The educational costs continue to rise. The good news is, that there are ways to save for education and it begins with saving and managing your finances wisely.

Tuition Fees Survey

Survey a few of the schools in your area or the one you believe is the best fit for your child. Make a list of the tuition costs starting at the kindergarten, elementary, junior high, high school, and university levels.

Calculate Inflation Cost

After obtaining information on school fees, multiply the current total expenditures by at least 8% every year to determine the expected school fees when children begin school. As an example: If a child begins kindergarten next year, and the cost of kindergarten education in 2022 is IDR 3,000,000. With 8% inflation, the cost of kindergarten education is IDR 3,240,000. As a result, the monthly cost must be IDR 270,000. In this manner, the funds can be collected in 12 months.

Tuition fees vary depending on the level of education and the period of time you intend to save for your child's education. You can utilize the 360 Digital Wealth feature in the M2U ID App by Maybank Indonesia to help you manage finances to save money for your child's education.

You can benefit from managing your finances and financial plans in a number of ways, including:

1. Determine the objectives to be met.
2. There is an investment simulation available, as well as automatic calculations.
3. Get product recommendations based on your goals and risk tolerance.
4. There are numerous investment packages that you can pick based on your interests.

With these benefits, you may set educational goals for your children in the 360 Digital Wealth feature on M2U ID Apps. For a complete guide to managing finances, visit this page.

In addition to managing your child's education plan, you can set other goals in one application. So that the plan is easier to follow and there is no confusion about the overall cost of saving each month.

You can also monitor ongoing assets and debts using the 360 Digital Wealth feature and track your monthly expenses. Start managing your child’s education saving with M2U ID App!