Since my oldest was born in 2008 Registered Education Savings Plans (RESPs) from RBC have always been something that I have wanted to learn more about for example; how often and how much do I have to contribute as well as many other questions. But just like all of the other things I want to learn in life like Portuguese, sewing and time management it has been pushed to the side… Only now I am realizing that time is ticking and we should have started to plan long ago for their education. That’s why when I was picked to participate in the RBC RESP Blogger Campaign I was overjoyed; not only is The Royal Bank of Canada the bank that I have been with for 16 years but now was finally my chance to get the information that I needed… No excuses!
Here is what I have learned:
- For as little as $25 a month they can have over $50,000 by the time they turn 18.
- The Government will match up to 20% for the first $2500 that you put in each year, that’s $500 of FREE money every year for each eligible child.
- If you’re like me and your ‘mommy brain’ is constantly in over-drive you have the option to set the amount you wish put in each month this way you never have to forget or remember for that matter, to save.
|photo credit: 401(K) 2013 via photopin cc|
I wish I would have taken the time 5 years ago to find out how easy it was to do. When I think of all his ‘gift money’ that we spent over the years; on toys and other things that were not needed because of the excessive amount we already have… I’m not going to lie, it makes me a little nauseous but I can’t beat myself up over it. I can only look towards the future and make sure that I help guide them with any forthcoming money decisions they may come across and let them know the importance of saving. Something that I sincerely should have listened to my parents about!
How do you plan to prepare for your children’s education? If you’ve already started planning I would love to read your tips.
**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.**