Start small, be consistent, and use tax-smart mutual fund strategies to support the future studies of your child.
Child Future Plans: Skill-based investments are a series of small, strategic bets rather than a one-time financial commitment. From a financial standpoint, skill-based learning is often quicker and more cost-effective than a full-fledged degree program.
If you are worried about saving for your child’s education, there are several options, including child-focused mutual funds, SIPs and government initiatives that will help you plan strategically while also reducing your financial burden. Here is a guide.
Your child’s education involves three phases: capital accumulation, protection and preservation. Your choice of investments would vary as you move from one stage to another
Bankbazaar.com explains the need to effective plan the education of children. It stresses on how education costs have risen and challenges lie ahead in the future if this is not efficiently planned.