How to Plan for Your Child's University Years

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January 2024

Tertiary education costs are skyrocketing, along with nearly everything else. The good news for parents is that planning ahead can help ensure the means to cover a child’s university expenses. Here are the key steps to prepare for a child’s university years:

 Know the Real Costs

 The moment you have some sense of the type of studies your child is likely to pursue and the location of the prospective university, investigate the tuition costs.

 If your child is likely to attend an overseas university, get clear on the living and travel expenses for the duration of his or her studies.

 Remember, costs may change from year to year, so it’s best to ensure your projections stay up-to-date.

 Create a Monthly Plan

 When you have realistic costs, you’ll know the total amount you need to have on hand by the time your child is ready for university.

 Do the math. Deduct any education savings you already have from the total cost of the university years. Divide the remaining amount by the number of years you have left before your child begins tertiary studies. Now you have the figure you need to save per year, divide that number by 12 to work out how much you must save every month.

 Start Saving

 The earlier you start an education fund, the easier it will be to help your child have a smooth entry into adulthood with minimal worry about significant debt..

There’s no better time to complete a contact form and open your S.A.F.E. Education Account at AffinityPlus Credit Union. You may use the funds to pay tuition, as security for an Educational Loan, or as seed capital for a start-up business!