As being a responsible parent, everyone has a dream of providing a better education and a secure life to their children. This is considered to be the worrisome exercise for the parents, but it is very much possible in the most uncompromising way if you get it right.
Here is the 5 step guide for your child's future planning:
Set a target date
Set a target amount in today's term
Find out the amount you need on target date
Factor in the estimated inflation
Estimate the return which you can generate over your investments
Calculate per month contribution
There are investment plans to accumulate the amount to meet the obligation for higher education expenses. Always remember to consider the inflation while investing. For instance, the cost of graduation today is 8 Lakhs for an engineering graduation today but may cost Rs.20 Lakhs after 10 years!
An investment made today for Children's education expenses in the future will reduce your worries at the time you need to make the expense. It is important to study all the children plans available in the market and invest in the one which meets your requirement.