As a parent, you probably want the best for your child.
Sometimes, this means giving your child a good education. But planning for education can be tough. Undergraduate tuition fees for local private universities can cost around RM84 ,829, while international ones can go up to RM1 million – or more if your child is taking up medicine. Besides that, you’ll need to cover your child’s annual living costs if he or she is staying on campus.
If you’d like to cover the costs of education without relying on a loan or scholarship, you’ll have to start planning early. But it’s not easy to estimate how much you would need to save every month. That’s because there are various factors that could affect the cost of education, such as your child’s current age, the place of study, overseas living expenses and inflation.
Fortunately, with our Financial Goal Simulator, there’s an easier way. Here’s a step-by-step guide to planning your child’s education with Maybank.
Plan an education fund the easy way
- Log in to your Maybank2u account
Log in to your Maybank2u account through the Maybank2u homepage.
- Create a new goal in the Financial Goal Simulator
Click on the "Wealth" tab to access the Wealth dashboard.
Scroll down and select “Financial Goal Simulator”. Then, click on “Create Goal”.
Choose "Education fund for myself/my children" as your goal and click "Next".
- Enter your details
Enter your details in the form. The tool will automatically calculate your “Goal Target Amount” based on your details. This amount takes into account:
- Average education fees. This is estimated based on the average of fees of the top universities in your selected country.
- Annual living costs. These are the living costs your child may incur for each year of study.
- The inflation-adjusted amount needed when your child reaches university age will be calculated.
Having these costs calculated automatically can save you a lot of time. However, if you prefer, you can also set your own custom Goal Target Amount.
When you're done, click “Show Simulation”.
- Get your simulation report
On this page, the Financial Goal Simulator will estimate the amount you may need to invest every month in order to achieve your goal. It will also estimate your probability of success based on your monthly investment.
To estimate these outcomes, the Financial Goal Simulator assumes that your savings are invested in a portfolio of investments that matches a particular asset allocation. This assumed asset allocation in turn is based on an estimation of how much investing risk you can take.
You can adjust any information you have provided to recalculate the simulation. For instance, you can try a different combination of target dates, initial savings amounts, monthly savings or risk level to see how they may affect the outcomes in the “Make an edit” tab - Save your goal
To save this goal for future reference, click “Save this goal” on the simulation page. The following pop up will appear:
Fill in the form with your details and click “Save goal”.
This will add the goal to your Wealth dashboard so you can refer to it later. You’ll be able to
view details of your goal, or remove it from your dashboard.
Start now
With the Maybank Financial Goal Simulator, it just takes minutes to estimate your child’s education fund and the monthly investment amount you’ll need. So, don’t delay – the earlier you start planning, the easier it is to reach your financial goals, and secure a great education for your child.