Education is the best gift you can give your child. It improves their understanding of the world and secures their future. But an official survey shows that education spending in the country has gone up sharply which could be a financial burden on households. A Report of the NSSO’s 75th Round of survey of ‘Household Social Consumption of Education in India’ between July 2017 to June 2018 shows that secondary level is unaffordable for most working people and school education involves high costs.

The good news is that a child education planner can help you start saving and investing a corpus tailored to meet your future financial requirements. It helps your child focus on their career without worrying about exhausting their finances. Below are a few other reasons why a child planner would be a great idea. 

Helps Chalk Out a Plan 

An online child plan calculator gives parents a fair estimate of the amount they have to invest to plan an academic roadmap. It will be based on your current financial status, lifestyle and spending habits. You may get an idea of the gap between your savings and the funds required to meet the entire expense. The sooner you begin, the better is the ultimate outcome. Your child will be able to take up any course depending on their skills and interest without monetary restrictions and fulfil their dreams. 

Prepares for Unexpected Events 

A child education planner is a robust tool that can help evaluate the exact money needed to fund the whole education expense. This is vital to stay afloat amid unfortunate events like untimely death of a parent or job loss. The child does not need to fall back upon their emergency fund or break the investments to pay for the exorbitant college fees. Accumulating the right savings with a planner will protect education goals from getting hindered. As parents, you are free from taking student or personal loans that add to your burden. 

Helps Cope with Inflation

Studies say that surging inflation is likely to be a significant ‘pain-point’ for the Indian economy in the post COVID world. But the good news is that a child education planner can help you plan against inflation. The best tool will take the inflation rates into account while calculating the investment figures. It will help you put aside the accurate amount to build wealth and pay for the inflated school and college fees. This can further safeguard your child’s aspirations even when you are not around. 

Avoids Costly Financial Mistakes 

A planner is accurate and eliminates human error. Users can get the exact amount they need to put for their child’s educational needs. The result is highly reliable and helps you plan your finances accordingly and start the investment process. There is absolutely no hassle of manual calculation with complex math formulas which is tedious and time-consuming. 

User-Friendly and Convenient 

A child education plan calculator is extremely simple to use. It is entirely digital and takes only a couple of minutes to arrive at how much you should save. All you have to do is enter details like your age, your child’s age, desired education, corpus for desired education, child’s age when the corpus would be needed, inflation rate and investment growth. Simply hit the ‘calculate’ button to see the investment amount per year and the timeline. Now you can start viewing different savings plans to get your child’s future covered. 

It is critical to plan well to be able to save sufficient corpus till it is time for the child to enrol into educational institutions. Do not have to worry about funding the expenses when you have a planner in place.