“An investment in knowledge pays the best interest.” \u2013 Benjamin Franklin<\/p>\n
This famous quote about education signifies the importance of planning for a child’s education. As a parent, you want the very best for your child when it comes to getting quality education. Given the rising cost of higher education in India<\/a>, you might have felt the need to plan ahead for finances to support your child’s education. While saving money for educational needs is one way to go about this, it is not the only one for you to rely on. Investing money in one of the best child education plans\u00a0<\/a>is a better alternative that can help your child achieve the dreams of higher education without worrying about the cost factor.<\/p>\n
Here is a stepwise guide to planning for your child’s education:<\/p>\n
The wise men say it is impossible to achieve a goal you cannot imagine. The same holds true when you think of the cost of education quantitatively. Before you select the best child education plan, you must have a clear picture in mind about the number of years you have to save for or invest money, and the approximate amount you will need.<\/p>\n
For instance, if you have enrolled your child in Nursery standard this year, you will have around 14-15 years to plan for his higher education. This time-horizon is an opportunity for you to grow your money and start investing in the right instruments. You should not wait till the last hour as this will most likely create unexpected chaos in terms of arranging the required amount.<\/p>\n
One of the primary reasons for investing in the best child education plan early on is to build a habit of putting money aside and bring discipline into the picture. It often happens that people tend to give the least importance to investments while being more inclined towards unnecessary expenses. By starting to invest early, you tend to cut on the unneeded expenses and diverting the money towards the right investment instruments.<\/p>\n
Another benefit of investing early on is the improvement in your risk-taking capability. Alongside, you increase the probability of earning good returns till the time of your child’s higher education.<\/p>