Child Education Planner
Importance of Education
Education is undoubtedly plays an essential part in building a strong foundation in one`s life. A good education is an important pillar of every child`s life as it is instrumental in shaping one`s personality while also determining his/her progress through life.
With the costs of education increasing substantially with every passing year, it makes sense that you start planning for your child`s future as soon as possible. By saving early, you can atleast put yourself in a better financial situation when the day you finally wave your children off to college arrives!
Child Education Fund Calculator: A Tool to Fulfil Your Child`s Future Goals
If you are wondering how much you should be putting away each month for your child`s higher education, our child education planner is here to help you out. Simply put, our tool gives you a fair estimation of the costs you need to take into account to fulfil your child`s future academic needs. The estimation is based on your current lifestyle and spending habits thus helping you evaluating the gap between the savings and the funds required.
How to Use Our Education Planner?
It`s difficult to judge exactly how much you will need to save for your child`s education. The sooner you get started, the better the eventual outcome will be. Fret not, our child education planner is here to help you figure out how much you will need to set aside to fund your child`s education.
Keep in mind these are just the basic expenses which include college`s tuition and academic material. However, the truth of the matter is that a really great educational journey goes beyond the traditional learning environment so you may also want to consider expenses like rent while studying abroad, advanced learning material, extra-curricular activities your child might take up amongst others.
Here`s what you need to do:
Step 1: Enter you and your child`s current age.
Step 2: Choose the desired education you would like to provide for your child. For instance, if you harbor ambitions of your child becoming a doctor, you need to select the `Doctor` option from the drop-down menu.
Step 3: Enter the anticipated education costs for the desired education.
Step 4: Enter the anticipated age at which you think the corpus would be required by your child.
Step 5: You can change the default inflation rate as well as the growth of investment rate used. The growth of investment is the annually compounded rate of return you expect from your investments. The actual growth rate is largely dependent on the types of investments you select.
Step 6: Click on calculate and wait for the results to see what the total cost of education is and how much you may need to save on an annual basis to attain that goal.
Benefits of Using our Education Planner Tool
In order to efficiently accomplish your life goals, planning is the first step and it needs to be done by taking all the possible factors into consideration. Quite simply, the sooner you start saving the less you`ll have to put away. Our ingenious Child Education Planner helps you in chalking out a well-thought-out financial plan for securing your child`s future by giving you an estimate of the expenses involved and investments required so that you`re not caught off guard at the time of need.
Further, with the cost of education ever increasing, it has become imperative to make enough savings in order to cope up with high inflation in the future. Our Child Education Plan also takes into account inflation rate to give you an estimate on how much corpus you will need to have saved for your child`s education in the future.
Our Child Education Planner is extremely simple to use; it doesn`t take more than a couple of minutes to calculate how much you should save today to meet your child`s education expenditure tomorrow. By planning early, you can reduce the burden of taking on high debt to pay for your child`s higher education later on in life.
AN Feb 19/18