Building education savings into your financial plan

Your education-savings plan should fit within your overall financial plan. Look to your advisor for help with balancing your financial goals and priorities to accommodate saving for education.

While saving for education is a financial priority, it’s likely not your only priority. Whether you are saving for a child’s education or planning a return to school yourself, you are going to have other financial concerns and goals in addition to saving for education.

Your advisor is already familiar with your financial goals and resources. For that reason, your advisor is well suited to help you find a way to incorporate education savings into your financial plan. Your first step is to evaluate your current financial circumstances and future goals to see how saving for education can fit into your overall financial plan. The Making room for education savings charts (see below) can help you with the process and prepare you for a thoughtful discussion with your advisor.

You may find that you need to adopt new strategies or make some trade-offs, either advancing or delaying some of your plans. Whatever course of action is required, your advisor can show you how saving for education can affect your progress toward other financial goals and suggest ways to make up any difference.

Keep in mind that just like your overall financial plan, your plan for education savings will need to evolve to keep pace with changes to your circumstances and other goals.

Making room for education savings

How can education savings be accommodated within your financial plan? These charts can help you work with your advisor to answer that question. Find the section that best reflects your situation. Take note of any issues that concern you and the action you can take to resolve them. In addition, complete the Financial priority planner PDF document to identify your current financial priorities. Share this information with your advisor so that he or she can help you develop the best possible approach given your circumstances and goals.


Financial priority planner PDF document

With this information, your advisor can help devise the appropriate strategies to help you balance your priorities while making progress toward your goals.

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