If you’re a parent, chances are you’ve already thought about your kid’s future. School, career, the whole deal. But one thing that can sneak up fast is how much their education might cost. The good news is, you don’t have to be rolling in cash to start saving. Even putting away a little bit here and there can go a long way over time.
The earlier you start, the better. That gives your money more time to grow, even if you’re just adding small amounts. You don’t need to do anything complicated. Just set something up and keep going with it.
Don’t Miss Out on Free Help
One thing a lot of people don’t realize is that there’s actually free money on the table if you’re saving through a Registered Education Savings Plan. The government will match a portion of what you put in, which is basically a bonus for thinking ahead.
That said, not every RESP gets used the way people plan. Life happens. Maybe your kid chooses a different path. If you’re wondering what happens to RESP unused, there are ways to shift things around. You might be able to move the funds or even keep some of it for your own retirement savings. The key is not to panic and just find out what your options are.
Talk to Your Child About It
This one can actually take some pressure off you. Having a conversation with your child about the cost of school and how you’re planning to save can help them understand what to expect. It’s not about laying a guilt trip. It’s just being honest. If they know what’s possible and what might need a little extra effort, they’re more likely to be prepared.
Think Beyond Tuition
It’s easy to look up the cost of tuition and think you’ve got it all figured out. But school isn’t just tuition. There’s housing, food, books, and all the stuff your kid is going to need while they’re studying. Even bus passes and laundry money add up. The more you plan for the full picture, the fewer surprises you’ll run into later. If your family is exploring homeschooling as an option, don’t forget to account for tools that can reinforce learning—things like educational materials, technology, and access to tutoring online to support subjects that may be harder to teach at home.
Take a minute to write down what you think it could all cost. It doesn’t need to be perfect. You’re just giving yourself a better idea of what to work toward.
Check In Once a Year
It’s really easy to set something up and forget about it. Life gets busy. But giving your savings plan a quick look once a year can make a big difference. Maybe your income has changed or your kid got a scholarship. Maybe you can afford to add a little more now.
Just having that yearly check-in helps you stay on track and feel like you’ve got a handle on things.
You Don’t Have to Do It All
It’s completely normal to feel like you should be saving more than you are. Every parent wants to give their kid the best shot. But remember, this isn’t all on you. Your child might get a part-time job or some financial aid down the line. What you’re doing now is giving them a head start. And that matters more than you think.
So take a breath. You’re already doing something good by thinking about it. Keep going.
