How do I save ₹60L in 10 years to fund my kids’ higher studies?
We would assume that you have factored in education inflation when you have indicated you need ₹50-60 lakh for both your daughters’ education in 10 years.
I am 43, and earn a monthly salary of ₹40,000. I will be needing ₹50-60 lakh to pay for my two daughters’ education over 10 years. I have been making sizeable amount of savings. I have been investing in mutual funds via systematic investment plans (SIPs): ₹1,000 each in Nippon India Small Cap Fund-Growth, ₹1,000 each in SBI Small Cap Fund -Regular-Growth, ₹1,000 each in Mirae Asset Emerging Bluechip Fund-Regular Growth, ₹1,000 each in Canara Robeco Small Cap Fund-Regular-Growth, and ₹1,000 each in Aditya Birla Sun Life Digital India- Growth. I also invest ₹500 a month in PPF and have fixed deposits of ₹3 lakh. I also invest ₹4,000 every month in recurring deposit besides ₹10,000 in stocks per month. Are the investments appropriate given my age and financial goals?