Five Steps to Secure Your Child’s Future

Give Your Child More Opportunities in Life

As a parent, you want the best for your child, but raising them comes with costs. From food and clothes to extracurricular activities, these expenses add up. 

With rising costs for post-secondary education and housing, it’s important to start saving for your child’s future now. This five-step approach will help you build a strong financial foundation for your child, giving them more choices and greater independence.

Step 1: Start Now

The sooner you start saving and investing, the longer your money has to grow. Even small, regular deposits make a difference over time. By starting early, you can:

• Build savings with small, manageable contributions
• Benefit from compound growth over time
• Ride out market fluctuations for greater long-term potential

Step 2: Save What You Can Afford

Make sure your savings plan works for both your child’s needs and your family’s budget. The amount you save should:

• Be enough to meet your child’s future goals
• Fit comfortably within your current financial situation
• Allow you to keep saving for your own long-term needs

I can help you determine the right balance for your family.

Step 3: Boost Your Savings

You don’t have to do it all alone:

• Maximize your contributions with Canada Education Savings Grants when you save through a Registered Education Savings Plan (RESP)
• Enjoy tax-deferred growth in an RESP or tax-free growth with a Tax-Free Savings Account (TFSA) to help your money grow faster

Step 4: Plan for Flexibility

What if your child chooses not to attend post-secondary education? Make your savings plan adaptable:

• Complement RESP savings with TFSA or non-registered accounts, which can be used for any purpose without tax penalties
• Consider permanent life insurance, which builds cash value over time that you can access or leave untouched, depending on your future needs

Step 5: Prepare for Life’s Challenges

While it’s tough to think about, serious illness in a child can happen. To ensure you’re financially prepared:

• Add low-cost protection for your child to your critical illness insurance policy
• Take steps to ensure your child remains eligible for their own coverage as an adult, no matter what health issues arise

Following these five steps will give your child more options and a strong financial foundation, helping them achieve greater independence and stability in life.

Ready to Secure Your Child’s Future?
Don’t wait to start planning for your child’s financial security. Contact me today for a personalized consultation and expert advice on building a savings plan that works for your family. Together, we can create a strong financial foundation that gives your child more opportunities in life.

Get Started Now at Finance with Yomi or schedule a call to explore the best savings options for your child’s future!