Saving for your child’s education is a great way to invest in their future. But with other important long-term goals – like retirement, a family trip or a home renovation – it can be difficult to strike the right balance.
That’s where we come in. Your financial advisor can help build a plan that helps you save for school while still prioritizing your other goals.
These are just a few options for you and your family to consider.
Personal savings and RESPs
It’s never too early to start saving for school. Some parents choose to set up an RESP when their kids are still young because these savings can really add up over time. The Canada Education Savings Grants can help you grow your savings faster.
Lines of credit from financial institutions
A student line of credit offers flexible credit limits with low interest rates and easy repayment options. It can also be used for anything from tuition and textbooks to living expenses. It’s a great opportunity for kids to learn and manage their finances.
If their course load allows for it, a part-time job is a great way for your child to contribute to the cost of their education. In fact, they might even be able to find opportunities that relate directly to their field of study.
Scholarships, grants and bursaries
With so many types of scholarships and funding available, there could be one that’s a fit for your child.
Your child’s guidance counsellor and the financial aid offices of the school they may attend are a great place to start your search.