Education Planning Investing for a Child’s Education Higher Education and its associated costs are rising every year. If you have young children, the price you will pay for their education could be significantly higher than today’s prices. Despite this rising cost, you will want your children to have the option to go to the education centre of their choice. So how do you save enough money for their education and still achieve your other financial goals?
It starts with a plan
Educational costs represent a significant cost for any family, but you do have a number of options. To explore those options you start with a plan. The first step in making a plan is to estimate what the total cost of your child’s education is likely to be. The only thing worse than not having a plan is placing your child’s education funds into a bank savings account. In order to save enough money to finance your child’s higher education, you need to not only start early, but to also invest in a way that reflects the time you have to accumulate the necessary funds to meet those expenses. For most of our clients the establishment of a plan starts by arranging a consultation with their Harris Fraser financial advisor.
At Harris Fraser – we understand what parents need to consider and can identify and help implement solutions that suit each family’s educational needs. In order to ensure that your educational funding plan is performing to schedule Harris Fraser recommends that a client, along with their financial advisor, review the performance of the funds at least annually, and make adjustments as necessary for under-performing funds. As a your child gets closer to starting their higher education, your financial advisor will recommend you shift your money into investments that reflect the amount of time you have, reducing your exposure to market ups and downs while still aiming for high returns.
A number of years before your child is due to start their higher education; your Harris Fraser financial advisor will be recommending investments that provide a higher liquidity, and put it somewhere safe and accessible. Harris Fraser believes that ensuring your child’s future through education is one of the fundamental responsibilities of all parents. Harris Fraser shares in this responsibility through the financial advice and planning we provide to all clients.