Class X1.87Berkshire Hathaway Inc. Class B1.51UnitedHealth Group Incorporated1.41NVIDIA Corporation1.30Johnson & Johnson1.20 How can one invest in these funds? The process has become effortless with the EduFund app. Download the app for Android and iOS. And do the KYC process. Add funds and select the fund in which you want to invest.  And place the order. If not sure where to invest, connect with the EduFund team FAQs What are international funds? International funds invest in foreign companies outside the investor's home country, providing exposure to global markets. What types of international funds are available for Indian investors? Indian investors can choose from regional funds, thematic funds, global sector funds, and global funds, each with a unique investment focus. What are the advantages of investing in international funds? Advantages include geographical diversification, currency benefits from depreciation, and the opportunity to invest in world-leading global companies. What factors should investors consider before investing in international funds? Consider factors such as global exposure, risk (including currency and policy risk), expense ratios, and the impact of different economies on portfolio returns. Who should consider investing in international funds? Investors with a high-risk appetite seeking extra returns and looking to hedge against currency risk can benefit from investing in international funds. DisclaimerThis is not recommendation advice, use it for educational purposes only

Are you planning to co-signee on your child's education loan? Then here are some questions cosigners should ask before taking an education loan! Education loans are important and useful. Especially when the inability to meet the demand for a higher fee structure is quite common. In India, the RBI has reported a spurt in the demand for big-ticket education loans. The role of a cosigner at such times is very important as they automatically become equally liable for the loan repayment as the borrower if things do not go as planned. Generally, organizations do not sanction an education loan without a creditworthy cosigner. He/ she can be a family friend, relative, spouse, guardian or parent, etc. and his/ her responsibility is immense. Thus, it is important to know about the different questions cosigners should ask before taking an education loan. 7 questions cosigners should ask before taking an education loan 1. Why does the loan applicant need a cosigner? Generally, young adults who apply for education loans have just started and have no earnings. Other times, they might have bad credit reports because of missed or late payments. Lenders need assurance from a reputed cosigner before sanctioning an education loan to such people.  One of the questions cosigners should ask before taking an education loan is about the credit history of the borrower. In case his/ her credit report is good but/ he is being asked for a cosigner just because of underage then it is okay to sign alongside. But, a bad credit history should make the cosigner beware of the pitfalls of cosigning. This also helps the cosigners find out whether the loan applicant is trustworthy, as well as, responsible by nature.  2. What is the loan amount? The co-signer must be fully aware of the total amount of the education loan. The co-signer, in no doubt, is signing alongside the borrower in good faith. However, down the line, should anything untoward happen, the co-signer may have to be responsible for the loan repayment. 3. What are the terms of the loan? One of the relevant questions cosigners should ask before taking an education loan is about the terms of the loan. It includes payment term length, repayment options, when is the loan repayment going to start and what happens if the repayment premium is not on time. The standard education loan is for ten years with a fixed monthly premium. The cosigner must remember that the loan terms, extended repayment options, and interest rates are different for private and federal students. Cosigners must ask questions as if they are borrowing money for themselves because only then they can know about the exact loan terms. Additional read: What is the cost of school education in India? 4. Will the loan applicant be able to meet the terms of loan repayment? The cosigner should be fully aware of the loan applicant’s financial position and the loan amount. He/ she should ask him/herself whether the borrower has the necessary assets or financial means to fulfill the loan terms. The cosigner should also know whether the loan applicant has any other loan in his/her name and whether he/she can continue to make payments for all of them.  5. In case of default, will the cosigner be able to pay the loan amount? According to statistics, at least 38% of cosigners are called upon to pay up the loan amount because the loan applicant is unable to do so. The co-signer must be prepared for any eventuality and ask him/herself whether he/she is ready to do so under unforeseen conditions. 6. What are the risks involved for the co-signer? The cosigner should know about all the risks involved if he/she signs the education loan. If the borrower is late then the credit score of the cosigner also drops alongside him/her. If the cosigner wants to get a loan or a mortgage then the cosigned loan will have an impact on his/her credit history. 7. Is there an option where the cosigner can be released from the responsibility? Sometimes, lenders offer release terms to the borrower under specific terms. The co-signer must be fully aware of them to minimize the risk factors involved in signing the education loan. FAQs What are the risks involved for the co-signer? The cosigner should know about all the risks involved if he/she signs the education loan. If the borrower is late then the credit score of the cosigner also drops alongside him/her. If the cosigner wants to get a loan or a mortgage then the cosigned loan will have an impact on his/her credit history. Why does the loan applicant need a cosigner? A cosigner offers a guarantee to the lender that the loan will be repaid. The presence of a cosigner/co-applicant helps your application especially as a student going for an education loan because they In case of default, will the cosigner be able to pay the loan amount? According to statistics, at least 38% of cosigners are called upon to pay up the loan amount because the loan applicant is unable to do so. The co-signer must be prepared for any eventuality and ask him/herself whether he/she is ready to do so under unforeseen conditions. Conclusion There are numerous questions cosigners should ask before taking an education loan because they will also have a responsibility towards fulfilling the conditions of the loan in case of any default. There is an inherent risk involved in being a co-signer. Hence, it is doubly important for him/her to ask the relevant questions. Undertaking a serious discussion with all the involved stakeholders will help to clear all the doubts and understand whether it is feasible to sign as a cosigner or not. Consult an expert advisor to get the right plan TALK TO AN EXPERT

The mutual fund industry has seen immense growth in recent years. According to numerous statistics, there has been a 5 ½ fold increase in the last ten years. This is simply because seasoned investors have realized the potential of mutual funds and have now started investing in them through SIP or Systematic Investment Plans. The vast universe of mutual funds often seems daunting to new investors because of the large investment horizon and involved risk profile. As such an investor needs to know whether he is investing in the right mutual fund or not and whether the investments can meet his set targets and achieve desired goals. There are normally two ways to go assuming you are interested in investing in the best mutual funds. The first is by yourself and the second is through a financial advisor.  An all-important question at such times is whether an investor has the required know-how to conduct a proper mutual fund analysis and determine whether he is on the right path.  For that, you can take the help of a reputed financial advisor or financial expert. This service is available on the EduFund app where both new and seasoned investors can opt for the services of the SEBI registered investment advisors and experts in investment management for investing in the right fund. The app also helps to stay updated on the mutual fund investment market. Start Investing in Mutual Funds Parameters that help to analyze whether you are investing in the right mutual fund 1. Expense ratio The expense ratio is charged annually by the mutual fund for managing the investor’s money as a percentage of total assets. The expense ratio at the end of the day will reduce the available returns hence the investor must look for mutual funds that have a low expense ratio. Minimize the expense ratio by opting for direct mutual funds as it does not charge broker commission or intermediary fees. Also, compare the expense ratios of preferred mutual funds as it will help to decide whether the investment is the right one or not.  Download App and Start Investing 2. Performance of mutual fund against a set benchmark Each mutual fund scheme has a set benchmark that it tries to outperform. The investor must check for the benchmark to understand the percentage return that is considered a good performance. Compare both benchmark and actual performance to identify whether you have been investing in the right mutual fund. If a mutual fund consistently generates more returns and outperforms the benchmark index then the investor can know that he is doing right by his investment portfolio. SIP Plans for Child Education Read More 3. Level of risk Mutual funds are subject to risk and checking the level of the risk factor for every scheme is as important as checking for the expected returns. The risk is often defined in terms like low, high, moderate, moderately high, and moderately low.  Generally, the schemes disclose the level of risk to make the investor aware of the involved risk factor. Investors must ensure that the higher the risk higher is the return on the investment commensurate with the risk. https://www.youtube.com/watch?v=uYlrsx9_yog 4. Fund’s history Look at the fund’s history to know whether you are investing in the right mutual fund. Knowing about the long-term previous performance of mutual funds is the right step in determining whether the fund has generated good returns over the last few years.  If the fund has seen one or two down cycles over the last five years and has regrouped once again to give solid returns then investors must believe that their investment is at par. Calculate Returns Generated 5. Portfolio turnover ratio The higher the Portfolio Turnover Ratio, the higher the buying and selling of the assets. This leads to higher transaction charges or brokerage fees. The portfolio turnover ratio helps to minimize the net returns from the investment. Investors must calculate the net return and compare funds so that they can know whether their investments are on the right path. 6. Fund manager The mutual fund manager can help in carrying out the necessary due diligence that will boost the chance of better gains. The investor must look at the performance history of the manager to know about his experience in handling mutual fund schemes.  A good reputation of the fund manager increases the investor’s confidence in the related schemes and helps him to know he is investing in the right funds. Conclusion An investor can determine whether he is investing in the right mutual fund if he can achieve higher returns at comparatively less risk. Selecting the right fund might seem a daunting task at the onset but a little research and understanding go a long way in finding the best mutual fund investments. FAQs How do I know which mutual fund is best for me? To determine the best mutual fund for you, consider your investment goals, risk tolerance, investment horizon, and financial situation. Research fund performance, categories, and managers' expertise. Consulting a financial advisor can provide personalized guidance based on your needs and preferences. What type of mutual fund should I invest in? The type of mutual fund you should invest in depends on your goals and risk tolerance. Equity funds offer growth potential but involve higher risk, while debt funds focus on stability. Hybrid funds combine both. Consider your needs and consult a financial advisor for personalized advice. How do you know whether you should invest in a mutual fund? Evaluate your financial goals, risk tolerance, and investment horizon. Research the fund's performance, expenses, and manager's expertise.

Both life and wallet will never be the same once you decide to have a baby. No event in your life will signify financial change quite the way this one does, from the first prenatal appointment to the day of college graduation (and beyond). 5 financial things to consider before child planning 1. Create a budget Before you start child planning, you need to have a budget in place. You and your partner may need to create a realistic budget based on your expenses and your streams of income. Once you know how much you can afford to spend, you will be able to tackle the costs easily. A new child is a new family member that needs space! So if you need extra space once the baby is born, figure out what kind of home you can afford, whether it's a slightly larger apartment, a warm cottage, or a pricey house. Will you want the latest baby things or your sister’s passed-on ones? Think about what sort of child care would you require and get candid with your expenses before you start making any purchases. Money Management Tips for Homemakers Read More 2. Costs associated with birth As new parents, you need prenatal vitamins, alternative therapies, labor and delivery alternatives, and screening tests. Give yourself enough time to change or upgrade insurance plans should you need more comprehensive coverage. Good health insurance is vital in this economy. Hospital bills, medical fees, and maternity costs can be high. According to estimates from the industry, a straightforward delivery could cost between Rs 50,000 and Rs 70,000, but a private specialty hospital could charge up to Rs 2-3 lakh. A cesarean delivery could result in a cost rise of up to Rs 4-5 lakh. Before having a kid, you should make financial arrangements for the costs associated with the delivery and child care. 3. Consider maternity leave The vast majority of Indian employees are not entitled to paid family leave. If the mother is employed, you might need to think about taking a lengthier (unpaid) maternity leave or a sabbatical for a year or two. This can be a huge financial loss for families that rely on both streams of income. Paid parental leave is not always an option. Find out if your workplace offers paid leave for new parents and if there are any policies in your favor that you can utilize. Determine the number of weeks covered and the proportion of your salary that is used. Do you have to use your sick and vacation days first? If you don't have access to paid time off or you're going to take more unpaid time off, you might want to cut costs or rely on your savings. 4. Purchase life and health insurance You'll want your child to be stable financially if something were to happen to you or your partner. A life insurance policy can assist in paying for things like child care, housekeeping, cooking, and more. Purchasing maternity insurance is the first action you can take to cover maternity costs. When purchasing health insurance, (even for a couple), it is important to confirm that the policy includes coverage for maternity costs and, if applicable, any applicable waiting periods. Additionally, by paying a larger rate, you might add pregnancy coverage to a current insurance policy. Buying health insurance is most important when considering having a child. Get your health covered in your plan so that you are not financially burdened in case of a health emergency. 5. Plan for the child’s education Just like the prices of lemons and oranges are growing, the cost of education is skyrocketing. Saving for your child’s college is a necessity. When it comes to saving money for college, time and compound interest are your best friends. Even while inflation is an unavoidable fact, keep in mind that education inflation is far higher. Utilizing the force of compounding is one approach to combat this, but it will only be effective if you have a long-term strategy in place. You indeed have no idea what career path your child will take, but you still need to put aside a portion of capital that can be utilized when the time comes. Right now, you need to think about the type of education you would like to offer because the practical costs of studying engineering in India vs. the US would be very different. From giving birth to seeing them off to college, watching your child grow and thrive is every parent’s dream! So give those dreams wings by planning ahead and investing for their bright future!  TALK TO AN EXPERT

How much I need to save to send my child to Harvard University is one of the top queries of a parent who wants to send his child abroad. Harvard is considered one of the best universities in the world, offering varied graduate and undergraduate programs like business administration, business management, bioengineering, law, economics, arts and science, sociology, etc.  Students dream of studying at this university but only a few with academic excellence are given the chance to step onto the campus to study and fulfill their heart’s desire.  Imagine if your child is one of the selected few who have managed to gain entrance to this top university. But what happens if they are unable to enroll just because they do not have the required funds?  At such times the first thought that crosses the mind of a parent is that it is necessary to plan and save to send my child to Harvard University from an early age. Start Investing in Mutual Funds Steps required to plan and save for sending a child to Harvard University How much I need to save to send my child to Harvard University is a question that can be answered by following the subsequent steps: Know about the current cost of education at Harvard University When your child starts showing an affinity for a specific course it is the right time to start planning and saving for his further studies. Be aware of the cost of studying at Harvard University, for example, on average the fee structure of most of the 3-year and four-year academic courses varies between $50,000 - $70,000 (Rs. 40 to 55 lakhs). Factor in the expected expenses  Tuition Fees:  Identify the tuition fees and the other mandatory fees  Room and board: Most of the students prefer to live on campus as it is less expensive compared to outside accommodations. It also offers easy access to meals, classes, and extracurricular activities which is a blessing for students who have traveled from different parts of the world to this esteemed university Transportation costs: If the student is living out of campus then the transportation cost should also be added to the total cost Food expenses: Factor in the food expense for both on-campus and off-campus scenarios Education inflation: You need to add the inflation rate (minimum 7%) to the total cost. You don’t need to guess - you can calculate this cost by using the College Cost Calculator for Free!  Calculate Cost of studying in College Calculate the average costs Calculate the average costs of studying at Harvard and identify how much money you need to save to send (\your child to Harvard University.  Go through all the expected costs and identify an average amount that you need to shelve out for instance 60,000 dollars (Rs. 47 to 48 lakhs). Now calculate how much time you have before sending your child abroad. Get a rough estimate about the amount you need to save every year, for instance, 60,000 dollars/8 years which amounts to 7500 dollars per year (Rs. 5- 6 lakhs) Effect of compounding Make the most of the compounding as it will reduce the principal amount to a great extent and magnify your returns. If a parent wants to save 60,000+ dollars, she will have to shelve only an average of an estimated 5,500 dollars instead of 7,500 dollars @ 5% interest per annum for eight years. Research the best available saving option that will help to save with better interest rates. Or you can talk to an expert to understand how much I need to save to send my child to Harvard University. It is a step in the right direction as it helps parents to plan and save effectively within their budget with the help of India’s first college cost calculator and with a curated plan to achieve that target.  Plan and start investing Parents who start planning for their child’s future from the very beginning have an additional advantage over parents who realize the importance of saving at a later stage. If you are one of the late investors do not panic, you can still make some well-advised investments that can help you make up for the lost time and get the required help in the planning and saving process for the child’s brighter future at Harvard University. Start Investing in US Market FAQs How much does it cost to send your kid to Harvard? The total annual cost to attend Harvard University, including tuition, fees, room, and board, was approximately $76,000. How much do you need to donate to get into Harvard? Donations to Harvard University, while they can have an impact on the institution, are not a direct means of securing admission. Harvard, like other reputable universities, has a competitive admissions process based on academic excellence, personal achievements, and other factors. Admission cannot be guaranteed solely through donations. Is Harvard expensive for Indian students? Yes, Harvard University's tuition and living expenses can be relatively expensive for Indian students due to currency exchange rates and the overall cost of living in the United States. However, Harvard does offer financial aid and scholarships to international students, which can significantly offset the costs for those who qualify. How do I raise my child to go to Harvard? Raising a child with a strong foundation for potential admission to Harvard involves fostering a love of learning, encouraging curiosity, developing leadership and community involvement, and maintaining excellent academic performance. Focus on their interests, extracurriculars, and character development while also allowing them to explore and pursue their passions.

If you consider Tier 1 cities, then families of these cities spend almost an average of Rs 43,000 annually on the school education of their children. Tier 4 cities spend nearly Rs. 29,000 annually on children's education. In after-school education, an average parent spends 16,000 a year.   If you want to send your child to a quality university, you need to save money regularly for this goal for at least 8 years. Parents have to consider the rising education costs of education, and a suitable university, whether it is foreign or local. You also have to start saving towards living expenses like accommodation, food, transport, etc.  Applying for an education loan is the first option many parents consider when their child is ready for college. While you can opt for an education loan, it is advisable that you start saving money early in different investment schemes so that after 15-20 years, when your child is ready for college, the loan amount is reduced.  Ways to save for child education:  1. PPF Public Provident Fund is considered one of the safe investment options while investing for the long term where the funds are locked for at least 15 years. You can create a PPF account with any bank or post office and start saving your income for a good future return in the coming years. It has the ability to grow your money. The rate of interest of PPF in 2012 was 8.80 % which is now 7.60% in the year 2022.   2. Mutual Fund The fund grows when the market rises. The overall return after a long period comes through stocks, equity, debt, and even from money market funds. You can invest in a (systematic investment plan) SIP for both the short-term and long-term, and it is an efficient tool to save money.  Equity and debt are some securities where investors’ money is invested in mutual funds.  3. Fixed deposit A fixed Deposit is considered a safe investment option though the returns are comparatively low. If you invest a lumpsum amount through FD, you will get a fixed percentage on the amount. The interest rate ranges from 5.75% for regular investors and 7% for senior citizens for 1 year.  4. NPS National Pension System is a government-based savings option. The fund invests in government securities, bonds, and even equity. It provides investors with two options to invest in active and a default auto. In the auto option, the funds are invested in an automatic way. In the active option, the investor invests in the assets of their choice. It matures when the investor turns 60 years. The overall pension withdrawal amount is tax-free as per the scheme.  5. RBI bonds Taxable RBI bonds have a tenure of almost 6 years, and it gives an interest rate of 7.75% per year. It is available in the Demat mode, and it gets credited in the BLA( Bond Ledger Account) of the investor. For proof of investment, the bond is issued at Rs. 1000, and investors even get certificates of holding.  6. Direct equity Direct equity is another investment option to consider while investing in the long term. Though investors find it a risky option, the return is much higher compared to other investments. For 1, 3, and 5 years of investment, the return is 8,13, and 12.5 percent, respectively. source: pexels Hire a financial advisor  If you are still confused about the best savings option for your child’s education, then you can consider talking to the best financial advisors on the EduFund app. The financial advisor will guide you as per your financial needs and risk profile.    The upside is that all this can happen in a matter of minutes and a few taps without any hassle. Parents can take the expert's suggestion and invest the money accordingly to minimize risk and find a way to get a better return on investment. The financial advisors help you rebalance your portfolio on a regular basis to give your funds a better chance of growth when the market sees drastic changes.    Conclusion  As a parent, it is very important to start saving for your child’s education as early as possible to fight the rising costs of education. While applying for a loan is an option, it is wise to reduce the loan amount and save for most of the cost through investment to minimize or avoid the financial burden. FAQs How much do families spend on school education in Tier 1 and Tier 4 cities? Families in Tier 1 cities spend around ₹43,000 annually on school education, while Tier 4 cities spend about ₹29,000 per year. What's the importance of saving for education if you want to send your child to a quality university? To send your child to a quality university, regular savings for at least 8 years are crucial. Rising education costs and living expenses need to be considered. Should parents rely solely on education loans for college funding? While education loans are an option, it's advisable to start saving early through investment schemes. This approach reduces the need for larger loans in the future. Disclaimer:Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.

There are many roadblocks to investing as a woman – unequal pay, lack of financial knowledge, lack of personal finance help, the burden of the pink tax, feelings of intimidation and confusion, etc.   But the winds are changing, and more and more women are taking charge of investing their money in personal goals, family, and their child’s education.   The conversation about money, wealth generation and the need to start investing early is finally brewing – let’s see how women can start their investment journey.  Why should women start investing?  Investments are the key to a brighter and financially independent future – whether it's early retirement or financing your child’s Oxford education in 10 years. Investment can help you attain these goals.   In India, the percentage of women investors is very low. According to Financial Express, only 14% of women are investing in mutual funds and 10% in stocks.  Women in India make the mistake of only investing in Gold or Fixed Deposits. The rationale that these investments are safe and secure prevents them from taking risks and aiming for wealth generation.   With the inflation soaring high, women investors who are earning can start investing as low as Rs. 100 every month. This small amount can benefit from the power of compounding and help them save for different goals like a holiday, a degree, a car, or an emergency fund!  Homemakers who have saved up some money can also invest! Starting an SIP for a mutual fund can help you save for different financial needs and get a greater interest rate than any savings account or FD investment. This can go towards their child’s education or a home. The great thing about starting a SIP is that you can pause as well as increase the base sum based on your income and savings! Create Goals before Investing Source: pexels When should women start investing?  ‘Right now,’- is the best time to start. Whether you are 18 or 40, investing can start at any time. Starting early does have its set of benefits but that should not stop you from saving right now. Most young investors enter the market in their 20s and 30s.    If you are new to investing, consult a financial advisor. Talk money with your accountant and understand what are your future goals and what is the best route to achieving them. They can help you invest in a bunch of tools that will not any diversify your wealth generation but also make it less risk-prone.   Consult an expert advisr before investing What kind of investments work better for women and why?  Investments are not gendered; anyone can invest in any investment tool. What matters is your risk profile, investment capacity, and goals. Here are some investments that women can explore:  1. Mutual funds   Mutual funds are a great way to start investing. You can simply begin with a SIP in your favorite fund. This allows you to invest a certain amount of savings every month, this amount is auto-debited from your account every month without the stress of manually investing the sum. Mutual funds are easier to manage than stocks because there is a fund manager to help protect your savings and investments.  2. Exchange-traded funds (ETFs)  An ETF is primarily a basket of assets and securities such as equity, debt, stocks, bonds, commodities, or currencies. You can purchase a unit of these securities, just like buying shares of a company. ETFs are like a cross between stocks and mutual funds, they are traded on the stock exchange and offer the diversification benefits of mutual funds.  3. Stocks  Stocks, known as equities, allow you to own a part of a company. There are shares for TATA, Reliance, Unilever, Nykaa, and thousands more available for investors to pool their money in. You can pick the company you believe will grow in the years to come. Buying stocks is more volatile and riskier in nature. The decision to buy and sell resides with you.     4. US Market  Investing in US Markets is possible for every investor and a great way to add geographical diversification to your portfolio. There are two ways to invest in US markets direct stocks or ETFs. This is an opportunity to make the most of the falling rupee and gain returns in dollars. US markets allow you to do rupee hedging; which means you will have more funds by allocating the same amount of money in dollars than in rupee because of the greater value of US dollars.   If you want to make wise investments then get in touch with a professional financial advisor. They can help you understand the value of choosing investments based on your goals, and risk appetite as well as how to shift your funds from one basket to another when the market fluctuates!   Invest in US Market 5. Investment mistakes to avoid   The biggest mistake a woman can make is not investing! Many women in India shy away from the market because of the fear of risk or knowledge. This decision can be detrimental in the long run and will be a huge hindrance in the face of wealth generation!   6. Fearing loss and not taking risks  Many women and men hurt their chances of wealth generation by playing it safe. They are too cautious and do not allocate enough funds to different assets and lose out on the money they could have accumulated over the years. Thus, don’t be averse to taking risks especially if you have time on your hands.    7. Allowing your partner to make an investment decision  Indian women rely on their partners to make investment decisions for them. To be truly independent, you have to manage your own wealth generation and investment portfolio. Try to be aware of the investments you make and whether they will help you achieve your goals in the future.  8. Putting their money in only physical gold   Gold is a great investment but it should not be your only investment. Indian women spend lakhs of rupees buying gold jewelry as a form of investment but they forget that there are maker charges, storage issues as well as the possibility of loss when reselling the items. Instead, if you are a gold-lover then look at Digital Gold, Gold ETFs, or Bonds to invest. It’s important to only keep some portion of your portfolio dedicated to gold.   9. Keeping cash in savings accounts or fixed deposits  Saving money in accounts or fixed deposits beyond a limit is counterproductive. Banks do not offer a great interest rate, which means your money is losing value against the rate of inflation in the country. Try keeping some money in the bank while a majority in growth-oriented investments like MFs, PPFs, ETFs, Bonds, etc.   Women in India are gradually catching up! With thousands of investment options, young women and men find it hard to remain neutral on the benefits and risks of investments. The only way to make money is to invest money. Investing can not only secure your future, but it can enable you. Enable you to send your child to the best schools or enable you to take that Europe trip. Big or small, investing can help you actualize your dreams faster than any form of wealth creation tool. FAQs Why should women start investing? Investments empower financial independence. In India, only 14% of women invest in mutual funds and 10% in stocks. Diversify from traditional investments to grow wealth. What investment mistakes to avoid? Avoid not investing out of fear. Don't rely solely on partners' decisions. Diversify beyond gold, move beyond savings accounts, and understand that caution can hinder growth. When should women start investing? Start now, regardless of age. Consult financial advisors for personalized plans aligning with goals. Begin with SIPs, mutual funds, and equities, and explore US markets. What investments work better for women? Investments aren't gender-specific. Consider mutual funds for steady growth, ETFs for diversification, stocks for ownership, and US markets for currency gains.

Raising the next generation as homemaker requires a lot of sacrifices. Depending on a single income could be challenging and requires proper budgeting and planning.  Managing finances is as important as earning them. If you don't know how to manage it, then you'll not be able to grow your wealth. Saving from income is one part, and investing is another. Just saving will not help you to grow until you invest in the right asset class. Start Investing in Mutual Funds for Child Education Money management tips for Homemakers 1. Have an emergency fund The first thing is to have an emergency cover ready which is your emergency fund. In life, we can face a lot of uncertainty, from medical illness to job loss of the bread earner in the family and many more. It is better to have an emergency corpus ready to cover your expenses for six months. So, your savings won't be affected in an emergency situation; they will remain untouched. 2. Buy life and health insurance Many people make this mistake; they don't buy life and medical insurance. But it is one of the biggest mistakes they make while managing finances. Medical insurance will help you when you need medical treatment for your illness. Because when you become ill or require some surgery, then medical insurance will help you to bear those expenses. At the time of surgery, you may not have the budget to afford those expenses, so it is better to buy one. Create Goal as per Home Requirements 3. Plan a monthly budget Write down all your monthly expense on various items like expenses on daal, flour, oil, vegetables, and so on. Identify the minimum budget for all the necessary items. For example, if you have made a budget of Rs.3,000 for vegetables but have only spent Rs.2,000, save those Rs.1,000 and allocate them towards your savings target. Try to do it every month at the beginning of the month. This way, you can plan and save every month. Source: pexels 4. Try to save Try to save from wherever you can. First, fulfill your necessity and then luxury. Try to avoid buying luxury items. If you can't avoid them, then buy them at last. Or you can also identify whether those are needed or not by postponing them. Suppose you go shopping every month, then try doing it once every two months.  Money Management Tips for Kids Read More 5. Invest your savings With time, the currency is getting depreciated. The amount that you are saving every month is getting depreciated over time. So, you need to invest your savings as per your risk appetite to beat inflation, and even in the long term, you can create wealth. For example, you go and buy 1 kg daal for Rs.100, but after a few years, that same daal might cost you Rs.150. If you don't invest your savings, you'll probably lose the value of your savings. Download App and Start Saving 6. Have supplemental income streams Augmenting your earnings with a secondary income stream can play a pivotal role in achieving financial independence. By harnessing your individual talents and expertise, you can establish a supplementary revenue source. Opportunities abound for individuals, irrespective of their skillset, to generate additional income. Your unique skillset can be an invaluable asset in establishing a supplementary income source. Whether you possess specific expertise or not, there is a spectrum of opportunities available to you for augmenting your earnings. Conclusion: Financial literacy is critical irrespective of the role you play in your life. Homemakers could quickly learn and improve money management skills as it is done in everyday life. Homemakers could save for their family’s future along with managing the present. Channelizing your savings into the right asset class is very important FAQs Why is having an emergency fund essential for homemakers? Having an emergency fund is crucial to cover expenses during unexpected situations, such as medical emergencies or job loss, without affecting your savings. Why should homemakers buy life and health insurance? Insurance safeguards against medical expenses and provides financial support during illnesses or surgeries when budget constraints could be an issue. How can I save more effectively as a homemaker? Prioritize necessities over luxuries, delay non-essential purchases, and reduce the frequency of discretionary spending like shopping, saving more in the process.