It is shocking how quickly she has grown up. Years pass so fast and in the blink of an eye what was once a little girl, now stands before me as a young woman. Emily has ambitions of being a special needs educator. For years she always said she wanted to be a lawyer, but has recently changed her mind. Emily is touched by a very special young boy in our community who has Pitt Hopkins Syndrome, and now says because of him, she is inspired to spend her working life with kids just like him.
|First day of Grade Ten|
Emily has the desire. Emily has the grades. Emily has the will power. Yet, does Emily have the funds saved to make her University dreams come true?
The short answer is no. Honestly, we talked about setting up an RESP for all our children. But, we never did. Our lives were busy, and we always thought there would be a tomorrow. Until there is no tomorrow.
Because, life is full of the unexpected.
Sometimes, life can become just about survival, and you don't think about much past that. And, that is the reality we are facing now with Emily's University career on the horizon, not to mention our two other children. Our reality is Emily (and the other kids) are going to finish their post secondary school education with (a lot) of debt. That makes me very sad.
Don't let this happen to you!
Start Saving Now
The key take away here is don't assume you can start saving for a RESP tomorrow, or next week - start now. The unexpected can and does happen to people.
The earlier you can start putting away money - the better, and even better if you can contribute regularly. The Canadian Government helps families with RESP savings by offering The Canadian Education Savings Grant. The Government will match up to 20% on the first $2500 contributed annually, up to $500 per year - maxing out at $7200! To help get the ball rolling, family and friends can even gift money that would go towards your child's RESP.
RBC Offers Financial Advice
Lucy works at our local RBC branch, and she is always there to answer our questions. She has helped us over the years and many times we've discussed RESP savings with her. We learned from Lucy that if the money in a RESP isn't used, we can roll it over into my husbands RESP. Find a financial adviser, just like Lucy, who will help you figure out the details.
Please visit RBC to learn more about Registered Education Savings Plans and how you can get started today!
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.