Saving for your child’s education can seem daunting – but you don’t have to do it alone. Family members can contribute, too.
We can help you understand the potential future costs, and help you develop strategies to reach your education savings goals.
While many Canadians have heard about Registered Education Savings Plans (RESPs), many aren't clear on exactly how they can be used to fund future education costs and why they may be preferable to other savings options. Grandparents often want to contribute to their grandchildren's future education expenses but may be missing out on key opportunities and potentially leaving money on the table or even creating future undesirable outcomes that could have been avoided with careful planning.
Your Edward Jones financial advisor can walk you and your family members through all of the choices available when it comes to education savings.
Ultimately, it's important to discuss your options with your Edward Jones financial advisor to select the type of account that makes sense for your situation.
A little goes a long way
How can you start the conversation with family members about working together? One idea is to ask that, instead of buying your child multiple or expensive toys as presents, they contribute a portion of what they would have spent for a birthday or holiday to your child’s education savings plan. However you'd like to tackle paying for your child's university or college expenses, talk to your Edward Jones financial advisor about how you can get started working together as a family to increase your child’s education savings.