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Budgeting for Continuing Education

Navigating post secondary financial planning for children that are leaving the nest for the first time can be a daunting task.  Every fall, we work with a number of clients that are undertaking this challenge.  If you have been making regular contributions to an RESP and benefitting from the government grant that has been a great first step in planning for continuing education.  However, there is no way around the cost of education.  Today, a four year program can cost upwards of $60,000.  First year of university alone, with meal plan and residence, will eat up most of $20,000 if you include a new laptop in the mix.

There are some important planning tips that can help both you and your son or daughter if you are combining withdrawals from an RESP along with student loans and summer employment income.  Below are a few links to articles on student debt and saving money that we think can be of help and provide great advice for those just starting out on their own.  Please click on the links below for more information and share this with your children and with friends that may be in the same situation.

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