How Much You Need To Save If You Ever Want To See Your Kids Graduate: Malaysian Edition

A Guide For Malaysians V: 315 HOW MUCH DO YOU NEED TO AM SAVE FOR YOUR CHIL DREN'S HIGHER EDUCATION How much do I need to support my children through university? Would I be financially ready when they turn 18 and are ready to enrol for university?? P= B+H iMoney & easyuni in =-1 L- -TT +2 V=BH V: 315 A A A A A A A A D = 20 FIRST... Take A Look At Top Studying Destinations Favored By Malaysians Now 1. Australia 2. United Kingdom 3. United States 4. Russia 5. Indonesia **Based on TOP 5 0VERSEAS Destionations favoured by Malaysians for the purpose of higher education, as reported by the UNESColnstitute of Statisics (How Expensive Is Studying Overseas Compared To Malaysia? (RM 60, 000 - 50, 000- Tuition Fees 40, 000- 30, 000- Cost of Living 20, 000 10, 000 Malaysia United Kingdom Australia United States 4 Steps to a Strategic Savings Plan For Your Child's Higher Education As Soon As He or She Is Born! 000 p00 B00 Calculation time! using a common bank service, namely the FIXED IDEPOSIT ACCOUNT Average Annual Cost For Top Universities By Country (RM TOPUNIVERSITIES 18 Years Later Based on 3% inflation rate 2013 a University Of Malaya (UM) E Cambridge University* University Of Melbourne E Harvard University 33,238.00 56,586.00 195,731.00 333,219.00 215,514.00 366,897.00 211,299.00 359,723.00 **Example for calculation 51 'Estimate the amount you need per year based on what you aspire for your kid. Use the PRESENT amount. BO NOT use the amount 18 YEARS LATER STEP Ix 3= an estimated cost for a common 3-Gear degree Example: For Cambridge University, that amount is RM95,731 x 3 = RM587,193.00 Example: If you're targeting Cambridge University, that amount is RM95,731.00 18 STEP 2 The approximate amount you need to put aside for your kid's higher education for the next 18 years! Start saving the required funds into fixed deposit account every year based on your calculation. Set your fixed deposit on Auto-Renewal Principal + Interest. NEVER take our a single cent until it's time for your kid to commence university Example: For Cambridge University, you'll need to put aside RM587,193.08-18 = RM32,622.00 Yearly Amount you need to put into Fixed Deposit Account for your newborn's Higher Education Malaysia RM4,653.00 Australia RM35,734.00 United States RM39,268.00 United Kingdom RM30,480.00 average figures for respective countries *numbers showing Tip: Remember, when it comes to your child's education, it is always safer to save MORE if you can The easiest way is to get to more money out of your savings is to put it into a fixed deposit account with the Kighest possible interest rate. So before you choose a bank,remember to the rates at www.imoney.my/fixed-deposit compare Find fixed deposit a little too conservative for your financial planning? you can opt for other investment vehickes. Equities Properties Bonds Average Returns: 8-10% p.a Average Returns: 5-7% p.a Average Returns: 3-5% p.a Interested to know how the figures in this infographic were calculated? Log on to www.imoney.my/education-rates Sources: www.uis.unesco.org & www.easyuni.com for the full breakdown! This infographic is brought to you by Designed by Money.mY easyuni Piktochart .com www.iMoney.my, Malaysia's Number 1 financial comparison website to helping people make the best of their money www.easyuni.com, Malaysia's Number 1 platform for students & parents to search for colleges and universities around the world make information beautiful www.piktochart.com Created: August 2013