Explore the best investment schemes to save for your child’s higher education. From systematic plans to high-return options, discover effective ways to secure a bright academic future.
Education has become a business these days. Paying lakhs in fees is required just to join children in nursery at school. If they go for higher studies, it will cost even more. Therefore, the situation has arisen to save for children's education from now on. If you are also thinking of saving money for your children's higher education, you can invest in the following schemes.
1. PPF:
PPF is one of the most important savings schemes in banks like LIC, Post Office. Investing in PPF is best if you want to benefit children in the future. Especially in post offices, you can invest up to Rs.1.5 lakh per year. You can invest some money in this at any time. Investing in this for 15 years will be very useful for children's education.
2. High-yielding investments:
Life is not always the same. Even if things are good now, no one can predict the future. If a financial crisis occurs, money may not be available for children's education. For this reason, you should make safe investments that provide high returns. So even if you keep your savings schemes in banks, post offices, you should definitely invest money in any investment scheme that gives high returns. This helps to solve the financial problem when inflation occurs.
3. Life insurance scheme:
Since it is a big task for parents to raise their children from birth to a good job, they should invest in savings schemes accordingly. You should secure your savings with a life insurance scheme, especially with LIC, for lifetime benefits. This will definitely help in raising children without any fear in the future.
4. Advance planning:
Educating children is a big challenge for every parent in today's environment. So, how much will it cost to educate children accordingly? You need a plan on how to save your income. Today, many banks offer instant education loans, but many cannot afford to repay them. That's why the expenses for children's education should be planned in advance.
What should you know before saving?
It is best to save for children at birth or under five years of age. Along with this, you should plan how much you can pay according to your budget. It is also important to know if there is an income tax benefit for the savings you have made.
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