When I graduated high school, I went to University and I earned my degree; quite simply because my Mom saved money when there wasn't enough to go around, so that we could have the choice. She put away a little bit of money each and every month, sometimes only $5, to give us the opportunity she never had. And for that, I thank her (and my Dad who was working his tail off to make the money in the first place).
When my boys were born, one of the first things I did was apply for a social insurance number on their behalf and opened up a Registered Education Savings Plan (RESP) to start saving for their future education, whatever that may be. If my Mom taught me one thing, she taught me that every penny counts and the earlier you start saving, the more time that money has to grow.
Are YOU saving for your child's future education?
Here's a tangible example, if you contribute $25 a week into your child's RESP, that money can grow to over $50,000 in 18 years, which should be enough to at least get your child started on the education of their dreams. And that includes a career in the trades or an apprenticeship program. If your child doesn't pursue post-secondary education, the funds you contributed can be transferred to an RRSP or a sibling's RESP depending on your plan.
Growing up with a Mom who worked in banking, it was instilled in me early on that it was important to 'pay your bills before you spend your cash', so our RESP contributions are on automatic payment and have been since day one. The good folks at RBC can help you set up an RESP-matic if that sounds like just the thing you need to start getting money in the bank.
I know talking money and saving for the future in today's economy sometimes feels like a bit of a a pipe dream, but I know first hand that every little bit can help your child make their dreams a reality and I'm very excited to be part of the select blogger team that has teamed up with RBC to spread the word about RBC RESPs.
If you are ready to #SaveWithRBC you can check out their website and chat with them on Twitter at @RBC_Canada .
“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.”