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Tips to Save ₹1 Crore for Your Children Before They Turn 18

To accumulate ₹1 crore for your children before they turn 18, start early, invest consistently in diversified schemes such as mutual funds and government schemes, and automate savings.

  • 2,092 Views | Updated on: Apr 03, 2024

Ensuring a secure and prosperous future for your children is a top priority for every parent. One tangible and impactful way to accomplish this goal is by strategically saving ₹1 crore before your child reaches the age of 18.

Saving ₹1 crore before your child turns 18 is an ambitious but achievable goal that can set the stage for their education, career, and overall well-being.

Tips to Save for Your Children Before They Turn 18

Financial planning plays a pivotal role in realizing this vision, and saving for your children before they turn 18 is a crucial aspect of responsible parenting. Here are some of the tips you can follow:

Start Early and Leverage Compound Interest

The power of compounding is a crucial element in accumulating substantial savings. Starting early allows you to benefit from compounding over an extended period. Even small, regular contributions can grow significantly over time.

Set Clear Financial Goals

Define your financial objectives for your child’s future, including education expenses, extracurricular activities, and unforeseen circumstances. Having a clear roadmap will guide your savings strategy and help you stay focused on the ultimate goal of saving ₹1 crore.

Explore Child-specific Investment Tools

Investigate investment options specifically designed for children, such as Children’s Savings Accounts, Sukanya Samriddhi Yojana, and education-oriented mutual funds. These instruments often have tax benefits and features tailored to support children’s financial needs.

Utilize Systematic Investment Plans (SIPs)

SIPs enable disciplined, regular investment in mutual funds. Investing a fixed amount at regular intervals reduces the impact of market fluctuations, allowing for a more stable and consistent approach to wealth accumulation.

Diversify Your Investment Portfolio

Diversification is key to managing risk and maximizing returns. Spread your investments across various asset classes, such as equities, debt, and precious metals, to create a well-balanced and resilient portfolio.

Take Advantage of Tax-efficient Options

Explore tax-saving investment options like Equity-Linked Saving Schemes (ELSS), which help in wealth creation and offer tax benefits under Section 80C of the Income Tax Act.

Regularly Review and Adjust Your Plan

Periodically reassess your financial plan, considering changes in your child’s needs, market conditions, and your financial situation. Adjust your savings strategy accordingly to stay aligned with your goal of accumulating ₹1 crore.

Consider Long-term Investments

Long-term investments, such as the Public Provident Fund (PPF) and National Pension Scheme (NPS), can provide stability and tax benefits. Strategically incorporating these into your portfolio enhances the potential for achieving the targeted amount.

Be Disciplined and Stay Committed

Consistency and discipline are the pillars of successful long-term savings. Stay committed to your financial plan, making regular contributions even during challenging economic periods, and resist the temptation to withdraw funds unnecessarily.

Wrapping Up

Saving ₹1 crore for your child before they turn 18 is a significant but achievable goal with careful planning and strategic investment. By starting early, diversifying your portfolio, taking advantage of tax-efficient options, and staying disciplined in your approach, you can pave the way for a bright and financially secure future for your child. Remember, each contribution brings you closer to realizing your goal and providing your child with the opportunities they deserve.

Key takeaways

  • Start your savings journey as early as possible to leverage the power of compounding and allow your money to grow steadily over time.
  • Clearly articulate the purpose of saving ₹1 crore – whether for education, a home, or financial security – to tailor your savings strategy accordingly.
  • Establish a regular savings routine, making consistent contributions towards your goal to ensure steady progress.
  • Streamline your savings process by automating contributions, ensuring a disciplined approach, and eliminating the risk of missed investments.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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