Family, Finances and Educational Future: Review of the Education Savings Plan and Advice for Children

01 August, 2023 Dominique Lepine

Do you periodically take the time to reassess the relevance of contributing to education savings plans, taking into account of course your financial and family situation ? For our financial advisor, Dominique Lépine, it is important to do so, as is the choice between different types of plans (RRSP, TFSA, education savings plan) depend on various factors such as family income level, tax benefits and the specific needs of each.

One of the first steps is to examine whether the contribution to the scheme, whatever it may be, is still relevant. As the family situation changes regularly, this review must be done annually. This process allows you to adjust your savings choices according to changing needs, such as when returning to school or changes in family allowances.

Also, don't hesitate to involve children in the family budgeting process . Introducing them to mini-budgeting at a young age can prepare them to make responsible financial decisions as adults. For teenagers, budgeting for their personal expenses will help them develop essential skills that will surely come in handy. Finally, be sure to use a gradual approach to encouraging your children to save , including using tangible rewards and clear boundaries to help them understand the value of money and make informed decisions.

Would you also like to take the time to think about your savings choices, while actively involving your children in family financial management ? Take a few minutes to watch this video!


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