Now that you have a new addition to your family, it’s time that you start planning for the baby’s future. The cost of basic facilities like higher education has become manifold these days, hence it is important that parents start planning ahead to ensure that their child has a problem-free future. Parents do not know what the child will undertake in the future so it is best to be prepared with a suitable investment plan to meet the financial needs.
The best tip is to take advice from a professional before investing blindly in any investment plan. Estimate the total expenses in college education by adding the present fee and inflation costs. You may be shocked by the figures, but by proper planning you can easily save the requisite amount. Start saving early, choose an investment plan, and take help from scholarships and student loans at a later stage. When you start investment in funds, do not limit yourself to only one or two funds. Moreover, review the progress of funds each year and re-adjust them if necessary. Look for mutual funds instead of putting all your money in a money market account. A year or two before the child starts college put it in an accessible place like your bank account.