No family can ever truly prepare for when their teenagers leave home to start tertiary education. It can be a significant change for both parents and their children, especially if they leave as soon as they finish secondary schooling. However, thatโs not to say your teen canโt be as prepared as possible for when that day arrives. You might ensure a smooth transition into their new life by taking some of the following actions:
Invest in a Registered Education Savings Plan (RESP)
One of the first and most important steps parents and/or caregivers can take to prepare themselves and their children forย higher education is to establish a Registered Education Savings Plan (RESP). Providers like CST Spark can invest your ongoing contributions into ETF-based mutual funds. Over the years, you can watch your money grow until itโs time to withdraw it post-secondary education and related costs.
While caregivers and family members contribute to RESPs, so does the Canadian government. With the Canada Education Savings Grant (CESG), the Government of Canada can match 20% of your contributions up to $500 a year to a lifetime maximum of $7,200 per child. With such a savings plan, youโll no longer have to worry about how youโll fund education costs when that time comes.
Create a Financial Plan and Budget
Teenagers can find it daunting to be responsible for their own money and costs. This can be especially true if theyโve never had to worry about managing their money before. In the lead-up to starting tertiary education, ensure your teen has a plan for covering their daily costs and managing their money. This might involve creating a financial plan and budget. You can determine their costs, weekly earnings, and how much they should spend per week on specific expenses like groceries.
Teach Them the Living Basics
Being a caregiver means you likely take care of your teenโs meals, laundry, and general needs. While thereโs nothing wrong with this, it does mean that you might need to educate them on how to do those things themselves when they leave home.
Provide them with recipes for easy and affordable meals and educate them on buying the best cleaning products. If they seem overwhelmed, remind them youโre just a phone call away when they need help.
Arm Them With Essentials
Whether your teen is going into a dormitory or living in an apartment, theyโll likely need basic essentials to kickstart independent living. You might feel more at ease about them leaving home if you provide them with these essentials. Basic groceries, cleaning products, first aid kits, and hygiene products are all bound to be well-received.
Provide Life Skills
Whenever your children need help with something, youโre right there to provide it. There might be more distance between you if your teen is moving away for tertiary education. Ensure they have helpful life skills for your peace of mind and to set them up for success.
If they own a car, show them how to check the oil and change a tire. If your teen uses a bicycle for transport, show them how to inflate the tires and keep it in excellent working condition. Even showing them how to navigate public transport can be helpful.
Preparing your teen for tertiary education can be important for their confidence and your stress levels. Take some of these actions above, and your family can be more prepared for this important new life challenge.ย
Last Updated on by soubhik
