Is your child’s foreign education a crucial goal?
education has petered off a little in the light of job shortages, visa issues and higher living expenses abroad, many a parent is continuing to save for this goal without considering either the financial feasibility or practical problems of living and finding employment in these destinations. If you, too, are looking at this option, it is important to check if this goal is worth the effort you may be putting into it. Since this decision has the potential to wreak havoc with your finances and create uncertainty for your child, it’s best to consider the following factors before you proceed.
India vs South Africa T20 World Cup Final Live Score
India vs SA Final T20 Final Weather Forecast
India vs SA Final Pitch Report
Is it financially feasible for you? It is one thing to aspire for foreign education and quite another to muster the funds for it. Understand that the tuition fee itself in top destinations like the US, UK, Canada and Australia can easily cost anywhere from Rs.10-55 lakh a year. Add to it the cost of travel and living, and you could easily be spending Rs.60 lakh-2.5 crore for an undergrad course. In alternative, cheaper destinations or for postgrad courses, the cost would be lesser, but still add up to Rs.40 lakh-1 crore.
If you are not already flush with funds or have a large investible surplus, you will have to start saving for this goal very early or save a large amount every month if you start late. Make sure this one goal doesn’t impact your other important goals like retirement,
Read more on economictimes.indiatimes.com
