During this era when financial crisis is a common phenomenon in the globe, it is important to have a good plan for different expenditures. This calls for an accurate estimate of the common expenditures within the family in Canada. Among the family expenditures is the education of the children in which ever level they are. When the children get to the college, the education expenditures become very high causing financial pressure in the family. This has seen many people finding it difficult to give their children the required standard of education. Education gives the individuals higher chances of being financially stable as it opens numerous opportunities of making money through the knowledge and skills they have gained in the education system. No matter your financial status you can play an active role in funding for your children’s education. Here are some effective tips that you can apply.
In order to secure funding for your children, it is essential to create awareness of their role in funding their own education. This should start way before they get to college. In Canada, there are different scholarships that are offered to students based on their performance. Encouraging your children to work hard in their pre-university levels exposes them to an opportunity of gaining the entry scholarship. If their grades are high when entering in the university, they gain a direct access to a scholarship on merit. In addition many universities have internal full scholarships for the top performers in the college. This means that the efforts that your children puts in their education pays off through a scholarship that sees them way high heights in their education.
On the other hand it is advisable to start saving early for your children’s education. While living in Canada, you can save for enough money to educate your children regardless of the amount of your earning per month. In order to be successful in this endeavor, consider opening up a kitty for their education. Fortunately most of the banks give an opportunity for opening up educational accounts with the name of the individual child or for several children. This enables you to start depositing money on monthly basis even before your child begins schooling. By the time they get to the university you will have accumulated enough money for them.
Hard work starts early in life. Thus encourage the culture of hard work geared towards making money for their future as they grow. In Canada, most of the university students already possess skills that can enable them to do different jobs hence making an income out of it. This can be a source of partial funding for their education. In this case, you will only pay a portion of the tuition fee or in full and out of the pay they get from the petty jobs they can carter for their upkeep or even help in clearing the fees.
In addition, in Canada, there are different education loans available for the students to fund their education. Your child can access a partial or full loan depending on your financial status. Student’s educational loans are offered at low interest rates and flexible terms. In most cases, the student loans are given to clear the fees and the individual can service the loan once they are through with their education and employed hence earning a salary that allows them to pay back the loan. This helps in giving your child the wings to fly through quality education.