Children Education Planning

Children Education Planning

As a parent, we want to provide the best education to our children so that their future is secured. But most of us neglect the importance of children’s education planning that results in facing a mountain of loans at the time of need, which not only affects the savings they have made for their retirement, but also their personal financial budget for the family.

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The cost for children’s education grows over 20% yearly. Saving for your children's education requires a long-term plan. And, like saving for retirement, the earlier you start your planning, the better.

Did you ever think how much your child’s education would cost you?

Can you offer to send your child to the best university?

Some facts about Education planning:

  • Better to start saving early
  • Compounding profit rate makes small investment larger

 

To start, follow the below step-by-step for your child’s education planning:

Step 1: Know how much time you still have until your child starts university; the sooner you start the better it is.

Step 2: Assess the education fees cost today and see how much it will cost you in the future when your child will start university. This would help you forecast tomorrow’s cost.

Step 3: Automate your savings: The simplest way to start saving is to make it easier for  yourself by opening a regular savings account, such as enrolling in the myPlan savings program.

 

Click here to use the college savings calculator to help develop or fine tune your education savings plan.