As the costs of education continues to rise, it is more important than ever to start education planning for these costs early.
Starting an education plan, such as a Registered Education Savings Plan (RESP), is a crucial step in securing a child’s future educational needs. Education planning calculators play a pivotal role in this process by considering key factors such as net family income, annual RESP contributions, expected rate of return on investments, and the number of years contributions will be made. These calculators provide families with a clear financial roadmap, outlining how much they need to save regularly to achieve their educational savings goals. By inputting these variables, families can see projections of growth over time, helping them to make informed decisions about their savings strategy.
