According to MoneySense.ca, the average cost of raising a child to 18 is an incredible $243,660. That breaks down to more than $12,000 per child, per year, or just over $1000 per month. AND…..that is before you send them off to University!
So, want to know how much University might cost you?
Well, the cost of a four year university degree for a child born in 2013 could rise to more than $140,000. Right now a four year university degree can cost anywhere from $40,000 to $60,000. Frankly, that number just freaks me out. What about you?
Well, I think I can honestly say that I am not doing enough to prepare. I have stashed some money away in a few accounts. The money there is not working very hard in all fairness. It has been mostly stashed in savings accounts or Tax Free Saving Accounts. I will admit it here that I have yet to set up an RESP. I don’t really know what is holding me back. I got my girls their social insurance numbers. They have passports. I have all the identification I would need to open an RESP for them but haven’t done it yet. My children are ten and eight years old. I know there is time but not a whole lot of time left to make the money necessary to send my girls off to an institute of higher learning. I think what might be holding me back might be my lack of knowledge when it comes to investing. It is a bit scary. I have never been great with math and numbers, so thinking about investing, saving and anything financial is a bit intimidating.
Sound familiar? If you are like me it can all be a bit overwhelming. There is so many sources of information online. One great place to go for information is RBC.
You can find more great tips on saving for your child¹s education
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