Be Smart About The Hidden Costs Of Sending Your Kid To University
Along with the many joys of parenthood comes the financial burden of paying for them, and often that includes paying for them all the way through to completing a university or college degree. There are Registered Educations Savings Plans (RESPs) to help Canadian parents. However, with the soaring costs of post-secondary education, they’re frequently not enough. Along with students taking up a part-time job, there are other ways to make it more manageable and in the process help your child acquire some financial literacy, which will help them well beyond their school days.
- Teach your children about money and how to budget. This should include a working knowledge of how a bank account works, credit-card interest rates, credit scoring and a general understanding of how much things cost.
- Look into scholarships, bursaries and grants. There are many smaller ones that people don’t know about and don’t apply for.
- Consider second hand textbooks, technology, furniture, automobiles and more to stretch those dollars and save during their school years.
“Almost from the minute your baby is born, you might start thinking about the financial implications of this wondrous bundle of joy. Not just the costs associated with having a baby, but throughout their life, culminating in what many parents see as the largest expense they will incur with a child: university or college.”