How to Save for Your Child's Education

Planning for your child's education is one of the most important financial goals for any parent. With the rising costs of higher education, starting early and investing wisely is key.

1. Estimate the Future Cost

Start by researching the potential cost of the courses your child might be interested in. Remember to account for inflation, which can be significantly higher for education than the general inflation rate.

2. Start a Systematic Investment Plan (SIP)

A SIP in a diversified equity mutual fund is an excellent way to build a corpus over the long term. The power of compounding can work wonders when you have a 10-15 year horizon.

3. Consider Child-Specific Plans

Some investment products like Sukanya Samriddhi Yojana (for a girl child) or specific "child plans" from mutual funds and insurance companies can offer dedicated savings avenues.