Parents always wish to give their children the best education, and to achieve this, it’s natural for them to want to send their kids to another country.
While that dream might actually become a reality, the price tag that comes with it can often become a nightmare. A course abroad fee can make parents feel pressured and over the edge even if they earn well.
The founder of EduFund, Eela Dubey says, the fee to pursue higher studies in a private American university is already hefty, and when you add expenses like rent, food, and transportation to that, the costs are bound to pile up. So instead of postponing the setting up of an education fund for your child by the time she’s 15, experts advise parents to start acting at an early stage.
Here are some tips parents can use to plan their budgets before fixating on the dream of sending their children abroad for studies.
Save money early
Experts say that parents should start setting aside funds for their education as soon as the child is born. The amount you need won’t seem too high if you start early. Even if it’s not enough in itself, the collected amount can aid when you need to opt for loans.
Opt for long-term investments
Collecting money for your children’s future education can also be done by opting for the right long-term investments. Investing in mutual funds and ETFs works fine if you’re not a professional investor, but if you have a grasp of the market, invest in stocks that give you good profit over the years.
Regularly check your investments
Experts suggest that every investor should periodically review their investments. They mandatorily need to be checked once or twice in a year so that you can control and make changes like rebalancing portfolio, increasing the amount of investment, etc.
By reviewing, what we mean is the comparing of the fund’s routine with its associate plans to rate the performance and make alterations if needed. If you find that your current portfolio is performing weakly, you can shift to another plan to save yourself from troubles while preparing for your child’s education.
Be steady with the plans
We believe that every parent must steadily contribute to their financial plans in order to see the successful materialization of their goals. You could invest in anything, be it any scheme or plan, but do it without slowing down, for these are the main sources for a future benefit.
We believe that when you take the brave decision of sending your child abroad for studies, it results in them returning with a global experience. But it’s only worth the trouble if you do it right. Thus, if you take up the duty to fund your child’s international studies, make sure to seek expert guidance and take the appropriate decisions.