Planning For Your Children’s Future With an RESP

Disclosure: I am part of the RBC RESP blogger program with Mom Central Canada and I receive special perks as part of my affiliation with this group. The opinions on this blog are my own.

When I was in school, I wanted to be a lawyer. I had the grades, I had the brains. What I did not have was the money. When I was done High School I had choices to make. Continue an education, or join the working world. I had tried working at school, it did not work for me. With out any financial help, I decide to work. I have regretted the decision. It’s one of my biggest regrets. Sure, I could have gotten student loans, but at the time, I just thought about supporting my self. Debt did not seem appealing. Now, as a mom, I want to make sure that my children are not faced with the same choices I had. I never want them to view money as a limiting factor in continuing their education. So I am saving now.

I had always heard about RESPs but did not really know too much about them. RBC has wonderful resources making it simple to get all the facts. Did you know that $25 a week can add up to over $50,000 in 18 years? Wow! That will go a long way for education. 

No matter what your budget, you can start somewhere. We only just began saving, and it was hard to start. Every little bit adds up. For example, with an RESP-Matic, you contribute to your Registered Education Savings Plan (RESP) regularly and automatically. You decide how much, and how often, and the money comes directly out of your account. No trips to the bank, no remembering to make a transfer. Then, the money is going to a good use before it gets spent on the necessities of life. It’s amazing how you can get used to just $25 a week less. 

The other thing we did, was ask for family to give to our children’s accounts rather than buy extravagant gifts for birthdays and Christmas. They still give the kids something small, but they are giving so much more buy contributing to their RESP. They are ensuring a good future. My kids have big dreams. One wants to be an engineer, an other an architect. I want them to have away for those dreams to come true.

Join us at the Twitter party on October 1, and feel free to promote it! The hashtag will be #RESPwithRBC and participants can win one of 6 $100 gift cards.

There is also a Grow Your RESP with RBC contest. There are 4 prizes of $500 towards an RESP to be won! Enter here!

Make sure you follow RBC on Twitter and watch here for more details of the Twitter Party.  


Comments

  1. Great info. Paying for school can become such a burden.

  2. Great info! Thank you for the tips.
    censie recently posted..New England Cornbread #RecipeMy Profile

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