ST’ - BusIness Plan for child’s education IS IT EASIER to save for a child’s education ahead of time — or to deal with the added expense the best way you can if and when the child enrols in a post-secondary program? The normal school year is com- ing to an end. If you have a Grade 12 student in the family bound for more studies, providing money for that education wiil soon become a real as well as an academic matter. If you have younger children, yeu will think more and more about their future education as each June passes. If you have just had a child, projections showing the astronomical inflation-adjusted cost of that child’s education start- ‘ing 18 years from now could be a real concern — in addition to housing and all the other expenses you face. Plans for: private school between now and then will increase that burden. And if your student is already at the post-secondary level, as you juggle the budget you might be wishing you had put away a few dollars over the years — especially if your son or daughter is studying away from home. With several children you multiply those financial demands. There is no one right way to fi- nance further education. But a lit- tle planning can make tke job easi- er. To start, decide on your philos-. ophy. For example, you might feel dollars and sense Michael Grenby SR your obligation ends when the child graduates from high school, or after the second (third, fourth) year of post-secondary schooling. Or you might be prepared to pay everything provided the child works to the best of his or her abil- ity. Perhaps you will match whatever the child earns — or wins in scholarships — as your con- tribution to further schooling. Or you will make up any shortfall be- tween what the child earns during the ss:umer and the cost of tuition, fees und books. If the child wants to study away from home, you might pay what the schooling at home would have cost. The variations are endless. But you should settle on what you feel is comfortable and fair in your family so you can then work out what your costs are likely to be. You will probably approach education funding the same way you handle other major bills. Do ° you live for now and deal with the future when it arrives? Or do you like to plan ahead, saving for ex- penses like a holiday, furniture and new car? The pay-as-you-go approach can work, provided you reorganize your priorities. Unless you increase your income, you have to cut other expenses. Or, if you time it right, a mor- tgage or other debt will be paid off and the money that went to those payments can be redirected to cover the education cests. qualifies, a student loan will usual- ly be cheaper. In any case, the student should always carefully research ail sources of funding: scholarships, bursaries and Joans. And this exer- cise should be repeated each year. An evening spent reading through the list of organizations providing student aid could prove most prof- itable. To save for future education costs, review your overall ap- proach to saving and investing. Then extend this approach — whether it’s an automatic monthly contribution to Canada Savings Bonds cr mutua! funds, a lever- aged revenue property program, an active stock market investment strategy, and so on. Look at putting the child’s fami- ly allowance into an account in the child’s name. Even if you earn more than $50,000 and some of this money is taxed back under the latest budget, the income earned by the family allowance money will! probably grow tax-free because the child is in a no-tax bracket. Ask for registered education savings plan literature; an RESP also allews tax-free growth, with this growth belonging to the stu- dent ‘for tax purposes. 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