Time On Your Side: Saving Early for Your Child’s Education [Guest Post by Randy Little]

Saving for your child’s education is something you can do right from the start. It’s a simple choice that you can make today that will yield large benefits by the time your child is ready for higher learning.

No doubt you recall the costs associated with your own education. Did you fund those expenses on your own? Or did you receive help from family, or perhaps through student loans, which you’re still paying off? Regardless of how you did it, we can all agree that it’s a significant investment. And most likely it would have been better financially – and emotionally – to use money that was saved rather than borrowed.

So, now you’re the parent. What are you going to do? It’s a no-brainer – use the Registered Education Savings Plan (RESP) to help you save for your child’s education. You’ll enjoy tax-deferred savings and the federal government will even match your contributions to certain limits.

One of my favourite web resources on money matters is www.getsmarteraboutmoney.ca. The site offers clear thoughts and opinions on many personal finance topics of interest to new families. I invite you to visit their RESP section to learn more about the plan. Every year we get older, why not get this time on your side by making small regular investments in your child’s education to enjoy tax-deferred compound savings.

I’m readily available to answer your questions about building financial security for your family. You may also wish to subscribe to my monthly newsletter – Actualis – for common sense common language information on personal financial planning.

Randy Little
Investment Fund Advisor *
Desjardins Financial Security Independent Network
Desjardins Financial Security Investments Inc.*
880 Lady Ellen Place, Suite 200
Ottawa, ON
K1Z 5L9
Office: (613) 829-7874 x 246
Fax: (613) 721-9781
Cell: (613) 220-2600