How will education savings fit into your family’s overall financial plan? To help determine this, fill out the Financial priority planner checklist. Review the general financial issues listed in the table below, and share your thoughts with your advisor.
Saving for education
The big picture
Issues
Parents with young children
| Issues to consider | Action you can take |
|---|---|
| Find the savings to set aside for education savings. | Review your monthly budget to establish a regular savings plan, and identify ways to make lump-sum contributions. |
| Make sure your family is financially secure. | Assess life insurance and disability coverage to ensure that it is sufficient. |
| Choose the best option to accumulate the funds. | Review the various education savings options. |
| What if family members or friends want to help? | Incorporate offers to maximize the amount accumulated. |
| What if the child doesn’t pursue post-secondary education? | Decide what you will do with the money if your child doesn’t pursue a post-secondary education. |
Issues
Parents with children in high school
| Issues to consider | Action you can take |
|---|---|
| Determine the best way to save. | Assess your family’s accumulated savings and current financial situation to devise a reasonable plan. |
| Fine-tune your education savings needs. | Reassess how much money will be needed and when it’ll be needed, and adjust the education investment strategy accordingly. |
Issues
Adults returning to school
| Issues to consider | Action you can take |
|---|---|
| Consider how returning to school will affect your family’s finances. | Determine how several years of full-time study will affect your family’s overall financial plan and goals, including the loss of benefits. |
| Choose the best option to pay for post-secondary education. | Review the options to determine the best approach based on your family’s future financial goals and current financial situation. |