"Education is the passport to the future, for tomorrow belongs to those who prepare for it today". ~ Malcolm X
Parenthood is one of the most difficult tasks someone can undertake. Various elements of your world adapt to match the demands of your little one as soon as he/she enters your universe. You want to fulfil all of your responsibilities as a parent to the best of your ability. One of your key responsibilities is to do financial planning for child’s education.
If we consider cost inflation, education has never been more expensive. Under such circumstances, all you want is to have enough money saved to invest in your child's education without worry.
To provide the best education to your little one, you must plan ahead for the best investment for your child education. Your child's potential is limitless, so why limit them by failing to plan for their outstanding education early? Having a child plan for education allows you to look at many possibilities and choose the best investment for your child’s education.
You can invest in mutual funds or buy stock directly on the stock exchange. When held for 15-20 years, these investments have a great potential for higher returns (subject to market conditions). Additionally, starting to save for your child's future early eliminates the stress of accumulating surplus at the last minute and allows your assets to benefit from compounding.
Furthermore, when investing, you must determine your risk appetite to evaluate how much risk you are willing to face with your money.
So, it would be wise to plan your budget wisely for the best investment for child education. Here are a few financial planning strategies to consider: