Tips On Saving Money For Your Children

Since you're a parent or about to become one, the only thing on your mind should be ensuring your child's current and future well-being. Nothing is more important to a parent than the happiness of their children. Regrettably, in today's world, joy and happiness come at a cost. As a result, you can start saving as soon as possible. According to educators of schools in Delhi, Investing early allows your funds to expand and contribute to the creation of a proper corpus for your children's education. The sooner you start investing, the more investment options you'll have and the more you'll be able to balance your risk. As parents, we wish to provide the finest for our children, particularly in terms of education. We prepare our children for the future by providing a good education so that they can meet their financial, social, and other needs. This is, however, better said than done. With tuition costs, we will only be able to save enough money for our child's college education if we prepare and execute well.  

 

INCREASING FEES OF EDUCATION

A lengthy article titled "How to Get A "NEET" Entry" appeared in the January 2019 issue of ParentCircle. This article was written for MBBS students and their parents. Let's start with the expense of pursuing an MBBS degree at a private university. Last year, the fees for MBBS in Karnataka were capped at Rs. 6.8 lakhs per year, while BDS fees were capped at Rs. 4.8 lakhs. The fee manager board has developed a rise of up to 8% over the previous year's fees. Taking into account all other expenses, a 5-year MBBS degree will cost upwards of Rs. 40 lakhs. In Tamil Nadu, the cost of an MBBS degree at a private college will exceed one crore rupees.

COURSE	INDIA	ABROAD
Engineer	20 Lakhs	48 Lakhs
Lawyer	16 Lakhs	50 Lakhs
Chartered Accountant	4 Lakhs	46 Lakhs
Fashion Designer	24 Lakhs	47 Lakhs
Journalist	8 Lakhs	34 Lakhs
Chef	18 Lakhs	28 Lakhs
Scientist	15 Lakhs	61 Lakhs

With the exception of the wealthiest 5% of rich parents, I believe that we should all be saving for our children's education. This is also due to the fact that inflation raises the cost of higher education by 8% in India and 3% abroad every year.

TIPS TO SAVE MONEY

• MAKE ROUGH FIGURE OF THE EXPENDITURE:

The amount of money you'll need depends on how old your children are, how many you have, what school they attend, whether they want to attend college or university, and whether you're saving for their primary, secondary, or tertiary education.

In general, you'll have to pay for the following:

1. School attire.

2. Field trips and summer camps for students.

3. Stationery, textbooks, and notebook computers.

4. Union dues and tuition.

5. Fees for extracurricular events such as athletics and choir.

6. Transportation expenses.

7. The price of the internet.

• MAKE A BUDGET:

Educators of international schools in Delhi guide students why it's best to start saving as soon as you can, whether you're about to become a first-time parent or already have children. Include all expenses in your budget and figure out how much money you will set aside per week in savings. Then, from your daily account, set up a direct debit to subtract a weekly balance into your savings. To keep up with inflation, raise the amount every year.

• KNOW THE OPTION TO SAVE AND INVEST YOUR MONEY:

To receive interest or dividends, you can place your money in a savings account, term deposit, controlled fund, shares, investment bond, or education fund. To save on interest and free up cash, consider paying off your mortgage quickly or investing in an offset account against your home loan. Consider your financial position and compare product fees, features, benefits, performance, risk, tax rates, donations, and access to the money before deciding on any of these choices.

• SAVE FOR SUPPLIES AND UNIFORM:

You will save money on supplies and uniforms by reusing those that are still functional, in good shape, and fit. You may, on the other hand, ask friends and family members if they have any extra supplies to offer you. Borrow textbooks from the school library or purchase used textbooks. Check to see if your child's school has a uniform exchange where you can purchase used uniforms.

• ONLY BUY NECESSARY THINGS:

When it comes to back-to-school shopping with your kids, make sure you just buy what is absolutely necessary. Uniforms, school bags, stationery, books, and laptops are all examples. Say no if your kids ask for something that isn't on the school supply list, such as new clothing or elaborately decorated backpacks. This will assist you in saving money.

• CHOOSE GENERIC:

Generic school supplies can save you a lot of money; depending on the item, you can get them for Rs 100 or even less. Plain notebooks, folders, pencil cases, pens, and pencils are all good options. Often, generic labels are less costly than brand-name goods while maintaining the same level of quality.

• MAKE SAVING A HABIT FOR FAMILY MEMBERS:

Discuss your savings strategy with your children so that they are aware of the advantages of saving for their education. You may have them do household chores in exchange for pocket money that they can put into a savings account. You should motivate older children to get a part-time or casual job so they can raise and save money to help pay for school supplies.