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How to Plan for Your Child’s Education Expenses

For parents in India and across the globe, it is no less than a bliss to have given birth to a child. It is a feeling that cannot be defined in words. Every parent wants to take the best care of their children, giving them all that is possible for a good life.

Along with the long-lasting happiness of having a child, parents also get the responsibility to ensure their children get the best quality education. Indeed, education plays a vital role in today’s competitive world. But the facts say that the cost of education is growing with time in India.

If you have children, you must have looked at the growing expenses of educating them all in good, reputable schools. Plus, there are other miscellaneous expenses as well.

A lot has changed over the past few decades in the field of education. But not everyone can afford to pay high fees of top-rated schools and colleges in India. It depends on individual’s earnings and regular expenses.

If you, as a parent think a lot about how you will meet your child’s educational expenses in the long run, the best answer to it is ‘Careful Planning’.

Let’s dig deeper to know more about it –

Educational Expense Planning – Why It Is Important?

With the cost of education going higher every year, how to deal with it is a hot topic amongst Indian parents. You might have even heard of people who work harder without taking care of themselves just to be able to afford their children’s educational expenses. Similarly, there are also those who prefer neglecting the need to give their children the education they deserve.

With the help of careful planning, one can ensure his children get good quality education without causing financial burden.

Here are five steps you can follow to plan your child’s educational expenses –

1. Save More Money as Your Income Grows

With time and experience gained, every individual’s income grows. Accordingly, people start to think how they are going to spend the additional income. This may vary from one person to another.

If you are having a child or are planning to have one, it is always good to think of saving a certain amount of money regularly. If your income grows, it would be better to think about saving more money than spending all that you earn.

The money you save this way can then be utilized for your child’s educational expenses.

2. Make Early Investments for Good Returns

The amount of money you save will stay the same unless you plan to invest it somewhere to get good returns.

Early investment in stocks, properties or even a local business can help you get profitable returns. But this is something you should plan carefully as per your specific needs.

You should plan to invest your money in several different ways only after doing the required research. Make sure such investments won’t cause financial burdens to you.

3. Research Well About the Best Educational Institutes

You may have found a wide range of educational institutes, each offering different facilities from the other. In some cases, parents feel confused about making the right choice on having so many options available. They may end up choosing a school in which schooling fees is much higher than in others.

So, researching well about different schools is an important step to plan for your child’s educational expenses. Otherwise, you will end up paying more than you can afford.

4. Get Yourself Insured

Parents’ dream of giving their child the best education stays unfulfilled if they die untimely or some unfortunate event happen in their lives.

Death can’t be avoided on its time. But one can plan to ensure it won’t affect his children’s life. One way to be followed is to buy a health insurance policy suitable to his specific needs. The chosen policy will ensure their family can live without financial burden.

5. Be Wise When Buying Books

From getting your child enrolled in the nursery standard to the twelfth standard, one thing is sure to happen – you will buy books every year that will no longer be of any use after the standard is over.

In the end, you will either sell those old books in scrap or keep them forever in some corner of your home.

In terms of books, one way to avoid spending more money than required is to buy old books online. Children’s rhymes, schoolbooks, engineering books or exam preparation books, you can easily find them all online these days.

Similarly, you can sell the old books online after your child passes a specific standard.

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