Disciplined regular investing, periodic step-ups of investment amounts and performance reviews, hold the key to ample savings for your child’s future.
Fulfilling our major aspirations typically requires us doing boring things over long periods of time. Saving ample amounts for children’s future is no different. The discipline of regular investments that we discussed in the previous article not only needs to be maintained but also needs to supplemented with other actions if we are to save the large amounts required for children’s future, especially their higher education. It is not uncommon for parents to get started in the path to ample saving for their children’s future only to get lost on the way. So, how does one reach the cherished destination? Here is an action plan that will help you keep the momentum on to drive home the advantage of an early start.
Increase regular investment amount
Regular investments like those in mutual fund systematic investment plan (SIP) need to be enhanced over time as your pay increases. One way to do this smartly is to use the top-up SIP facility.
Invest lump sums
It is not unusual for you to periodically receive lump sums such as bonus. Channelise a portion of these inflows into your investments for your child’s future. This will provide further impetus to the growth of your money.
Steer clear of common mistakes
This story is from the January 28, 2019 edition of Outlook.
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This story is from the January 28, 2019 edition of Outlook.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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