But let's keep it simple shall we? Say you need a million only to pay for your child's tuition fee.
Here's how you can compute how much you need to save per month so you could attain your kid's Educational Fund.
First go to this link compoundcalcu
Then type in a value in the additional annual addition I put in 24000 that's 2000 per month.
Before buying that P10,000 toycar make sure to save first for your child's tuition fee. I am not being kj here, just making sure you do your planning for their future. Not that we had saved a million for either the kids fund ha, no we are on the same boat here wishing and dreaming that one day we can send our children to the school they choose.
|is it worth it? if you saved an equal amount of money for the child's future then go buy the car but if you haven't yet isip isip muna|
Years to grow means the years you will put in P2,000 a month, I put in 16, well my peg is the bunso's age, he is 2 now, so by then he'll be 18.
The interest rate I compute at 12% per annum, if you are going to put it in a Mutual Fund, that's more or less the rate of return.
Then it will compute the future value, mine had P1,149,208.
Now, what do you need to do to have a Million fund? Well I guess you just need to start saving now and do some homework. Dont just put it in banks because hmmm they dont give a 12% interest, the going rate now on banks is taaadaaa 1.5% even less.
Opening a mutual fund may need some paperworks but what's a little bit of homework to fund your kid to college eh?