Registered Education Savings Plans Archives

Happy 2020, friends!

We’re just a few weeks into the new year and I’m already feeling amazing about my progress. This year, I decided to shun resolutions and instead set goals for improvement that I’m willing to continuously work on. My plan to better nutritional, physical and financial health in 2020 includes:

1) Make better food choices for my family. This includes adopting a more plant-based lifestyle, reducing the amount of processed foods in our diet and making healthier substitutions when possible. It’s definitely a work in progress for me, but this year I’ve communicated my plan to everyone in the family and, so far, have buy-in. Fingers crossed!

2) Get physical, together. Although our family is moderately active, I realized last year that we don’t actually spend time together enjoying physical activities. This year, we’ll be skiing, canoeing, bike riding and ice skating as a family. Our days are busy, so I’m hoping to make this one work!
3) Focus on building the boys’ RESPs. It feels like I blinked and suddenly, my sons will be 12 and 10 years old! Although I created an RESP for each of them many years ago, I’ll admit that I’ve majorly slacked when it comes to contributions. …

No, it’s not a lottery ticket. But trust me, the odds are much more in your favour.

(First, a little background information.)

When Ryder was first born, prominently featured in the “new baby” booklet were ads for Registered Education Savings Plans (RESPs). At the time, I promised myself that I would look into it – after all, having been through university myself, I was acutely aware of the costs of education. Still, the days were long and the nights were even longer, and just like that I forgot all about RESPs.

And really, if I had an extra $100 kicking around? I was spending it on formula and diapers.

Two years later, when Ryder was two years old and his little brother made an appearance into this world, my own brother inquired: “So, have you set anything up for the boys yet? For school or whatever?” I admitted that I hadn’t. And I couldn’t be bothered! I had two babies to take care of and a couple of bucks into a bank account to be used eighteen years down the road seemed the least of my concerns.

Then, Ryder began showing signs of social anxiety disorder, and it was strongly suggested I place him in a Montessori-type setting. Pretty quickly, I had to re-shuffle my lifestyle and finances. I mean, who assumes that they’re going to pay for kindergarten?? It’s just A-B-C’s and 1-2-3’s!

Two years later, I had invested almost $15,000 into Ryder’s kindergarten education.

It was the reality check I needed. Because one day, God-willing, both boys will require funds for their post-secondary education, and I never want to be caught off guard again. And at the same time, I want my sons to understand the value of money, the importance of saving for their education, and have an active role in investing in their future.
resp_education_savings_tip The holidays are a great time to begin the conversation, especially since many parents and grandparents find themselves thinking about what to give a child as a present. According to a recent TD survey, more and more parents, grandparents, aunts, uncles and godparents are choosing to give the children in their lives some form of financial gift, including cash or an RESP contribution. Some see this not only as a monetary gift, but also as a way to start teaching children about responsible money management. …

New Year: A New Way to Invest in Your Child’s Future

The Gift of Financial Cheer!