All you need to know for your child's higher education abroad

Parents often&nbsp;dream&nbsp;of&nbsp;sending kids&nbsp;abroad for higher education. But just dreaming is never enough.&nbsp;Parents need to arrange sufficient funds to fuel this&nbsp;dream.&nbsp;However, inflation has made this objective a lot harder than previously imagined.&nbsp;So, as a parent, you need to save up well in advance&nbsp;to fund your child’s&nbsp;higher education&nbsp;abroad.&nbsp;While&nbsp;planning&nbsp;a child’s&nbsp;higher&nbsp;studies in a foreign country, keep in mind&nbsp;that along with admission and tuition fees,&nbsp;you&nbsp;also need to provide for food, lodging, and health expenses. Here’s a list of factors that parents need to keep in mind before preparing to send their youngsters abroad to pursue their careers.&nbsp;



Start saving from day 0&nbsp; Yes, you read that right. If you&nbsp;are&nbsp;planning to&nbsp;send your child&nbsp;abroad once he finishes school,&nbsp;it’s time for you to start saving&nbsp;up&nbsp;right&nbsp;the beginning. Remember, judicious financial planning is the key towards your&nbsp;child’s future success. Your child may be in middle school today, but before you&nbsp;realise, he will be ready with his luggage to fly to&nbsp;the&nbsp;US or Europe. Therefore, start with an education savings account in&nbsp;your child’s&nbsp;name or make some smart investments, like buying a plot of land. All&nbsp;these&nbsp;will invariably give you sizeable returns once your child has grown up and is ready to go to college. The idea is to be consistent with the practice of saving, even if it means saving small amounts occasionally.&nbsp;



Help your child choose the right study destination&nbsp; Choosing a cost-effective study destination will help you manage&nbsp;the expenses better and your&nbsp;youngster&nbsp;can also continue pursuing his career without worrying too much about being a burden on you or paying back your debts. Choosing an ideal study destination means opting for a place that offers a sound quality education but is also not hard on your pockets.&nbsp;



Let it be a joint contribution&nbsp; It is often easier for&nbsp;double income&nbsp;parents to send their child to foreign countries&nbsp;in order&nbsp;to pursue their dream career, compared to the ones where only one parent does all the saving. If both spare a part of each month’s salary into their child’s education funds, the target will be&nbsp;easier to reach.&nbsp;&nbsp;



Widen your saving/investment horizon&nbsp; Indian parents often prefer&nbsp;investing&nbsp;in Fixed Deposit&nbsp;Accounts (FDs), and liquid assets like gold or real estate. However, contrary to popular belief, they often take a lot of time to secure proper returns. Therefore, it is important to widen the investment opportunity by spending in equity markets or foreign stocks that have a better and quicker chance of returns.&nbsp;&nbsp;



Moreover, choosing the right bank is also important. You need to be certain about the interests they are offering and the place they are in, in the financial market. Therefore, having multiple assets in hand is the most definite way out while saving for a child’s foreign education.&nbsp;

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