Make Education Savings a Priority
Finding money to set aside for your child’s post-secondary education might seem difficult at first, especially with rent or mortgage payments and other financial obligations every month. Here are some tips to help you.
Save Only What You Can Afford
It’s great to want to save $200 a month for your child’s education, but only if it’s something you can afford to do. By calculating how much you spend every month, you can create a savings plan with realistic, achievable targets.
Pay Yourself First
Whether you’re saving for a trip, a new car or your child’s post-secondary education, you should always pay yourself first. Treat your savings just like your rent or mortgage, hydro bill or other essential payment — take them out of your paycheck right off the top, before you have time to spend the money elsewhere.
Your RESP Should Fit Your Budget, Not the Other Way Around
Every RESP is designed to help you reach a savings goal, but it will be effective only if it makes sense for you. Some plans are flexible while others are more structured. The one that’s right for you will depend on your financial situation and your savings goal.