A lot of parents tend to have a general consensus on the fact that they need to start saving up money as soon as they find out that they are expecting a child. Honestly speaking, having a child is expensive because from the moment of their conception your expenses tend to get doubled and to think of their education in future is also important and the food, along with clothing and diaper expenses are so much to keep up with. However, nowadays there are different saving plans being offered to parent that enable them to save up for their child’s future education and living expenses. If you are interested in knowing more about these plans then do your research on Knowledge First Financial. With that said, following are some of the most commonly made mistakes that parents tend to make while starting an education fund for their child, check them out below.
Signing Up For The Wrong Saving Plan
A major mistake parents tend to make while they are planning to save up for a good RESP is that they end up going for the first plan that they find and do not even look for the details of it either. So before you do any of that, learn as much as you want and then invest in it because otherwise you could potentially lose your savings as well.
Buying a Plan Without Looking For Reviews
Another major mistake that parents tend to make while they are starting an education fund for their child is that they end up buying a plan without looking at testimonials or reviews of other parents and since money is involved you should avoid that and really look for it.