Child education or child related goals are very important goals for any family, emotionally more engaged for these goals and are ready to do financial planning. Goals considering from child birth to start up their career it is will start from) age 0 to around 25 to 30 age
In India generally we have to support financial as below event:
|Goals||Child Age||Today||After 5 Yr||After 10 YR|
|College||18 to 22||1200000||1683062||2360582|
|PG||22 to 24||600000||841531||1180291|
|Any Start Up||25||250000||350638||491788|
If you’re a parent, you’d know how having your first child feels. Right from the early years of the child’s age, you can start making savings to shape the future of your kids. When you start nurturing good quality education to make your child responsible, it is imperative to do financial planning since the birth of your child.
As the child grows, you would have to manage finances for schooling and then finally target higher education. When your kid starts going to your school, you will have to incur food, clothing, health, and day-care expenses. Parents should invest aggressively in savings plans to achieve their financial planning for children goals. Carefree Retirement can help parents of young children plan the right investment portfolio so that their child can have a bright future.
Between 5 and 15 years of age, your child needs admission to school, tutoring, healthcare, and other expenses. As the kid grows, he or she would have talents and interests. Your kind may develop special talents such as singing, acting, playing music, sports, or any others. If special coaching may be needed, you would have to spend money for that. At the same time, career planning at this stage requires timely economic support. Short-term and long-term expenses need to be met to meet the cost of schooling, tutoring, or special coaching.
When your child crosses the age of 15 years, he or she should have decided the career path. As a parent, it is your responsibility to help the child follow the dreams he or she may have. During graduation or post-graduation years, you would need substantial amount of money. When you have done financial planning for your child’s education, you would not have to borrow money or take up loan for further education.
After the child’s education is completed, he/she would want to start a new profession or business. Parents should plan their future and help them with the money. Carefree Retirement helps the parents plan the entire future of the child. When a client comes to us, we consider all the risks and plan the later years of the kid’s age. No matter what your financial goals for your child may be, we suggest you the best financial products and start saving during the early years. Before preparing a financial plan for education, we evaluate your child’s future needs and your financial status. Based on our understanding, we forecast the expenses and provide the best solutions to fund your child’s education.
Life is unpredictable and nobody can foretell the mishaps. We take into account any unfortunate events and plan the best investment for children. Right from the early school days to the child’s wedding, we plan everything. We can also help you with estate planning for children. Get in touch with us now to get the best advice on financial planning for children.