We are now aware of an informed estimate of what it will cost and what we expect to cover. Now we can begin investing and saving.
Start with a plan. Any plan is a plan. Start as early as possible.
What target will work for your family?
Imagine where in life your child will be at 25...30. Is graduate school in the plan? Do they have other passions, trade schools, travel, the military, apprenticing? Are these passions tied to academic completion or success? Are they frustrated by anything? What percentage of tuition do think you can reasonably cover, or can reasonably cover? What will their time in school look like - first year, second year, and so on? A focus on their interests might be a better way to guide the plan than a career path focus.Set realistic expectations for you and your child
Set spending priorities. Spend first for your needs, being financially stable and happy should lead to more success in your child's life. Second, build and have stable savings (usually at least six months to live on). Third, save for your retirement, you can't get retirement loans. Next, you hopefully have a place in your budget to begin saving and investing for post-secondary education.
This guide does not constitute any type of individual financial advice, tax advice, guidance, or endorsement. You are encouraged to consider your own financial situation and needs, continue your own research, and engage in your own ongoing financial education and when necessary contact and consult with appropriate financial professionals.
This guide is not individual savings, investment, tax, or financial advice.