6 Tips for saving for your child’s education

School is expensive! And it’s only going to get more so. The days of parents paying for their children’s degrees has pretty much ended. This makes it harder for young adults to finish a degree. They have the pressure to go out and party, to work and make money, to buy nice things, to travel, to get married, to have kids, and to finish a degree! As a parent it can be hard to find the money to help them though so here are some tips for helping your child achieve their dreams.

• Start right away!

• Set up an RESP for your child so that the government helps to contribute.

• Ask friends and family to contribute. Typically you’ll have a baby shower with friends and family and one at work- ask people to instead of bringing a gift, cash would be appreciated to start an RESP. Most likely you want to pick out baby stuff yourself anyways and/or already have more than what you need.

• Ask those same friends and family for donations for your child’s first, second, and third birthday and Christmas (or any present giving holiday you celebrate). By the time your child hits 4, they want real presents. But your infant and toddler will get enough out of the one or two presents they get from mom/dad/grandma/auntie/etc.

• Get your child to split their allowance or other cash gifts they receive into save and spend. Saving goes to school and spending they can do what they want with. Also teaches your child a valuable lesson.

• Take things like returning bottle money or spare change and roll it once a year and deposit that (obviously, if you have more than one child split it equally).

• Education is only becoming more and more important.

How did you pay for school? Do you have a plan for your child(ren)’s schooling?