Investments for Post-Secondary Education

Post-secondary education is expensive, and it's expected to become even more so in the future. The sooner you start to save, the more you can do with the money you have. There are many different types of investments that can help you save for your or your child's, post-secondary education. New Ross Credit Union Ltd. can get you started.

RESPs

Registered Education Savings Plans are set up by the government to help people save for their children's educations. By putting money away each year, you can ensure that your child will have money available to attend post-secondary school.

Term Deposits

This type of investment guarantees you a set return on your money over a fixed period of time, which can be very beneficial when saving for a specific date in the future. There are short and long-term deposits. Short-term deposits usually require a higher investment than long-term deposits, and often have a slightly lower rate of return. Term deposits pay out interest monthly on any term longer than 90 days.

Mutual Funds

This type of investment is a bit more complicated than a term deposit. The potential exists to make more money; however, a return is never guaranteed. Even with a mutual fund that invests in guaranteed government bonds there is an element of risk. There are usually fees involved in purchasing or selling funds, and there are often management fees involved. The important thing is to investigate before you invest. Contact New Ross Credit Union Ltd. and let us help you create a mutual fund portfolio that matches your future investment goals.

Remember that the key to investing toward a post-secondary education is to start as early as possible and make sure that your investment will help you achieve your specific final objective.