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  • Category: General

    Saving ways for our kid’s education

    We all already know about savings through a savings account, retirement plan, insurance, real estate and health care investment etc. Now another saving is to be included in our account. It is the saving for our kids' education. We plan to deposit money on the most secure and comfortable plans for the purpose of education. But the cost of education is increasing each year. So sometimes we fail to manage our plans. If we have more than one kid studying in any school, college or other education institution then it might be difficult to manage with a single income.

    Through this thread, I want to know how to manage expenses for our children's education and what are the ways of saving for the same?

    {Edited}
  • #753219
    Savings exclusively for the kids is must but if it is kept in bank account we would tend to use it for other purpose and think that in future we would adjust but that wont happen. Suppose you have 20,00,000 amount in bank account, put it in the long term investment of mutual funds wherein for every year you wold get 1,20,000 and on 15th year maturity the sum of 43 lakhs would be paid to you. So the education expenses are taken care off and the money brings money. If you simply keep in the bank, this much return cannot be expected and thus smart planning for the children must be envisaged by the parents. The education in private schools are not less than one lakh per year even in ordinary private schools. Parents need to be earning by both to take care other pressing requirements of the family and children.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #753225
    Providing good education is one of the best thing that the parents of a children can do in their life. But at present it is not that easy especially if the parents are doing some small private jobs . As I am a teacher in an internationally famous private organization, my both children got good standard education at school level with lot of fee discount. From later onwards we have to struggle a lot till they got jobs through campus selection. My wife also used to do as a teacher in a private primary school. Along with this we used take tution classes at home. When we start day at 5'o clock and our works used to end at 11 'o clock. By toiling day and night hard we used to pay high feeses in highly ranked colleges and deemed engineering university. During that time we sacrificed so many things in our lives. As my children are good studies, my both the children got jobs in good software companies. So the hard work we put together throughout their studies paid the dividends at the end.

  • #753250
    These days education is also very costly. Not like earlier days. So we have to definitely plan for the education of the children is also very costly. The parents of these days should keep some money separately for the educational needs of the child.
    My elder son admitted his daughter in school and the fee paid is a lakh. Now he has to admit his 2nd daughter this year and he should be ready with Rs. 1/- lakh. So saving for a child'd ediucatin is very important. It is better to open an RD on her/ his name and start depositing around a some money around Rs,2000/- is very important. But it may not be possible to all. Based on our affordability we have to save some money for that.
    Otherwise, we can admit them in government schools and we have to pay special attention and teach them at home and see that they will study well.

    drrao
    always confident


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