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Dear parents, Here’s how you can plan to tackle the rising cost of education

Partnered|Jul 06, 2017, 12:59:24 IST

An investment in knowledge pays the best interest – Benjamin FranklinDo you wish to provide the best possible education to your child so he can be whatever his heart desires? But have you wondered what it would cost to fuel that dream?According to the latest survey by ‘The Associate Chambers of Commerce & Industry of India’ (ASSOCHAM), the average cost for a single child’s primary/secondary education has gone up from 55,000 rupees in 2005 to 1, 25,000 rupees per annum in 2015. While the annual income on an average for the well-off parents have only risen from 28% to 32% in the corresponding period.78% parents said that it is impossible to pay for even one child’s education when only one member works. With the rapid increase in the cost of education – long-term savings seem like the only suitable option. But is that enough?Check out this insightful video by Birla Sun Life Mutual Fund to know more.

A possible alternative to cover your child’s education cost is an investment in mutual funds. A small amount invested every month in mutual funds can help you create wealth to cover the said cost. And the best tool for mutual funds is Systematic Investment Plan (SIP).SIPs are a good choice for those who do not have enough understanding of financial markets. For one, it reduces the average cost of units purchased. Secondly, consistent investment ensures that you don’t miss any opportunity to cash on in the market.To calculate the right amount for your child’s future click here!Mutual Fund investments are subject to market risks, read all scheme related documents carefully.This is a partnered post.

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