Frugal but risk aversive ..

Hello Frugalists,

I had a kind of question to ask all of you. I am pretty frugal and always try to be within my means. currently I am able to save around 45% of my salary and my main expenses are food/grocery and kids education.

I stay in my ancestral home so no rent or EMIs at the moment.

Although I save a good amount of money from my salary, I am a bit risk aversive and try to keep the money in my bank account / FD. I am bit nervous when it comes to investments. I have a few investments in real estate but plunging my money in shares / stocks gives me jitters. Mutual Funds seems good but liquidity and overall returns give me some doubts as it hovers around 4-6% unless you had invested a lot during COVID.

I am currently exploring RBI bonds but 7 years lockin period is some thing that keeps me afar.

I will be needing a good amount in another 5 years when my kid starts his college. I have already parked a good sum for this. Want to know your thoughts on where can I invest this amount so it is available when needed and have a better return than a FD.

Appreciate your insight on this.

Cheers !!!