Worried About The Rising Cost Of Education? Here Are Some Financial Planning Tips to Fund Your Kids Education


With the increasing cost of schooling, funding your kid’s education can be a tough ask today. Many parents find it difficult to pay for the hefty education fees of their child. However, with some careful financial planning, you can make sure you have saved enough to give your child a bright educational future. Here are some financial planning tips to fund your kids’ education. 

Below five years:

Your kid is significantly young at this phase of their lives. This entails, practically, the majority of your expenses would be on their health, clothing, food and day-care costs. This usually means that you should start saving as early as feasible while keeping your financial goal and priorities in mind. By having the best child plan, you can take advantage of capital appreciation which in result will let you accumulate a considerable amount over a span of time. 

Between five and fifteen years:

During this stage you have to deal with your kid’s school admission, tuition, and health care other associated expenditure. You may not have any idea precisely what your kid may end up following 10 years from now. However, you should have an idea whether you’d like to send your kid to college or a college overseas. You’d also wish to confirm whether your kid to pursue post-graduation or not. This is the time when having carefully planned financial plan for your kid’s educational future will help you steer clear of any possible financial strains. There are also many insurance plans & child plans that provide periodic payout alternatives which can let you meet short-term expenditures. 

Above fifteen years:

This is the age when you have to get ready to set up your kids for higher education starting from college to their post-graduation. In fact, this is the stage when you can gain multiple benefits if you had begun saving early. If you have the best child plans, education plan and unit-linked insurance plans, you’ll certainly, have enough returns to beat inflation. 

Your kids are your world so plan their educational feature smartly. A good plan today is better than a perfect plan tomorrow. So, don’t delay! Start planning to fund your kid’s education from now. Get in touch with Sunil Chugh Financial Planner – a trusted financial advisor in Mississauga.  For any further inquiry, visit www.sunilchugh.com

Disclaimer: The information in this commentary is for informational purposes only and not meant to be personalized investment advice. Please contact your investment professional for investment advice and before investing in any product. ACPI does not publish market research and Sunil Chugh is not registered as a research analyst. The content is from sources believed to be accurate and the opinions expressed are those of the author and do not necessarily represent those of ACPI. 

Location: Mississauga, ON, Canada

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