?The rent is due, the bills need to be paid and groceries need to be bought. How am I going to do all of this and still afford to save for my child?s education??

Sounds familiar? In these times where virtually nothing is cheap, families are increasingly finding it difficult to afford their children?s tertiary education. To some, the thought of saving for college is too out of reach in light of their limited financial resources.

However, according to Frederica Forth, business development manager of personal financial services at the Bank of Bermuda, it is never too early to start preparing for your child?s future educational costs.

?As soon as a child is born, they (parents) should look at establishing some sort of savings,? she advises. Ms Forth suggests parents can start by opening up a statement savings account, where a minimum deposit of $100 is required at the HSBC bank. For those who may be seeking assistance to map out their financial plan, she suggests stopping by the Bank of Bermuda?s financial planning area, located on Front Street.

Recognizing and establishing your financial goals along with reviewing your financial situation are the first steps needed in making your monetary dreams a reality, Ms Forth adds. For those who need educational funds in the nearer future, another option is visiting the lending department of a banking institution. Ms Forth says she believes not only the parents should visit the bank, but the student as well.

?The bank, the parents and the child should all work as a team. If they (the child) works in the summer, they should be contributing towards their education.?

As she acknowledges that it can be difficult for some families to save like they would like to, Ms Forth offers this advice: ?Saving should start as early as possible. Parents should teach the child the importance of saving. Teach them how to control their spending habits. It all begins in the home environment.? She adds that giving up even the smallest luxuries can add up by the end of a year. ?If someone gave up buying one chocolate a day, they would save $312 in a year.

If they sacrificed doing the same for a bag of chips, it would be $390. Thirty-five hundred dollars would be saved in a year if they gave up buying a takeout lunch (averaging $13) every day.

?It all adds up. Make your own lunch. Saving really starts from the small things.? Ms Forth says.

She encourages all families to seek financial advice, no matter what their goals are: ?We, at the Bank of Bermuda, want to be able to help them to reach their goals, no matter what the costs are.?