Studying overseas is a dream come true for a lot of. However, for finding out in a international college, one has to rearrange funds to pay admission charge, tuition charges, purchase tickets to journey to the nation for admission, lodging, meals, and so on.
So, within the absence of scholarships, arranging funds turns into a problem for the scholars belonging to not so rich households.
The excessive charge of inflation within the schooling sector and fluctuation in forex charges make it even tough to estimate the fund necessities.
However, if dad and mom plan early to offer their kids increased schooling in international universities, they’d get ample time to take a position to build up funds.
“The good part about planning for a child’s future to study abroad is that the parent has time in hand to plan their finances,” stated Vikas Singhania, CEO, TradeSmart.
By beginning early, one might accumulate the required fund by saving and investing smaller quantities in comparison with accumulating the required fund over a shorter interval.
“It goes without saying that one needs to plan and invest as early as possible. The earlier one plans, the more chance of meeting the desired goals. Further, one can avoid taking riskier bets if one starts early,” stated Singhania.
To begin saving and investing early, one must plan early and decide the monetary purpose correctly.
“Many factors will decide the investment planning like a tentative idea of the fee keeping in account inflation, the number of years left to achieve the goal, the amount one is willing to save every month and the instrument to save in,” stated Singhania.
“Depending on these factors, one can suitably save and achieve their goal. An amount of Rs 15,000 saved every month for 15 years in an instrument which yields 15 per cent per annum would leave Rs 1 crore in the hands of the parent,” he added.
Source: www.financialexpress.com”