Post secondary education can be costly. A student attending college or university can expect to pay between $2,500 and $6,500 per year or more in tuition. In addition, other expenses such as books, supplies, housing, student fees, and transportation will add to that total. 

Did you know approximately 60% of students with debt rely on parents or family for financial support?

If you start saving for your child’s education early, it will take the pressure off you in the years ahead. It is important to start saving for your child’s early so you can provide the opportunity for your children to finish college or university debt free.

There are many ways you can start saving for your child’s education such as the Canadian Education Savings Plan (CESG) and Registered Education Savings Plan (RESP). However, there are also other ways to help you get focused and save for your child’s education in the future. 

Here are 5 ways to save for your child’s education:

1. See what you can afford to save

Seeing what you can afford to save will help you see where you’re spending your money. So you should review your bills, receipts, and bank and credit card statements to give you a realistic idea of what you can afford to save.

2. Set and review your budget regularly 

Set how much you want to save based on what you can afford to save. Then, review your budget regularly because your financial situation can change. 

3. Start early 

The best and right time to start saving for your child’s education is early. This means saving for your child’s education even if you don’t have a child yet. So rather than buying expensive birthday presents or Christmas gifts, put some money away on a daily, weekly, or monthly basis towards your child’s education. 

4. Family resources 

You should encourage godparents, grandparents, and other family members to contribute to your child’s education savings instead of buying expensive birthday presents, Christmas gifts, and other events. 

5. Engage your children 

You should engage your children by explaining what their education expenses demand so they have an understanding of the important of financial planning. Engaging your children gives them the opportunity to become more involved to save for their education as they grow older.