It’s worth remembering that on top of university tuition fees, you will have to find a way of funding books, transport, food and accommodation. On-campus living, for example, can be expensive, costing around ₹21 lakhs a year in the US. Other incidentals like flights home and paying to store belongings between the end of one university year and the next can all add up.
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But the good news is that the sooner you start, the easier it is. If you start investing monthly when your child is 5 instead of waiting until he is 10 years old, you could have more than double the amount by the time he goes to university.
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Reaching what might seem a daunting target is made much easier if it’s through small regular amounts, which can be done through Systematic Investment Plans (SIPs) in mutual funds.
Let’s look at Pooja Sharma , 35, a successful business manager with a two-year-old son. She has decided it’s the right time to invest in his education, and will put aside ₹10,000 a month in an SIP for the next 16 years to pay for his education.
By the time Pooja’ s son reaches his 18th birthday, his mum will have invested₹19.2 lakhs . With a projected rate of return of 10% per year, she stands to have ₹47.4 lakhs in his education fund.
Investing over the long term means that Pooja will be able to ride out any losses, and her investment plus compound interest should meet all her son’s education
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Like Pooja, you can discuss with our Premium RMs, how much you want to invest each month and the type of investments you would like to explore.
Want to learn more? Click2Chat with Standard Chartered Premium Banking’s team of financial experts. We are here to help.
