Section outline

  • Goal Setting for School, College & Marriage 🎯📅

    Saving without a goal is like packing for a trip without knowing the destination. For your child, setting clear financial goals helps you stay focused, measure progress, and avoid surprises. Whether you’re saving for a private school or a dream college, a little planning now can make the journey smoother.

    • 🔹 Identify Major Milestones

      • 🏫 Schooling Goals: Uniforms, books, tuition, extracurriculars (annual)
      • 🎓 Higher Education Goals: Entrance exams, coaching, college fees (India or abroad)
      • 💍 Marriage (Optional): Ceremonies, gifts, jewelry, etc.

      Estimate costs for each based on today's prices, then adjust for inflation. Use 7–8% inflation as a thumb rule if unsure.

    • 🔹 Break Each Goal into a Monthly Target

      Suppose you need ₹10 lakh in 15 years for your child’s college education. If invested monthly in a SIP at ~12% return, you’d need to save just about ₹2,000/month.

       

      Goal Amount Needed Time Left Suggested Monthly Investment
      Higher Education ₹10,00,000 15 years ₹2,000–2,200 (SIP)
      Marriage ₹5,00,000 20 years ₹700–900 (SIP or PPF)

       

    • 🔹 Involve the Family

      • 👨‍👩‍👧 Discuss goals with your spouse or family members
      • 🧾 Keep a shared record of what’s saved and what’s left
      • 📅 Track progress once a year like a family tradition

      🌼 Final Thought

      Goals give your savings meaning. Start with one. And remember, even small steps today can take your child miles ahead tomorrow. 💖