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Investing in a Child's Education
Post-secondary education fees and associated education costs are rising yearly. If you have young children, the price you'll pay for their education could be significantly higher than today's prices.
Despite this cost escalation, you'll want your children to have the option to go to the university of their choice. So how do you save enough money for college and still achieve your other goals?
Things to Consider:
Understanding your options
Educational costs are a significant budget item for any family, but you do have a number of options. You can start early. Budget education funding for your children from birth, for example. You can also help them save for their own higher education expenses during their pre-college or university years. Children generally have access to loan programs and other tuition-assistance programs to help them attend the college they choose, so take advantage of these options during their pre-college or university years.
Exploring investment programs for your child
You have a variety of options available to help you begin saving for your child's education. To fully explore all of your choices, you'll probably need to consult a financial professional.
A relatively new option is the Registered Education Savings Plan (RESP) which allows after-tax investment in an education fund. Your financial professional can offer guidance on your choices.
Helping your children help themselves
If your children are still young, they can begin contributing to their own higher education savings with after-school jobs, paper routes, or other activities. You may want to establish an investment account and teach your children to routinely contribute some of their earnings. You'll not only be reducing your future educational costs, but you'll be teaching your children a valuable savings habit.
Nothing contained in this publication is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a qualified professional.
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