Sometimes when I sit and think about the money I spend on my girls cheerleading and summer camp, I cringe. I cringe because I know I’m not putting nearly the same amount away for their education. This year I decided to change that by opening RESPs. I’m have some MAJOR catching up to do!
At least I know I’m not alone in my panic. Many of my friends have their kids in competitive sports too and know exactly what I’m talking about. It’s a hard balance to strike; keeping your kids happy in the present while preparing for their future. In fact, less than half (48%) of parents are saving money for their children in the form of a Registered Education Savings Plan. Yikes. Sounds like a lot of us have some major catching up to.
An RESP for your child should be a must especially with the Canadian federal government contributing 20% of the first $2,500 in annual contributions. It’s free money and a tax-deferred way to save for your child’s future. We can and should be investing more towards higher education.
That’s why I’m happy to be participating in the #LetsTalkRESPS Twitter chat this Tuesday, November 10 at 9PM EDT. There’s no RSVP required for this informative chat and we’ll be giving away 1 of 5 $100 Visa Gift cards! Simply tweet with the hashtag to win! See you there.