Saving for Education

Your action plan

Once you thoroughly understand the, your advisor can recommend an appropriate plan.

When assessing your advisor’s recommendation, ensure that you understand the plan fully. Ask questions, such as

  • How will this strategy help me save enough to fund my child’s education?  What impact will it have on my family’s other financial priorities?
  • What are the risks associated with this strategy?
  • What will this strategy cost now, and when the time comes to use the money?
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Review and assess

Like all aspects of financial planning, education savings plans will change over time. Keep your advisor informed of any changes in your family’s personal circumstances that could affect your child’s plan. Organize your thoughts in advance of meeting your financial advisor.

Stay on track with an annual review of your family's education plan. Annual review discussion checklist .


Understand how the money will be paid out

As you get close to the time that the money will be needed, make sure you understand how to withdraw funds from your plan. The Developing your payout strategy worksheet will help you sort through the information and determine the most effective way to pay for your child’s education costs.