Financial Planning Calculator (Part I: Children's Needs) - INDIA

I am sharing a financial planning calculator to help you get started in planning for your children's needs.

1. How much money do I need for my child's education?
2. How much money do I need for my child's marriage?
3. How much money do I need to save on a monthly basis towards my child's education?
4. How much money do I need to save on a monthly basis towards my child's marriage?

Children's Planning Calculator

How to use this calculator

1. Click on the above link to access the calculator. Once the spreadsheet opens, click on "Power Edit Read Only" to be able to enter values relevant to you.
2. Cost of college education today: Enter the amount that it would have cost you for sending your kid to college today. (Eg. 5,00,000)
3. Time to College: Enter the number of years your kid will be ready to go to college. (Eg. 13 years)
4. Expected inflation rate: Enter what you think will be inflation rate. I suggest 8% though the actual inflation rate today is around 6%.
5. (Optional) You can also input the returns percentage to calculate how much you need to invest assuming a certian returns.

Results

The calculator will give you the cost of education and marriage based on inflation.

The calculator will give you the amount you need to invest based on your risk profile

1. Aggressive (high risk) Investments: How much money you need to invest if you choose aggressive investment instruments like equity mutual funds and ulips(equity).
2. Safe (very low risk) Investments: How much money you need to invest if you invest in safe avenues like government schemes.
3. Moderate (medium risk) Investments: How much money you need to invest if you take medium risk. (Having investments in equity and also safe avenues).

If you found this calculator useful, please share it with your friends so they can also benefit from it and start planning for their kids education and marriage.

PS: Calculator for planning your retirement will be posted sometime in the future.