No matter what career a child has for their future, parents want to do everything they can to help their child realize their dreams. One thing parents can do to help their children achieve their goals is to save money for their educational future. Not sure what to do to put money away until your child needs it? Creating a plan with your child to start saving for their education is a great way to start! Below are some steps to get you and your child started on this achieving this goal.
Step 1: Finding a field of study
What are your child’s dreams? Having this talk can start early with your child by asking them what they would like to be when they grow up, but when they are tweens, you can sit down with your child to start to figure out what their dream careers may be. Once a few fields of study have been realized, do some research into what is needed to pursue these particular careers. This will give both you and your child a better picture of the amount and level of education each of their chosen fields require, and an idea of how much this amount of education will cost to obtain.
Step 2: Saving money to make post-secondary education more affordable
Now that there are some potential careers your child would like to pursue, figuring out how to save for your child’s education is the next step in getting your child to realizing their dreams. There are a few things parents and children can do to start putting money away to save for their education.
What parents can do
No matter how old your child is, it is never too late to put money away for their educational futures. One of the easiest ways to save money is to invest in an RESP. You can put away a bit of money each month until your child needs it to start their post-secondary education. Not sure how much you will realistically be able to set aside each month? You can use an RESP calculator to find out what this amount would be. Not sure where in your budget this extra bit of money will come from? Using a money finder calculator is a great tool to help find where you could be saving money to put away into an RESP!
What your child can do
Your child can also help out in the money saving process. There are a few ways they can lend a hand and start putting some money away towards saving for their education. Once they are old enough, they can get a part-time or summer job. This extra income would help add to the amount of money they would need to save to put towards their savings, and it also helps to give them experience they could use towards their future careers. You child could also look into applying for bursaries or student loans to help offset the costs of their education. They can find out about these sources of funding by contacting a post-secondary institution or your bank. Your child could even opt to use money they receive as gifts as a way to help to contribute to their educational savings!
Saving for your child’s educational future is easier than you think! It all starts with having a plan and setting goals to set this plan into action. Once you have all of these steps in place, all that needs to be done is to follow your plan to make your child’s dreams come to fruition.
On November 17th, join us for the #CDNMoney chat on Twitter hosted by @ScotiaBank, @TahnyaKristina and @commoncentsmom with special guests, @MMarquit and @CantonCathy where we will be chatting about how to make education more affordable.
Disclaimer: I have been compensated for the details shared in this post. The views expressed are my own.