The cost of education is becoming increasingly large. Therefore, the education fund should be prepared well in advance rather than when the child will attend school.
Families who already understand the family expenses and have usually been preparing financial planning education funding since the child was born.
Families who already understand the family expenses and have usually been preparing financial planning education funding since the child was born.
There are a number of steps in preparing for education funding. First, determine the child's school. Families should know clearly the desired education for the children and adapted to the abilities of children. Family can not force children to attend schools far from the standard value in the ability of the child.
Second, calculate the cost required for the education of children. Families should gather information on the costs required for the education of children. Such costs include school fees, building fees, recreation fees, the cost of books, and other costs.
The Inflation Rate and Interest.
Third, determine the rate of inflation from now until the child goes to school even when children are educated in the schools. The inflation rate can be calculated by using the assumption that the inflation rate now. When the inflation rate is now too small, the estimated inflation rate should be increased. If this year we have 5 percent inflation, the family should raise inflation around 6 percent to 7 percent.
The government itself has inflation expectations, moderate, and worst. Families also can ask the research institution or agency that issued the inflation, such as the Central Bureau of Statistics or economic experts, in order to get inflation numbers are valid and reliable to estimate the future.
Fourth, calculate the interest rate prevailing in the future. Interest rates are predicted in the future can not be separated from the estimated inflation rate. The interest rate is a reflection of the prevailing inflation rate. Therefore, families must obtain a desired real interest rate the government every year. If the real interest rate that you want the government about 1 percent to 2 percent, as now, the prevailing interest rate is the result of the real interest rate with inflation. When inflation is 7 percent, the prevailing interest rate of 8 percent to 9 percent.
Fifth, determine the amount of savings that are made. When the funds needed have been determined and the amount of time to get to school children, the family can determine the amount of savings each month. For example, in Indonesia, families need a fund of Rp 75 million, of which these funds are needed in five years or 60 months, the fund should be set aside from the monthly family income of Rp 1.25 million. That is, funds amounting to Rp 1.25 million savings is kept under the pillow, yet is cultivated through investment. When families make an investment, funds set aside will be smaller and very good if more time to invest.
In making investment choices, families can invest their own or place them on the investment manager and also combined it with insurance. When used alone investment, the investor requires knowledge of investment and takes time. When deposited, the family must get the information more widely, both interest rates and banking conditions in question. All the actions the family must contain risk and should be understood.
Insurance Education.
When families choose education insurance, must be realized that in addition to paying insurance premiums, the family also invested. The insurance premium is useful to pay tuition fees if the family could no longer pay the mortgage investment. This inability may be due to the insurer the premium can not work or died.
When the family took the insurance, household expenditures for this education fund savings will be greater. On the other hand, families do not have a headache thinking about investments that will be done to achieve the desired educational fund. Future risks have been transferred to the family through the payment of insurance premiums. However, this insurance is not required if the family knew exactly health and uncertainty in the future. Families should know exactly the family ability to be able to provide the education fund.
As described previously, in preparing this education fund, the family will be at risk, both risk tightening household expenditures, investment risks, and risks that need to swell the funds for the situation. Families must prepare themselves to address these risks by carefully watching the education fund.
Note : Based on the largest of the Newspaper in Indonesia, Kompas.
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