Saving Money for College

Saving money for college to put your kids through school is the best thing you can do for them.

As parents we all want the best for our kids and will do whatever it takes to ensure that they get the best possible start in life.

For many of us that means giving our kids the highest-quality education affordable.

However, with already high costs of college rising steadily at a rate 5% for public colleges and 6.6% for private colleges it is becoming exceedingly difficult for families to fund their children's educations.

How much should you be contributing each month towards your child's education?

Within the next 20 years it's estimated that the cost for 4 years of college will cost between $183,000 & $530,000. This includes tuition, accommodations, books, transportation and other expenses.

Want to know how much you need to put your kids through college or university? Use this 529 college savings plan worksheet to see how much you will need to contribute monthly. In Canada, use this RESP Education Savings Calculator.

Worried yet?

Don't worry, it is doable. if you can't cover all the expenses you'll still be doing your kids a huge favor by offsetting part of the cost of their education.

With the right 529 college savings plan or RESP along with whatever financial aid, scholarships, bursaries or grants are available to your kids when the time comes it will be possible to foot most if not all of the costs.

So, if you start early, contribute sufficient funds and stick to a long-term saving plan - you can pay for all or most of your children's college education.

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