Foreign Education for Kids: Higher education of children in India or abroad is one of the biggest financial priorities of every parent today. It is not only enough to save money, but a correct and planned financial planning is necessary, so that you can do children at the right time required for their dream flight.
Education expenses are continuously increasing. Especially for studies abroad, it is important to take care of things like tuition fees, living expenses, travel and currency exchange rates. Here we are telling some 6 important steps that can help your child to bear education in India or abroad.
1. Properly guess future education expenses
Education expenses are increasing 5–7% on an average every year. Take care of these things, especially for studies abroad.
Tuition fees: In countries like Germany, government university fees can be Rs 10 lakh annually, while private university fees in the US and UK can go up to Rs 40–50 lakhs.
living expenses: Rent, food, transport and utility bills are also a large amount.
Visa and travel expenses: Add expenses like flight tickets, visa fees and medical tests.
Health Insurance and other expenses: Health insurance is mandatory in some countries.
2. Start investing early
The sooner you start investing, the more money will increase.
For short term: Saving Account and Fixed Deposit
For long term: Mutual funds like options
By starting early, a large fund can be made bigger than small amount.
3. Choose the right investment plan
Choose a plan that is flexible according to your earnings and needs.
In some child investment plans, you can decide how much amount you will invest every month and how many times you will do.
4. See options for scholarship and education loan
Government and private institutions offer many types of scholarships.
Apart from this, education loans of Indian banks and NBFCs can also bear tuition fees and living expenses.
Choose low interest rate, easy repayment plan and tax exemption options.
5. Prepare before leaving abroad
The visa process of each country is different.
Medical test
Documentation
Health insurance
All these expenses should also be included in your plan.
6. Make plan to deal with currency exchange and inflation
Open the currency card or international bank account to avoid fluctuations in foreign currency rates.
Some banks also provide better currency rates and transfer services which saves money.
Make a budget keeping in mind inflation, so that there is no problem at the last moment.
For the child’s higher education, investment is necessary not just saving, but with the right strategy. The balance of mutual funds, fixed deposits and savings account will give you a strong economic basis. If you prepare from the beginning, it will be easy to realize the child’s dreams.
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