As parents, our role is to prepare our child for the future, and that includes planning for their postsecondary education. Investing in a registered education savings plan is the best way to start your child on the right path and plan wisely for their education.
It can be hard to know just how much you should be investing in your child’s RESP. Often this is because RESPs are taken out when children are still very young, long before they have any idea of what kind of education they might pursue. But it’s also because family budgets can fluctuate considerably over a lifetime.
This is where the RESP calculator comes in. It’s an essential tool to help you effectively plan your savings. You can get an overview of the different possible scenarios for education savings1 depending on your personal situation and your child’s potential choices.
The major advantage of this kind of calculator is that you can enter several different scenarios. It provides different projections and gives you information on how much to invest and what results you might see when you reach your savings goal,1 regardless of your child’s future plans.
Plus, if a change in your budget is expected in the near future, due to a career change, a separation, or any other reason, you can run a new simulation with the online financial calculator based on your new situation. You can then adjust your contributions accordingly.
In addition to offering RESPs, Kaleido provides a simple, smart, and completely free RESP calculation tool. Try it!
Saving is always a good idea! Especially when it comes to planning for your child’s postsecondary education. You never know whether your beloved child will choose to become a nurse, lawyer, accountant, artist, entrepreneur, or even a cook in a submarine! That’s why education savings is the smart choice for any parent who wants to keep control of their finances while helping their child pursue their dream job.
If you’re serious about investing in a registered education savings plan for your child’s postsecondary education, you should plan ahead. A simulation of how much you would need to save for your child’s education is a key part of this planning.
Calculating how much your RESP could earn1 with Kaleido’s RESP calculator allows you to estimate the approximate cost of your child’s education, depending on their age, the length of their program, and the amount of your contributions. Plan ahead with an RESP calculator to optimize your investments in your child’s future!
The different scenarios allow you to project into the future and build resources your child needs to thrive and succeed in their postsecondary education.2 They can also help you identify ways to maximize the grants and other government incentives available in the RESP.
The online RESP calculator is an essential tool for planning the financial side of your child’s education. Of course, a simulation will never be as accurate as an education savings plan representative.
So it’s always useful to reach out to professionals in the financial sector to learn more and invest in an RESP to get the most out of your savings.
1. The information shown is for illustration only and is not a guarantee of the future performance of IDEO+ plans.
2. Some conditions apply. For the complete list of eligible postsecondary programs, please see our prospectus at kaleido.ca.