How to save for education
Here are four simple ways you can help parents reach their savings goals:
- Starting early is the secret — so let them in on it! Point them to our article Getting started: How to save more for your child’s education.
- Help them understand the wonders of compound interest with this information from the Ontario Security Commission’s Investor Education web site. Show them how small amounts can add up. Let them try it for themselves with Fiscal Agents' Investments & Regular Deposits calculator.
- Encourage them to create a plan and stick to it! Registered Education Savings Plans (RESPs) are a good way to start a regular savings plan, as this brochure from Human Resources and Skills Development Canada explains.
- Suggest that they get their children involved in saving for school. Even if the kids are still young, it's an excellent way to:
- Teach them about money and saving
- Help them appreciate how much school will cost
- Increase their commitment — because it's their money too!
You can also send parents to the CanLearn web site for more ideas to help kids save