If you are a parent or a parent-to-be, then your priority is securing your kid’s present as well as their future. You want to give them a good education and wish they have a ‘healthy-wealthy life’. However, the best things in life come at a price.

For instance, today, schooling and graduation from renowned institutions could easily run into lakhs. On top of it, you might also have to get them involved in non-academic, extracurricular activities such as sports, painting, and music amongst others for a more balanced life.

Thus, it is no secret that you will need a lot of savings. Hence, having a child financial plan is integral to achieving this goal. So, let us have a look at how to do that.

If education at a renowned engineering college today costs Rs 10 lakh, it will not cost the same 10 years down the line. In such a scenario, it is prudent to start with financial planning early. The earlier you start, the better equipped you will be to realise your dreams and prepare for life’s eventualities.

You can start by making a rough calculation. Find out how much your child’s education may cost and subsequently set a target.

Remember to factor in inflation as well as any unforeseen financial need in your plan.

Now, to achieve this goal, inculcate a discipline of saving. The practice of saving is the most crucial aspect of financial planning.