Every day, it seems like my kids are discovering a new potential career path. When talks center around chickens and ponies – maybe they will be a veterinarian, or learn more about agriculture. When talks turns to fixing owies, we think doctor? In the kitchen, as they stir bowls with smiles from ear to ear, I debate how nice it might be to have a chef in the family.
The play costumes we have in their tickle trunk allow them to expand their imaginations and dream big. At two and four years old, they have more than enough time to explore and decide what career path they may follow. I have big dreams for my kids too. I want them to be the best they can be, and always have all the opportunity to do what they truly love.
The amount of money sitting in their education fund shouldn’t dictate the opportunities. So, we started saving early for my children’s education.
The Someday that I’m saving for doesn’t stop at their education though. My larger dream is that they can walk out with their post-secondary training AND begin to live their Someday right away, not be crippled by student loans. Big dream right?
Maybe not. It was a Someday that I got to live, thanks to my parents who socked away birthday, Christmas and baby bonus cheques into my education savings account when I was a kid. That helped pay my room & board, and with the right summer job, I could cover my tuition. It is possible, however it took hard work on both of our parts.
Get Your Kids on the Road to be Student Loan Free!
- Open an RESP. Book an appointment with a RBC Financial Advisor to get started on your RESP. You’ll need to bring ID, your child’s SIN number, and an amount to deposit (even if it’s just a $1 to get you started).
- Define your contribution. If you’re uncertain, start with $25/week, that was the potential to grow to more than $50,911 in 18 years! Wow. Also consider months where you get a 3rd pay cheque, bottle money, have a garage sale or birthdays for one-time contributions you won’t miss.
- Set-up RESP-Matic. I love RESP-Matic. Set it up to go in once a month and you don’t have to remember to contribute, it just does it for you. It couldn’t be more simple! One of our easiest ways to save is we put our monthly UCCB payment straight into our RESP account; we have the RESP-Matic set up to feed it in the next day after we receive it.
- Hello, Free Money. The Canada Education Savings Grant will match up to 20% on the first $2,500 contributed annually. That could mean up to an additional $500 a year in your RESP, up to a lifetime maximum of $7,200! Um, hello FREE MONEY!
- Lastly, join us on September 17th at 9:00pmEST for a #RESPwithRBC Twitter party and you can WIN 1 of 6 $150 VISA gift cards! That sure would kick off your RESP right or make a great contribution.
Start saving today! Who knows how quickly that little contribution can add up?