How to Save Money for a Child's Education?

What Are the Ways to Save Money for a Child's Education?

How Much Money to Save for Children's Education?

FAQs About Saving Money for a Child's Education

What are some common types of savings options for children's education? up-arrow

Some common types of savings options for children's education include fixed deposits, recurring deposits, and Public Provident Fund (PPF).

Is it better to start saving for my child's education early or later? up-arrow

Starting early is always better since it gives your money more time to grow. It is still possible to save a significant amount of money even if you start saving later; only you may have to invest larger amounts.

How much money should I aim to save for my child's education? up-arrow

The amount you should aim to save will depend on the type of education you want for your child and how much it will cost. It is best to do your due diligence and create a budget for your child's education. This way, you have set a goal to start saving towards.

Can I take an educational loan for my child's education? up-arrow

Yes, there are various loan options available to aid parents in dealing with their children's educational expenses. However, it is important to consider the interest rates and repayment terms before taking out a loan. Hence, it is always best to save as much as possible before considering a loan.