13 Ways To Save For College
It can sometimes be difficult to set aside money for university education for your children. But here are some valuable tips that will give you a boost!
- Try to calculate how much you cost a university degree, and secure money to spare for this purpose. In 2013, the annual registration fee means in Canada were $ 5,772 – and this will only increase.
- If you have young children, open as soon as possible a Registered Education Savings Plan (RESP). The government will introduce 20% of your annual contributions into this account, with a maximum $ 500 per year and $ 7,200 in total – more than a year of tuition.
- Plan to open a trust account for more flexibility. Contrary to an RESP, you can place more than $ 50,000, and if your child later decides not to use the money for graduate study, he can always touch the total invested in its 18 years.
- Consider multiple channels. “Toutle world believes in going to college, but this is not mandatory,” said Justin Bouchard, director of residence at St. John College, University of Manitoba and co-author of More Money for Beer and Textbooks . “What harm has he to alternate work and study or to be paid while learning?
- If you are in college, applying for scholarships and think big. Online programs like Scholarships Canada and Student awards (in English) are sort of matchmaker for scholarships: after filling out your profile, they will send you scholarships lists of education you can apply according to your qualifications.
- Your notes are not copies? There are non-academic scholarships. During the first year of university, Tall Clubs International Scholarship pays the exceptionally large students. Stuck at Prom offers money to students who make their prom dress with tape. “My husband grew up on a farm and earned a scholarship from the Producers Association, testifies Kerry Taylor, who has published 397 Ways to Save Money. It was a $ 500 donation.
- The program of loans and grants is a common way to help fund her education. Plan a repayment strategy if you decide to use it. “Remember that this is not a gift, insists Kerry Taylor. This is your future salary refund.
- Once you have initiated studies, if your parents have health and dental insurance for family members, you can save between $ 200 and $ 400 by not subscribe to that proposed by your university.
- Before you begin your studies, determine a monthly budget to cover your expenses, telephone bills to laundry costs. “Save money by not buying coffee every day. It is the little changes in habits that have the greatest impact in the long term, “says Justin Bouchard.
- Some student residences do not have food, but if yours has one, ask your parents to teach you how to cook. Academic restoration programs cost a few hundred dollars a year. Simple homemade dishes you will save.
- Never credit card application on campus. “We will offer you things like t-shirts and Frisbees, but it will be free frisbee most expensive ever given,” said Kerry Taylor. Interest on late payments are often huge, and if you already have an account, your bank probably has a credit card program for students. Choose wisely.
- Learn to love tax season. Beyond the cost of books and tuition, there are tax breaks and tax credits for students: for transportation expenses jointly for example, and even travel expenses if you are enrolled in an establishment located more than 40 kilometers from home.
- After your graduation, keep your student habits. “I kept my apartment, I continued to take the bike and prepare my breakfast,” said Kerry Taylor. Impressive for someone who graduated with $ 17,000 in debt – it has all paid off in just six months.