Saving for Your Child’s Education
“Education is the passport to the future,
for tomorrow belongs to those who prepare for it today.”
– Malcolm X.
One of the best gifts you can give your child is an education. However, there is a lot to consider; how much is needed? How much can you afford to put aside? How should you invest the money?
Education costs such as tuition, room and board, technology, food, transportation and books can add up quickly. A well thought out plan can help you attain the goal of giving your child an education.
Great strategies to think about.
Start saving early – Spreading your contributions over time will lessen the burden of coming up with a lump sum of money. Time also gives you many financial benefits such as the effect of compounding interest.
Automate your savings – Setting up automatic deposits makes saving easier.
Open an RESP – Save for your child’s education and receive money from the government.
Involve your family and friends – Don’t be afraid to tell your family and friends that the best gift they can give your child is money for their education.
Sell your children’s outgrown cloths and toys – Children go through a lot of clothes and toys growing up. The sooner you sell toys and clothes that they no longer needed, the more money you may be able to receive for them and the sooner your money can start growing.
Know the costs and set your goals – Know how much you need to save for their education and have a plan to reach your goal.
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All written content on this site is for information purposes only. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.