7 Brainstorming Tips to Save Money on Your Children’s Education
The education costs are growing higher day by day. To get quality education especially for a graduate course the fee structure is building up several times. For parents, although it is a tough job; giving a stronger graduate course for their bright future is the only desire. Quality of the education is all that matters that demand high fees. Being an early bird is always necessary when it comes for saving for children future. You can also attend some accounting programs if you feel much nervous. Here are some tips that you can consider to save money in an effective way.
Explore Tax Benefits
There is benefit hidden in the tax structure on the tuition fee of the children. There are certain constraints that you must meet in order to avail those deductions. The condition is much simpler that if you are paying the annual tuition fee for two children then the tax is deductible up to Rs.1.5 Lakh. This tax deduction policy is available under the section 80C which you can utilize if you are falling under that condition. Similarly, you can look around to find more information on the tax deductions. By doing so, you can save a huge amount of money and invest it in some place where the wealth takes a grown form in the future.
Save On Books
This point may look so simple a usual one yet it is a very beneficial tip. Remember your child is going to buy books right from the kid school to graduate or post graduate. In some education standards, the books get changed every term. Take a minute to sit down and make an approximate calculation of the total amount of money that will be spent only on getting new books. The total amount can be much surprised to you. In order to save that money, you can opt for buying books on second hand. It is not necessary to have fresh books, readability is the main goal of books hence you can consider getting used ones.
Also, there are huge numbers of libraries that will save you from spending a lot on the books. Especially, during the college day where the books are necessary every 6 months, it will be a bigger burden. So try to find out the optimal way of preventing much on books.
Start It Early
When it comes to education it is a must invest scenario. Hence, better be ready to spend much than setting smaller goals. Always try to save in huge amount which will definitely be a helper in a hard time. It will save you from getting into a bottleneck situation. You may sometime face with some unexpected expenditures. So, be an early planner and start accumulating right from the very beginning.
Choose Education Loan Wisely
There is a wide range of educational loans available over the market. Apart from the suggestions from your friends and family; it is you who must be much careful while choosing an education loan. The education loan is a knife with two sharp edges; you must be very conscious while handling it. Compare all the options available around you. Be much choosy. Check all the terms and conditions. Then think about your current situation and how much you will be able to pay in the future. Don’t put yourself into a huge burden by selecting something much costlier. You can also seek other methods of arranging money hence don’t bury yourself in the mud.
Make Futuristic Analysis
Don’t think of the education rates available nowadays and decide upon the money to be saved. Always have a futuristic approach. The educational amount will climb up to 200% of the current fee structure within 10 years of time. Hence, prepare yourself for any kind of growth in the fee amount. For instance, investing over the stocks and diversified equity funds for a period of 15 years, you can get a return of up to 75 lakh. Similarly, according to the dreams of your children choose the plan and work right.
Find the Investment Options
Investing in the right places is another important way to earn money. You can find your ideal part of the investment. Some places where you can have an idea of investing are the diversified equity funds, stocks, Debt-oriented balance funds, Recurring deposits and much more. Investing is always a great option but beware of the fraudulent.
Approach the Goal
Even after saving the desired amount you must be much conscious. In an idea that you have saved enough amounts, you must not spend it lavishly. While opting for the course for your children future is more comparative. Start early, be wiser and stay stress-free at your children education investment.