Saving for Olivia’s Future

There’s been a lot of things going around lately (especially on Pinterest) for ways to build up your savings. Now that we have Olivia, saving for her education is at the forefront of my mind. She already has about $700 saved up, but I want to make sure that we can save as much as possible for her.

Recent studies have predicted that the average semester of University will cost around $12000 in 2030. Seriously??? That is so beyond ridiculous!! And that includes Olivia living at home. It’s predicted that a 4-year program will cost around $95000 if she lives at home and $150000 if she goes away for school (I already told her that she had to go to school wherever we live because she’s never allowed to move away from me – she smiled, so I took that as a “yes,” lol).

The Canadian Government currently gives us $100 to assist with childcare, but we won’t need it for that purpose so we’ve been putting it away for her every month. She also has some money that she got from the baby shower my work threw for me and that some relatives gave in lieu of gifts at the baby shower.

I’ve been trying to find some sort of plan that works for us. So far, I’ve found two, but I’m not sure about the first one. I don’t pay with cash all that often, so I don’t know if it will be as effective as the second plan. I think that I will do the second plan electronically if we choose that one. I’ve already opened up a savings account for Olivia that is attached to my account so that I can just transfer the $100 in each month.

Olivia also has an overabundance of toys and clothes (we even have clothes up to size 4 that we got from a very generous co-worker that are like new), so we will be asking family to contribute to her college fund at Christmas and birthdays instead of getting her gifts.

Every time you get a $5 bill, you put it away in the jar. Once you have $50 or $100, you take it to the bank and put it in your savings account.

Every time you get a $5 bill, you put it away in the jar. Once you have $50 or $100, you take it to the bank and put it in your savings account.

Pretty self-explanatory. I may do this in reverse or start it now so that it's not $50 a week in November and December when we're going crazy with Christmas shopping.

Pretty self-explanatory. I may do this in reverse or start it now so that it’s not $50 a week in November and December when we’re going crazy with Christmas shopping.

Has anyone tried either of these? Any other recommendations or savings ideas?

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