Dear Fran,
I’m a 35-year-old single mother of two. I have a college education. I have a decent job, but expenses seem to pile up. Do you have any advice on how I can prioritize saving for my kids.
Sincerely,
Stressed Mom
Dear Stressed Mom,
Saving for your children’s college education is a commendable goal. Here are a few strategies you can consider:
- Start early: Even small regular contributions can make a big difference over time.
- Automate savings: Set up automatic transfers from your checking account to a savings or investment account.
- Consider an RESP: A Registered Education Savings Plan is a long term savings plan
- to help people save for a child’s education after high school. Ask your Financial Advisor for more details.
- Explore scholarships and grants: Research scholarships and grants that your children may be eligible for.
Remember, every little bit counts. Keep your goal in mind and stay committed to your savings plan.
Best wishes,
Fran
