Financial planning is perhaps the most important part of planning that you should do in your lifetime, not just for yourself but for your family and your loved ones.
Education Cost:
The cost of tertiary education is or will be a major expenditure for you if you have kids. Unlike shopping for new clothes or booking a holiday, tertiary education cost is as significant as buying a new car or even in some cases a new house. It therefore requires long term planning.
You would manage better if you start planning early for your children's tertiary education, perhaps by setting aside a monthly amount in a fund for them when they are born or when they commence schooling. You also need to consider the rise in tertiary education cost which over the last decade has generally gone up higher than inflation. A simple rule of thumb may be to take a factor of two, i.e. if inflation is 3% p.a., take inflation of education cost at 6% p.a. [Please note that this should not be taken as financial advice. Each of us should use our own judgement about future costs as there is no right or wrong way to predict. Consult your financial planner if you are not sure.]
The following is a rough guide to the costs for those countries that parents commonly send their children to for tertiary education. Please note that these are merely indicative to help you in planning and may not be relevant or accurate or even within range in any particular case. The figures are updated to 2012 but will require your own check or update before using for planning.
The following are provided merely to give a rough estimate for planning purposes. We shall not be liable for any errors in estimation.
If you feel that any of the range of costs here is not reflective of the actual situation, please drop us a note at general@rockwills.com
You would manage better if you start planning early for your children's tertiary education, perhaps by setting aside a monthly amount in a fund for them when they are born or when they commence schooling. You also need to consider the rise in tertiary education cost which over the last decade has generally gone up higher than inflation. A simple rule of thumb may be to take a factor of two, i.e. if inflation is 3% p.a., take inflation of education cost at 6% p.a. [Please note that this should not be taken as financial advice. Each of us should use our own judgement about future costs as there is no right or wrong way to predict. Consult your financial planner if you are not sure.]
The following is a rough guide to the costs for those countries that parents commonly send their children to for tertiary education. Please note that these are merely indicative to help you in planning and may not be relevant or accurate or even within range in any particular case. The figures are updated to 2012 but will require your own check or update before using for planning.
The following are provided merely to give a rough estimate for planning purposes. We shall not be liable for any errors in estimation.
Country of Education | Current Annual Tuition Fee in RM per annum | 80% | Current Annual Living Expenses in RM per annum | 80% | Year Updated | ||
Low | High | Low | High | ||||
Australia | 100,000 | 150,000 | 120,000 | 75,000 | 100,000 | 80,000 | 2012 |
Canada | 60,000 | 100,000 | 80,000 | 50,000 | 80,000 | 64,000 | 2012 |
China | 20,000 | 30,000 | 24,000 | 20,000 | 30,000 | 24,000 | 2012 |
England | 75,000 | 150,000 | 120,000 | 100,000 | 150,000 | 120,000 | 2012 |
Hong Kong | 40,000 | 60,000 | 48,000 | 50,000 | 70,000 | 56,000 | 2012 |
India | 25,000 | 80,000 | 64,000 | 18,000 | 30,000 | 24,000 | 2012 |
Indonesia | 25,000 | 50,000 | 40,000 | 20,000 | 30,000 | 24,000 | 2012 |
Japan | 50,000 | 120,000 | 96,000 | 70,000 | 100,000 | 80,000 | 2012 |
Malaysia (Gov.) | 10,000 | 15,000 | 12,000 | 12,000 | 24,000 | 19,200 | 2012 |
Malaysia (Private) | 25,000 | 50,000 | 40,000 | 12,000 | 24,000 | 19,200 | 2012 |
New Zealand | 70,000 | 90,000 | 72,000 | 50,000 | 75,000 | 60,000 | 2012 |
Russia | 18,000 | 25,000 | 20,000 | 10,000 | 20,000 | 16,000 | 2012 |
Singapore | 40,000 | 60,000 | 48,000 | 40,000 | 60,000 | 48,000 | 2012 |
Taiwan | 20,000 | 30,000 | 24,000 | 20,000 | 30,000 | 24,000 | 2012 |
United States | 70,000 | 100,000 | 80,000 | 50,000 | 80,000 | 64,000 | 2012 |