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Wednesday, September 18, 2013

Post Secondary School Bound? #SaveWithRBC - Find Out How To Start Saving Today!

My oldest daughter, Emily just began her second year of secondary school.  The reality is sinking in - when this school year is finished she will be half way through her high school years, or in other words - University is on the horizon.

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.

7 comments:

Dawn Trudeau said...

Great advice! We all know too well how fast time goes and we wish we should have. Education is such a costly venture but in most cases necessary to get where we need to be.

mamawee said...

We don't have RESP's for the kids, but we do have money set aside in a high interest savings account.

My hubby's family owns a business which is in the construction industry, so there is a high chance they wouldnt be following through with post secondary, apart from the trade (which is an apprenticeship program, and no fees)

We are putting money aside though in case they decide they want to go college/university route though

Multi-Testing Mommy said...

It's never too late to start saving!

We started a family resp when my daughter was born - it won't nearly pay for half of her future education, but hopefully it will help out our kids a bit!

I cannot believe how expensive post sec education is - it is unreachable for so many deserving individuals! It makes me really sad.

Jennifer Van Huss said...

I need to start now

Jennifer Van Huss said...

I need to start now

Cathy C said...

We have 2 kids in high school and started saving in RESP and TFSA for their post secondary educations years ago. I am still worried because the cost of books tuition and housing could easily cost 20,000 + per kid per year. When I went to University I could make enough in the summer to pay for tuition & books and could work part time to pay for my living expenses. Those days are gone!

Earl Finnegan said...
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