Savings for College: Presented by Bromwich and Smith


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Saving for college can be daunting task. How much is enough? Should you go into debt? What if you can't save enough? Here are a few tips on saving for college.

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Savings for College: Presented by Bromwich and Smith

  1. 1. Saving for College
  2. 2. Saving for college can seem like a daunting task.With ever escalating university costs, it might seemimpossible.Here are a few tips to help you prepare foruniversity costs.Bromwich and Smith: 1-866-353-6726
  3. 3. Paying for a university education is morethan just tuition. Other expenses caninclude:•Textbooks, supplies and computers (softwareand Internet)•Student fees•Housing•Transportation costs•General living expenses (bills) and groceries•Health care•EntertainmentKnow What You’ll NeedBromwich and Smith: 1-866-353-6726
  4. 4. Start your Registered Education Savings Plan(RESP) as soon as possible. Benefits include:•Income earned inside an RESP is tax-deferred.•The government contributes to a student’sRESP.•At the time taxes are due, they are payable bythe student who is likely to pay at a much lowerrate.Open an RESPBromwich and Smith: 1-866-353-6726
  5. 5. The Sooner You Start Saving,the BetterNever assume you can’t saveenough.Any savings you can manage canhelp if you give them enough timeto grow.Investing just $100 a month for 18years will yield over $40,000,assuming an 6.5% compoundedannual return.Bromwich and Smith: 1-866-353-6726
  6. 6. Apply for scholarships.Start your research early. There aremany scholarships available but thecompetition can be fierce.Scholarships vary in nature andaward amounts.You might find scholarships basedon:•Academic merit•Athletics•Intended program of study•International studentsApply early and often.Bromwich and Smith: 1-866-353-6726
  7. 7. Part Time WorkWhile it may not seem like much, theincome from your future grad’s parttime job can add up quickly to helpcover college expenses.Even if it only goes towards pocketmoney, it’ll be that much less thatcomes out of your monthly budget.Bromwich and Smith: 1-866-353-6726
  8. 8. Budget for your new expensesBuild room into your monthlyhousehold budget for new expensesrelated to university.Look for cost cutting opportunities inyour budget now so you don’t comeup short when the extra bills startrolling in.Bromwich and Smith: 1-866-353-6726
  9. 9. Seek Professional FinancialPlanning AdviceMeet with a knowledgeable financialplanner early on.Learn about special investmentprograms, any tax implications oravailable tax credits and the bestways to save before putting your planinto place.Bromwich and Smith: 1-866-353-6726
  10. 10. What if you haven’t savedenough?Federal, state, and private grants andloans can bridge the gap betweenyour savings and tuition bills, even ifyou think you make too much toqualify.Bromwich and Smith: 1-866-353-6726
  11. 11. Before taking on more debt to pay for collegecosts, closely examine your financial situation:•How much debt are you carrying already?•How much have you saved for retirement?•Would you be able to survive and financialsetback such as a loss or reduction of currentincome?Should you go into debt to pay foruniversity expenses?Overborrowing can lead to serious financial difficulties. Meet witha financial professional before taking on additional debt.Bromwich and Smith: 1-866-353-6726
  12. 12. For More Information orOther Ways to Help Manage Debt in AlbertaVisitwww.solvingdebt.caBromwich and Smith: 1-866-353-6726