Planning for a child's education is an important financial goal in a person's life. As a parent, it is natural for you to seek the best for your child. But remember the best is always expensive. Hence, planning for child's education in advance assumes great significance in financial planning, as it is concerned with your child's future. Cost of funding child's education is a variable which you must try and estimate with reasonable accuracy. You can apply this estimate how much it will cost in that particular year of study. Apart from school fees, you must also factor in other expenses like food, accommodation and other expenses. Estimate your total cash outflow and plan accordingly.

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