There’s no better time than postpartum to convert to cloth pads. Or, perhaps you’ve already made the switch. Either way, winning a full stash of postpartum pads is a great way to start or boost your stash. You don’t have to be pregnant or trying to conceive, either… postpartum pads are great for overnight or for your heavy flow days! [Read more…]
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.”
One of the things that I am most passionate about (aside from cloth diapers, of course!) is education. As parents, we do all that we can to help our children succeed. So when I was contacted to write about setting up an RESP with RBC, I was thrilled. After all, I already do every bit of my banking with RBC. In the time that I’ve lived in this country, they’ve been my sole banking experience.
My parents didn’t have the means or forethought to save up for a university education for my sisters or me; our post-secondary education was on our own dime. It was up to us to figure out our own way to fund it without much assistance in any way from them. It was hard. For an eighteen year old kid fresh out of high school, I was left with no guidance to make some extremely important financial decisions that I was not in any way prepared to make. I decided that my own children would not have those same circumstances.
Considering how crucial I find education to be, I found myself wading through a bit of a quagmire with RESP information. I’m an American ex-pat. We don’t have RESP’s down there; it’s other college savings plans with different names and regulations. I had no idea what any of this would entail… or even where to start. Fortunately, RBC made it much easier for me to understand the ins and outs of using an RESP to save for my children’s future.
Setting up an RESP with RBC is EASY
I like easy. I like financial decisions that don’t stress me out or cost a lot to set up. Setting up our RESP with RBC was just that. I already had an appointment with our bank for our mortgage since our five year term was nearly up, so while we were there, we just set up an RESP for both kids. There are no fees required for setting up. There’s no administrative fees. Every dime that goes in your RESP with RBC is designated for your children’s education.
Saving with an RESP with RBC is Easy
You don’t have to start your RESP with RBC with a large chunk of money. We started ours with a $100 cheque given when our daughter was born. If you can use your “baby bonus” cheque (also known as Canada Child Tax Benefit or CCTB) for savings, you can easily just deposit that money in your RESP. We like to deposit any sort of “children’s gift money” into the RESP for their future.
The other thing that we do is sort of silly. Since the smallest bill we have here is five dollars, that means a lot of coin. My husband has a tendency to just leave change in his pants pocket. When he realized that he was transferring five pounds of change, that was when we decided to start saving any coin that was minted in our children’s birth years for annual deposit. We’ve put together a few hundred dollars just that way, mainly because it seems like there were a lot of toonies minted in 2012!
And, of course, because we’ve started saving early, we’ll have less of a struggle to pay for an education for either of our children. Putting in the “baby bonus” cheque in our combined RESP is $2400 a year in savings! Over four years, that will come out to just under $10,000 saved! Since we’re also adding the saved coin and cash gifts from families, we do hit a minimum of $2500 annually. That’s a nice amount to go towards our children’s education.
Because we have two young ones, we set them up with a joint RESP plan.
The Government Helps!
Did you know that you and your family don’t have to be the only ones to contribute to your RESP? The Canada Education Savings Grant will also help. They’ll chip in an additional 20% of the first $2500 donated annually. That means an extra $500 a year will be also donated, with a lifetime maximum of up to $7200! One of my favorite things about living in Canada is the social safety nets for our people. The Canada Education Savings Grant just highlights the ways that our government can help with a better life for our children.
RESP Isn’t Just for University
Let’s be honest: not everyone goes to university. Not everyone wants a career that requires a four year university degree. Tradespeople are important, and the education for that isn’t necessarily “cheap,” either. So what happens if you save all of this money up for your little sprout and he decides that he’d rather be an electrician than an engineer?
Your savings won’t go to waste. You can use the RESP to pay for university, college, apprenticeship, non-credit courses, and more! If your child should be fortunate to come into the perfect career path without post-secondary education, then your savings still won’t go to waste. It can be rolled over after time passes into an RRSP, so your educational savings for your child’s future can help protect your child’s future retirement. Either way, your forethought will still pave the way to future financial security for your child.
Right now, RBC is offering you a chance to add to your savings for your child’s RESP. RBC is offering FOUR lucky winners the chance to grow your RESP with RBC! You can enter to win five hundred dollars for your child’s future education. Not only that, but during the October 1 Twitter party (use the hashtag #RESPwithRBC), SIX participants will win a $100 gift card!
What steps have you taken to secure your child’s future education? Did you have any questions when you started?
Welcome to the Spence & Marie Freetime Diaper Giveaway [Read more…]
Nissa from Cloth Diaper Guru blog is a working mom and she is
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about cloth diapers and daycare. [Read more…]
Everyone loves a cute cloth diaper. When it’s a new print, it’s even better. What’s even better than new Flip and bumGenius Genius Series prints? The chance to WIN a new Flip cover in each print! One lucky winner will win one new Spence and one new Marie cover! [Read more…]