Children are often asked, "what do you want to be when you grow up?" Their answers may change from year to year; teacher, veterinarian, rockstar! But one constant remains, it's never to early, or too late, to start saving! Whether you are just beginning to plan for the future, or you're ready to start a program in the fall, here are a few helpful hints to keep in mind when you're preparing for post-secondary education.
Saving for school
Did you know you can open an RESP as soon as a child has a Social Insurance Number? A Registered Education Savings Plan (RESP) is a special savings account designed to save for children’s education after high school, with access to thousands of dollars in government grants! It can be opened for anyone, and the best part of all is that anyone can contribute; grandparents, aunts, uncles, friends… you name it!
Another great way to minimize your out-of-pocket tuition costs is by applying for scholarships, bursaries, grants, and other student awards for which you qualify. Most schools will have a dedicated section on their website for any awards applicable to their students. Start by checking out your school's website, but don't stop there, take a look at Entegra’s Student Award Opportunities!
Once you begin post-secondary, another important step is to start building credit. A positive credit score will help you in many ways, from playing a role in approving your first apartment application to buying your first car! One way to establish credit is through a no-fee credit card. By putting a small amount on your credit card each month, like a cellphone bill, and then paying it off in full, you will be well on your way to building great credit!
When you're completing your studies, every cent counts. The reality of being in school usually means having to cut back on your spending, but realistically, you're still going to have expenses that you need to pay! Make sure you open a Student Chequing Account. They come at a lower cost than regular chequing accounts, which helps to free up much-needed funds!