Simple Ways to Save for Your Child's Future Education

Mom and son playing outdoors among simple ways to save for your child's future education
What will your child be when he or she grows up? An astronaut? An artist? A teacher?
 
The possibilities seem endless. You can help your little one’s big dreams come true. It just takes a little planning. Saving for future education can feel overwhelming. It seems so far away, but at this moment, you have time on your side and with CST Consultants Inc. you’ll have the expertise. Helping families save for post-secondary education is at the heart of what we do.

How much will university cost in the future?

Based on Statistics Canada and university websites, CST  projects a four-year university degree for a student living away from home could cost as much as $157,000 by 2035. This includes tuition, compulsory fees, room and board, entertainment, transportation and books. 
 
We know the value and importance of higher learning to Canadian families. These are simple strategies  to help you find extra money to save and build an education fund for the future.

Tips for saving money

Start a CST Registered Education Savings Plan (RESP): With an RESP,  you’re not just preparing for your child’s future, you’re safeguarding your own. The benefit of saving the money in an RESP means you can avoid borrowing or going into debt in order to afford your child’s dream school. Whether it’s college, university or other post-secondary education, a CST RESP can be used for any program that qualifies under the Income Tax Act (Canada). An RESP can help you save money and receive additional money thanks to government grants, which maximizes your savings. Some parents suggest contributions to an RESP be given as gifts for the child on birthdays and special occasions.
 
Watch out for sales: Keep an eye out for deals in-store and on-line. Signing up for newsletters or following brands on social media, can often give you the inside scoop on upcoming sales. 
 
Advice from family and friends: Ask other parents which items are really worth spending the money on. It’s a great way to gain insight before parting with your cash. They may even pass on some items, or loan them to you. More savings!
 
Don’t forget to have fun: Saving money for your child’s future education doesn’t mean you don’t get to enjoy life! Savour local surprises with a staycation instead of going on an extravagant vacation abroad. Going out for lunch is less expensive than a dinner out, or better yet, pack a picnic and enjoy time together outdoors. 
 
The sooner you start, the more your money can grow and that means you can support your child’s hopes and dreams more, while worrying less about paying for future education. It’s the peace of mind that comes with knowing you’ll be ready when the future arrives. 
 
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