A lot of people send their children to boarding schools so that they can spend a few years there and get an overall training in general. While sending children to boarding schools is a family tradition for many, there are many families that are sending their child to boarding schools for the first time in the history of their family. Whatever might the situation may be, it is known without a shred of doubt that boarding schools are expensive.
When a child is sent to a boarding school, the kid is not only given exposure to various educational and extracurricular activities, but it is also provided with rooms to stay in, food to eat- basically a small home away from home. This is quite an expensive affair and hence the average boarding school fees in India often amounts to 3-5lacs per annumfor Indian students and 5-7lacs for International students depending upon the class. This is not a very small amount, and if you want to send your child to boarding school, you need to start managing your accounts. Let’s take a look at how that can be done:
- Parents start planning for their child’s education even before the little one is born. Do not get paranoid about this. Right after your child is born, within a year or two, open a provident fund, a mutual fund or invest in something which is safe and long term. Thus when you kid reaches the age of being able to be sent to boarding school, you will not have to touch your daily savings and take money from this fund instead. This is all about planning ahead and investing smartly.
- There are various methods of payments in boarding schools. While in some you can deposit the annual amount together, there are others which take payments on a six monthly basis. Monthly basis payments are not that common though. So, fix your date that every year on these two dates you will have to submit the money and keep the amount prepared. Even if you do not have financial problems as such, you must be organised about it and do whatever you need to do for the proper education of your child.
- Just because this boarding school costs more than that one, does not necessarily that the former is a better one. Do not fall into a money making trap but instead for a boarding school with a reasonable Indian international school fees. You must take care at the very beginning that your child education should not lead to a daily survival struggle for you and hence go for a boarding school that is reasonable with its fees and is not overcharging you. You will have to conduct a thorough search if you want to find just the perfect boarding school for your child.
So, these are the three most important ways by which you can manage your expenses for your child’s boarding school education so that your child gets the much needed training and you too do not end up putting a lot of strain in your pocket. Be systematic and organised with your finances, which will help you a lot.