How to start saving for your kid’s university education right now (yes, right now)
Most parents have barely taken their baby on their first stroller ride when they start to wonder how to pay for a university education. There?s a lot to figure out. Can they afford it" How much will they need to save" And what?s the proper way to invest their money now" With Canadian universities estimating that a single year of post-secondary expenses?including tuition, room and board, food, transportation and books?costs between $18,000 and $25,000, the price tag for four years can easily reach $80,000 or more. Further, recent studies by the Canadian University Survey Consortium show that Canadian post-secondary students leave university with an average debt load of $27,000. But don?t feel discouraged by the steep costs. Having a plan will make things feel far more manageable. ?Life is so busy,? says Annie Kvick, a certified money coach in Vancouver. ?It pays to put milestones in your calendar?.?.?.?when there may be a little extra money to put toward your child?s education savings, like when daycare costs are done, the mortgage is paid off or the stay-at-home spouse goes back to work.? Here?s a step-by-step?and stage-by-stage?guide to helping your child pay for school.
Kids aged zero to two
This is an expensive time for families. With daycare bills, a mortgage and new baby gear straining the household budget, there?s little cash left to save for a distant post-secondary education. ?The best investment you can make at this time is simply paying off your...
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