Sending your child abroad for their education can be a great investment in their future. However, it can also be very expensive. According to a 2023 survey by the Canadian Bureau for International Education, the average annual tuition fee for an international student in Canada is $29,000 CAD. And that's not including the cost of living and other expenses.

If you're dreaming of sending your child abroad for school, it's important to start saving early. Here are a few tips on how to make it happen:

  • Estimate the cost. The first step is to estimate how much you'll need to save. This will depend on the country your child wants to study in, the type of school they want to attend, and the cost of living in that country. You can use online calculators to get a rough estimate.
  • Set a savings goal. Once you know how much you need to save, set a goal for yourself. How much can you save each month or year? Be realistic about your budget and don't overcommit yourself.
  • Make a savings plan. Once you have a goal, create a savings plan. This will help you stay on track and reach your goal by the time your child is ready to go to school.
  • Automate your savings. One of the best ways to save money is to automate your savings. Set up a recurring transfer from your checking account to your savings account each month. This way, you'll save money without even having to think about it.
  • Cut back on expenses. Take a close look at your budget and see where you can cut back on expenses. Maybe you can eat out less, cancel unused subscriptions, or shop around for better insurance rates.
  • Get a side hustle. If you need to save more money, consider getting a side hustle. This could be anything from starting a blog to babysitting to freelance writing.
  • Consider educational loans. If you can't save enough money to cover the entire cost of your child's education, consider taking out an educational loan. There are a number of different types of educational loans available, so be sure to compare options to find the best one for you.

Here are some additional tips to help you save money for your child's international education:

  • Start saving early. The earlier you start saving, the more time your money has to grow. Even if you can only save a small amount each month, it will add up over time.
  • Invest your savings. Investing your savings is a great way to grow your money faster than you could in a savings account. However, it's important to remember that investing comes with risk. Be sure to do your research and invest in a diversified portfolio.
  • Consider a tax-advantaged savings account. There are a number of tax-advantaged savings accounts available, such as 529 plans and education savings accounts (ESAs). These accounts can help you save for your child's education and reduce your tax burden.
  • Look for scholarships and financial aid. There are a number of scholarships and financial aid opportunities available to international students. Be sure to research your options and apply for as many awards as possible.

Saving for your child's international education can be a challenge, but it's definitely possible. By following these tips, you can reach your financial goals and give your child the opportunity to study abroad.

 

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