Monday, October 13, 2014

10 Great Reasons to Start an RESP for Your Child (~OVER~)

Help Their Dreams Come True

10 Great Reasons to Start an RESP for Your Child
Saving for your child’s future is a labour of love that you will never regret down the road.  As a mother who has saved for all five of her children’s educations in the form of a Registered Education Savings Plan (RESP), it has filled me with immense peace of mind.  Read below for 10 Great Reasons to Start an RESP for Your Child.

1.      Affordability – If you can afford the cost of five extra cups of coffee each month, then you will be able to put away the minimum amount required for your child’s RESP.  Although the minimum monthly RESP investment is $25, you may contribute more if finances permit.

2.      Simplicity – Once you decide on an amount to contribute to the RESP, it can simply be withdrawn from your bank account automatically each month, if you so choose.  

3.      Money Matching – The basic Canada Education Savings Grant (CESG) will match 20% of your annual RESP contribution, up to a maximum of $500 each year for each child. The lifetime limit for the grant is $7,200.  Additional CESG grants may be available, depending on your income.

4.      Peace of Mind – As mentioned above, knowing that money has been put aside for your child’s post-secondary education affords tremendous peace of mind.  By planning ahead, the uncertainty is removed from the equation and all that is left are knowns: my child will have money for school, the amount of money is certain, and the money will be used for post-secondary education.

5.      No Lump Sums - By starting your child’s RESP at birth, the amount is spread out quite comfortably over 17 years—and you will never have to produce a large lump sum for tuition.

6.      No Regrets – Investing in your child’s future by putting away for their education is a prospect you will never regret—and you can be assured that the money is being spent wisely.

7.      No Hardship - Your child will not have to experience the financial hardship that often goes hand-in-hand with student loans.

8.      Follow Their Dreams – With an RESP in place, your child will be able to follow his or her dreams—without being limited by funds.  Sadly, some dreams do cost more than others: like the dream of being a doctor, lawyer, or scientist.

9.      So Little Goes So Far – As the minimum monthly RESP amount only adds up to a week’s worth of coffees, it is doubtful that you will miss the money.  However, add those coffees up for 17 years, collect 20% from the CESG, and that’s $6120 already—without adding any annual compound interest!

10.  Your Child Will Thank You – Setting up an RESP is one profound way you can positively influence your child’s life and future.  And your child will thank you for it.

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CONTEST (~OVER~)

WINNER: James R.

WIN a $25 Tim Horton’s gift card from SnyMed.com – sponsored by Heritage Education Funds. Contest open to Canada - excluding Quebec, and ends on Tuesday November 11th, 2014.

How to Enter:
Leave a COMMENT below stating something that you have saved up for before (a car, a present, a toy, etc). OR, tell me one benefit of an RESP . Then use the form below to enter the contest. BEST OF LUCK!

62 comments:

  1. Benefits of an RESP - security in knowing the children's future is wide open.

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  2. I already have 2 kids in post-secondary education, and it is expensive! We absolutely are saving with an RESP for our youngest (6 yr old)

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  3. I think that it is really great that The basic Canada Education Savings Grant (CESG) will match 20% of your annual RESP contribution up to $500 each year per child.

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  4. Saved for a house. Now teaching my children how to save and not always having to spend money even if they have it.

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  5. I saved up for my car so I could buy it with cash.

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  6. I wish I have saved up for something fantastic, but we have never had the money. We save up for birthday and christmas gifts for the kids, its all we can manage right now :) (Andrea Amy)

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  7. Saved up for a trip to Disney! (Judy Cowan)

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  8. I saved up to travel to Australia

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  9. In the past I saved for my education and a new car.

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  10. I saved up to buy a vehicle. It was quite the experience!

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  11. saved up $ for a down payment, @pattygeorge2009

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  12. With the spiking costs of education, the access to the education grant is a great bonus.

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  13. Helped us save for our first home! We're expecting our first little bundle of joy this coming November and I'm going to teach him the importance of saving!

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  14. When I was a child, I used to save up my allowance to buy Enid Blyton books.

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  15. Been there and done that, and thank goodness I did. I took care of her education and was able to afford her wedding
    (Debbie W)

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  16. My husband and I saved for months cutting back on eating out, weekend excursions and trips to the mall to save and travel... we have just returned from 6 months overseas + 1 month in California + 3 Months driving across Canada! Saving was the key to our living dreams :)

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  17. I've saved money for a plane ticket to Ontario to visit my grandparents.

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  18. I saved up for a 2008 honda accord coupe use, it was my fave vehicle.. it is awesome!

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  19. I saved up to go on a trip to Hawaii!

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  20. I saved up to to to mexico last winter. For both myself and my son. It was lots of sacrifice along the way but so worth it in the end

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  21. I saved up money for my first apartment.

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  22. I want to make sure my kids get the education they need...so they can earn enough to take care of me in my retirement. :)

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  23. We saved up for a road trip to Disneyland, it was wonderful!

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  24. We saved up for a trip to Florida in 2008 and got a very good deal!

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  25. Having an RESP has left with me peace of mind that my children will have the means to care of themselves in the future.

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  26. RESP - positively influence my child’s life and future

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  27. Last thing I saved up for was a new computer.

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  28. I wish my parents had put some money away so I could have completed my education. I am making sure my kids won't say the same thing when they are older.

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  29. I bet if RESPs were around when we were kids, there would be a lot more smart people in our generation that would recognize how good a deal the matching grants are.

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  30. I saved up for a car.

    billiondollarprincesss@hotmail.com

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  31. I saved up for a downpayment on a house.

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  32. Many things over the years we saved up for...Our house being right up there!

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  33. The biggest thing I have ever saved up for was our house. We save for retirement and travel every paycheque by putting aside a portion of our cheques, and we maximize our children's RESPs every year to get the government matching.

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  34. I have saved up for a vacation.
    sailingsoloe@gmail.com

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  35. We have been saving up for a vacation, and now going to start for Christmas gifts for the kids

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  36. I'm trying to save for my retirement but I am doing a poor job. Right now we are planning a major move so we are saving up for that!

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  37. We are saving up for a winter holiday. We have RESP's set up for both of our kids.

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  38. I have saved up for school supplies before.

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  39. An RESP is a responsible investment to ensure your child access to the incredible education opportunities offered in this country without the financial burden and stress.

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  40. Any birthday money our children received was deposited to their "in trust" savings accounts for their post secondary education.

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  41. An RESP is just smart. As a 4th child that went 6 years in university, I received little help from my parents and had to rely on student loans. Any sort of planning or saving that reduces borrowing money is smart and with rising tuition costs it's almost necessary for most families.

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  42. I saved up for a new fridge. It took a while but it was worth it!

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  43. I paid off $8,000 in debt in a year then saved $12,000 for a down payment on a house! Thanks for the chance to win!

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  44. Saved up to buy a guitar.

    P.S. Swiss Chalet sauce is the BEST!

    Besos, Sarah
    Blogger at Journeys of The Zoo

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  45. I have saved up to buy a pre-owned vehicle.

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  46. Having an RESP for my children makes me happy knowing that I have money put away for them that cannot be used for something else and it will help us out with the costs of their education when that time comes.

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  47. Saving up to take the kids to Disney. :)

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  48. We started an RESP for each of our kids when they were babies. It's honestly one of the best decisions we've made for them. I love how they can explore any career they choose without worrying about whether or not they can afford it. Better yet when they are finished their education they can hopefully have a fresh start with little to no debt. It's hard to get ahead of debt especially when you're young trying to get your life started.

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