How can I save for my child's education in Malaysia?
There are various education savings options, but here are the best methods to save for your child's higher education.
How much should I save for my child's education?
One-third of the cost of a four-year college education will come from parent's income and financial aid, one-third from savings and investments and one-third from student loans.
How much is college fund?
It is depends when, where and which college your child is going one. What we can do is plan for it.
A good education is the one most precious gift to your children.
However, the costs of raising and financing a child through school and university are rising sharply. It can range anywhere between RM50,000 to RM500,000, or even more.
Your child’s future depends on what you do now, so careful planning and budgeting are essential to ensure that you have adequate savings available when your child goes for further education.
Explore the estimated cost of education at local and foreign universities with our University Cost Guide. Pair the Guide with our Education Planning calculator to estimate the future education cost, gauge how much you will need to save, and consider the probable funding options.
Whether your child studies abroad or decides to do this locally, you can prepare for his or her education with myOWLBox Goals.
(Country,
University & Course)
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Let's check how much you should save for your Kid's Education Fund right now with Simulator at below :-
Education Planning
Addtional Recommendation :
Get Yourself Adequately Insured
Have you considered what will happen to your dream of giving your child the best possible education, in case you have an untimely death or meet with an accident that impedes your physical ability to earn?
One of the biggest potential setbacks to a child’s education is the demise of the breadwinner in the family and the lack of insurance.
Ensure that you have enough life and health insurance to at least cover the tuition fees of the school and college your child will possibly attend.
You see, there are ways to achieve your family goals even in your absence.
But that can only happen if you have the
right amount of insurance for your family’s financial goals and regular expenses to still be met.
To know the appropriate amount of insurance coverage you should have, you may use
Rule of Thumbs Financial Needs calculator.
Likewise, you can get Free Insurance coverage on Life Insurance, Personal Accident Insurance, even Terminal Illness Insurance for free from the funds which offer Free coverage.
It makes you save the cost of the insurance premiums and optimize your coverage.
Be Smart and Savvy on the planning of Education Fund for your kids.
Read: How Much Life Insurance Should You Carry?
Read it before you buy an Insurance Saving Plan.