Money Tips for Parents Saving For Their Children's Education
BANGALORE: One of the major and most important investments that parents can make in the future of their child is to help them go to college. At the same time, paying for college has become the biggest financial concern for every parent as these days, college costs are rising faster than family income. Here are 7 tips to help parents send their children to college, as compiled by The Globe and Mail:
#1. Start As Soon As You Can
Start building a habit of saving. The earlier you start, the more you start saving by the time your child grows up and ready to start college. Then there will be enough money piled up in your account.
#2. Open a non-registered account
The profit of opening a non-registered account specially for the purpose of saving for your kid’s schooling is that it is easy to start, understand, and offer flexibility. Funds can be withdrawn anytime for any reason. Parents will be taxed on all the income and capital gains.
