Education is so important, and as you all know, post secondary education can be really expensive. That’s why it’s important to start investing in your kids’ future as soon as you can. My husband and I started contributing to an RESP when our kids were just babies.
We want to be able to help our kids follow their passion and dreams for the future. They will have to face enough challenges with choosing their program and school, without having to worry about money. Setting up an RESP account with RBC is the best way to start saving now for you child’s post secondary education. My parents also decided to contribute to an RESP for my kids. They do it on a yearly basis as a birthday present to them. What an amazing gift! Education is the best gift a child can get.
It took me 10 years to pay my student loan, and it wasn’t easy; especially when you’re just starting in life. I don’t want my kids to have to worry about reimbursing a student loan. Finding a job they love, a place to stay and learning to be independent is the only thing they should have to worry about when they finish school.
When my daughter grows up, she wants to become a veterinarian and my son wants to become a fire fighter (at least for today), with his intelligence and problem solving skills, I personally think he will be an engineer or something like that, but they’re only 8 and 7 now, so they still have plenty of time to decide. When the time comes for them to make a choice, we’ll be ready to help them financially, and any other way we can.
![IMG_3344[1]](https://www.doitallworkingmom.com/wp-content/uploads/2015/09/IMG_33441-e1441301284898-768x1024.jpg)
What exactly is an RESP? It’s a tax-sheltered registered education saving plan that can help you save for a child’s post-secondary education.
It’s flexible because you have other options if you child decides not to pursue post secondary education. You can also decide how much and how often you want to contribute. It’s also convenient because the amount is automatically withdrawn from your account and you choose your frequencies.
Even a small amount like $25/week can add up to $50,911 in 18 years. Think about, that small weekly amount is a really large sum at the end.
You can find out more great tips on saving for your child’s education with RBC RESP here: https://www.rbcroyalbank.com/resp/index.html. You can also book an appointment with an RBC advisor by clicking HERE.
Attend the RBC RESP Twitter party Thursday September 17, 2015 at 9:00PM. Participants can win one of 6 $150 Visa gift cards. Follow the party by using #RESPwithRBC
Start contributing now for your child’s future. They grow up so fast!
This is an RBC sponsored post but the opinions are my own.
Thanks for visiting Do It All Working Mom.
I’m not sure what an RESP account is, but I am assuming it’s like a 529 college savings plan. My husband has plans for each of our kids.
We also contribute to a 529 plan for the kids. Our state even gives a tax deduction for it!
I will be at the Twitter party. I love this and RBC and think every parent should be looking into this for sure!
Seeing how much is saved after 18 years is insane! That is great information. We really need to start saving for our girls- I don’t want them burdened with debt if they choose to go to college.
We have opened an education fund for both of our sons. Great program!!
I agree that we should start preparing for college expenses early on. I believe that saving small amounts here and there, when put together will amount to a significant amount of money! I will look into this savings program too, I love that they offer flexibility for your savings.
It’s a great program that offers a lot, and you’re right; a little amount a money can make a big difference.
Saving for education is very important. This is the first time I heard about RESP. I will check this out.
This is definitely one of the smartest ways a parent can begin saving for their children’s future education. Tuituin is at an all time high and somehow I think it will be even higher as time goes on.
Yes, it is for sure.